DocuSign (NASDAQ:DOCU) Price Target Lowered to $85.00 at Wedbush

DocuSign (NASDAQ:DOCU) had its target price decreased by Wedbush from $100.00 to $85.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Wedbush’s price target suggests a potential upside of 14.77% from the stock’s current price.

A number of other analysts have also recently weighed in on DOCU. Hsbc Global Res upgraded DocuSign from a “moderate sell” rating to a “hold” rating in a research note on Friday, April 11th. Citigroup cut their price target on DocuSign from $115.00 to $110.00 and set a “buy” rating on the stock in a research note on Monday, June 9th. JMP Securities restated a “market outperform” rating and issued a $124.00 price target on shares of DocuSign in a research note on Tuesday, June 3rd. Bank of America cut their price target on DocuSign from $88.00 to $85.00 and set a “neutral” rating on the stock in a research note on Friday, June 6th. Finally, HSBC upgraded DocuSign from a “reduce” rating to a “hold” rating and set a $70.00 price target on the stock in a research note on Friday, April 11th. Twelve research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, DocuSign presently has an average rating of “Hold” and a consensus price target of $89.77.

DocuSign Trading Down 2.6%

NASDAQ:DOCU opened at $74.06 on Thursday. The firm has a market cap of $14.96 billion, a PE ratio of 15.27, a price-to-earnings-growth ratio of 6.94 and a beta of 1.14. The stock has a fifty day moving average price of $82.21 and a 200 day moving average price of $86.01. DocuSign has a 12-month low of $48.80 and a 12-month high of $107.86.

DocuSign (NASDAQ:DOCU) last released its earnings results on Thursday, June 5th. The company reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.09. DocuSign had a return on equity of 14.90% and a net margin of 34.73%. The firm had revenue of $763.65 million during the quarter, compared to analyst estimates of $748.79 million. During the same period last year, the business posted $0.82 earnings per share. DocuSign’s revenue was up 7.6% compared to the same quarter last year. Equities analysts forecast that DocuSign will post 1.17 EPS for the current year.

DocuSign announced that its board has approved a share buyback program on Thursday, June 5th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 6.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Transactions at DocuSign

In related news, CFO Blake Jeffrey Grayson sold 8,000 shares of the business’s stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $76.09, for a total value of $608,720.00. Following the transaction, the chief financial officer now owns 86,156 shares in the company, valued at $6,555,610.04. The trade was a 8.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider James P. Shaughnessy sold 7,500 shares of the business’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $81.31, for a total value of $609,825.00. Following the completion of the transaction, the insider now owns 45,875 shares in the company, valued at $3,730,096.25. This trade represents a 14.05% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 47,851 shares of company stock worth $3,912,239. Corporate insiders own 1.01% of the company’s stock.

Hedge Funds Weigh In On DocuSign

Several institutional investors have recently added to or reduced their stakes in the stock. Anderson Financial Strategies LLC purchased a new stake in DocuSign in the 1st quarter valued at approximately $91,000. Strs Ohio acquired a new position in shares of DocuSign during the 1st quarter worth approximately $1,082,000. Wealth Management Associates Inc. raised its holdings in DocuSign by 6.3% in the 1st quarter. Wealth Management Associates Inc. now owns 9,810 shares of the company’s stock valued at $799,000 after acquiring an additional 580 shares during the last quarter. Plato Investment Management Ltd raised its holdings in DocuSign by 3.8% in the 1st quarter. Plato Investment Management Ltd now owns 8,581 shares of the company’s stock valued at $706,000 after acquiring an additional 311 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in DocuSign by 18.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,028,505 shares of the company’s stock valued at $165,120,000 after acquiring an additional 318,698 shares during the last quarter. Institutional investors and hedge funds own 77.64% of the company’s stock.

DocuSign Company Profile

DocuSign, Inc provides electronic signature solution in the United States and internationally. The company provides e-signature solution that enables sending and signing of agreements on various devices; Contract Lifecycle Management (CLM), which automates workflows across the entire agreement process; Document Generation streamlines the process of generating new, custom agreements; and Gen for Salesforce, which allows sales representatives to automatically generate agreements with a few clicks from within Salesforce.