What happened
After trading it down for much of 2022, investors are again signing in to DocuSign (DOCU 0.10%) stock. This week was a particularly good one for the online document-verification specialist, as its shares zoomed 10% higher, according to data compiled by S&P Global Market Intelligence, trouncing the less than 2% gain of the S&P 500 index.
So what
The opening weeks of 2023 have been characterized by investors rediscovering their affection for tech stocks beaten down in the gloom of 2022. DocuSign, which was recently trading 80% below its all-time high, is a prime candidate for rediscovery.
What helped this week was a strong indication that the company's business is on the move. It announced on Monday that it has created a marketing and growth unit to be headed by tech industry veteran Robert Chatwani. Most recently, Chatwani was chief marketing officer at software-as-a-service (SaaS) company Atlassian. Prior to that, he served in the same capacity at eBay, among other positions.
Additionally, DocuSign now has a strategy and operations team too. This is to be headed by another new executive, Anwar Akram. Prior to this appointment, Anwar worked for a more than 10-year stretch at Alphabet's core business, Google, where he held the position of vice president of operational effectiveness.
Now what
In the press release touting the new moves, DocuSign said that they are intended "to help us drive growth, improve efficiency and deliver value to our millions of customers around the world as they navigate their own digital transformations." Investors clearly believe this bulking up of the company might indeed prove to be transformative.
