DOCU looks like it's been through the wringer the last year. From a high in the low 80s just last fall to the mid 40s a few months ago, then a bounce back above 50. That kind of price action usually means mixed confidence, and frankly, it's not hard to see why. The market really rerated the stock after a string of disappointing quarters and the general sentiment shift around SaaS companies that aren't showing dramatic growth.

I'm leaning cautiously bullish here, though not because I think DOCU is about to rip back to old highs, but because it finally looks like expectations have come back to earth. At 47.26, a lot of pessimism seems priced in. The core product is still sticky with enterprise, and they do have a moat around compliance and integration even if the "e signature" playbook feels a bit tired. If management can demonstrate any sustained margin improvement in the next quarter, there should be room for a relief rally.

My target's 56.50 in the next 10 weeks. That's about a 20 percent move from here, which seems realistic as a near term catch up trade if DOCU can string together a couple of decent updates and avoid any more negative surprises. The risk is that growth keeps slowing, or that churn ticks up and investors see DOCU as dead money. If one more quarter misses, this could easily drift back toward the mid 40s or even lower.

The catalyst I'm watching is next earnings if they can beat (or at least meet) and show that enterprise contracts are holding, that could be enough for a short term re rating. I'm not going in heavy, but the risk/reward finally looks reasonable after such a brutal reset.