September, 2021

DocuSign is still the Preferred Digital Document Management Tool

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DocuSign is still the Preferred Digital Document Management Tool

Last quarter, DocuSign (DOCU) shares soared nearly +20% following the company’s earnings release that appeared to prove to investors recent growth was sustainable as lockdowns subside.

DocuSign’s software automates contract filing digitally and certified electronic signatures, so it’s easy to understand why investors would be worried about continued growth.

Even though LikeFolio doesn’t officially cover DocuSign, we conducted targeted research ahead of the next Earnings report to understand: Are DOCU consumers sticking around and staying engaged?

Consumer Happiness levels show DocuSign customers are as happier as ever, and significantly happier vs. Adobe Document Cloud peers.

DOCU Consumer Happiness has remained stable in the last year, currently registering 74% positive.

Data also suggests usage rates have slipped at a lower rate vs. new user sign-ups.

While user onboarding mentions (like “signing up for,” “downloading,” and “installed”) have dropped -29% YoY, continued usage mentions have only slipped -6% in the same time frame.

DocuSign commands ~70% of the e-signature market, with Adobe trailing at 20%. So, while we do expect a comparative slow-down in user growth, data confirms DocuSign is maintaining its market share edge vs. peers.

We have no official earnings signal for DocuSign due to lack of coverage, but we like this name long-term. Based on high levels of Happiness and relatively high usage rates, any near-term pullbacks may serve as accumulation opportunities. 

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