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Rising as much as 8.7 percent, DocuSign shares closed up 8 percent on Monday following Nasdaq’s Friday announcement of the electronic signature platform’s replacement of United Airlines on the Nasdaq 100 index, according to CNBC.

Now, DocuSign’s stock has hit a record high, producing the company’s largest growth since May 29. Slated to join the index on June 22 (announced in a statement), DocuSign first launched on the Nasdaq in 2018, facing competitors like Adobe’s Sign and Dropbox’s HelloSign.

While DocuSign continues to be unprofitable, the company disproved analyst estimates, as it projects $1.32 billion in revenue for its full fiscal year (ending in January 2021).

Cloud services, such as Adobe, Workday, and Zoom Video Communications, are establishing themselves on the index.

Speaking on the pandemic’s effects on the company, CEO Dan Springer told analysts, “Even when the Covid-19 situation is behind us, we don't anticipate customers returning to paper or manual-based processes.”

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