Even though some analysts are still wary of DocuSign's long-term performance, the company exceeded revenue and earnings projections, improved its outlook, and secured higher price targets.

Piper Sandler kept its Neutral rating on DocuSign Inc. following the company's second-quarter reports, but raised its price target from $85 to $90. The company is now trading at a P/E ratio of 13.95, according to InvestingPro data, and analysts have set price goals ranging from $76 to $124.

The research firm highlighted DocuSign's impressive performance, which was fueled by go-to-market adjustments made in the first quarter and recent platform innovations that beat both top and bottom lines.

Both commercial and enterprise clients throughout the eSignature portfolio benefited from these strategic changes, and international revenue growth accelerated to 13% year over year from 10% in the prior quarter.

DocuSign increased its full-year outlook for both billings and revenue after demonstrating better net revenue retention trends and more momentum in its Identity and Access Management (IAM) products.

Even with these encouraging changes, Piper Sandler is still not actively investing in the stock, suggesting that it will need to observe additional quarters of steady performance before adopting a more positive outlook on the shares.

In other recent news, DocuSign exceeded expectations in a number of financial indicators and achieved strong second-quarter results. With $801 million in revenue and $0.92 in earnings per share, the company exceeded analyst estimates by 9%. With $818 million, Billings exceeded expectations and grew by 13%. DocuSign's net revenue retention rate increased from 101% in the prior quarter to 102%, according to RBC Capital.

Several companies increased their DocuSign pricing goals in reaction to these findings. BofA Securities increased its estimate from $85 to $102, citing improved eSignature business performance and industry strength in Identity and Access Management. Following the outstanding quarterly performance, Evercore ISI raised its target from $90 to $92, while RBC Capital modified its goal from $90 to $95. Recognizing DocuSign's dominance in the contract-lifecycle management sector, JPMorgan increased its price objective to $80. Given the improvements in execution under CEO Allan Thygesen's direction, Needham kept its Hold rating.