JPMorgan analyst Mark Murphy raised the price target on Docusign Inc. (NASDAQ: DOCU) to $80.00 (from $77.00) while maintaining a Neutral rating.

The analyst comments "DocuSign is a category-leading application software company that has redefined the contract-lifecycle management market, driven by its primary eSignature-based offering, with over 60% market share in the category. The company has benefited from a unique network effect of its core solution, driving over 75% penetration within the Fortune 500, largely driven by an elevated adoption curve during the pandemic given a rapid shift to electronic-based signatures and contracts. As DocuSign’s pandemic-induced tailwinds fade and growth sputters near term, its next phase of growth hinges on stronger up-sell of its large install-base, coupled with penetration of its broader CLM and IAM suite of products, as the company looks to establish itself as the platform of record for agreements on its path to $5B+ in revenue. While DocuSign remains in the early innings of its $50B+ TAM, near-term billings and revenue growth may continue to show some unevenness as the company struggles to find a sustainable growth trajectory in a post-pandemic era, coupled with navigating key leadership changes and a restructuring of its sales organization intended to better handle demand-generation and drive new customer adds."