Bank of America Lowers DocuSign (NASDAQ:DOCU) Price Target to $85.00

DocuSign (NASDAQ:DOCU - Get Free Report) had its price target cut by equities researchers at Bank of America from $88.00 to $85.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Bank of America's target price suggests a potential upside of 11.45% from the company's current price.

Several other analysts also recently issued reports on DOCU. Citigroup lifted their target price on DocuSign from $113.00 to $115.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Morgan Stanley lowered their target price on shares of DocuSign from $92.00 to $86.00 and set an "equal weight" rating for the company in a research note on Friday. Needham & Company LLC reaffirmed a "hold" rating on shares of DocuSign in a research report on Friday. Royal Bank of Canada reissued a "sector perform" rating and set a $90.00 price objective on shares of DocuSign in a report on Friday, March 14th. Finally, William Blair reiterated an "outperform" rating on shares of DocuSign in a report on Monday, April 21st. One analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $89.15.

DocuSign Trading Down 17.9%

NASDAQ DOCU traded down $16.63 on Friday, hitting $76.27. 13,919,278 shares of the company traded hands, compared to its average volume of 2,846,366. The business's 50 day moving average price is $82.23 and its 200-day moving average price is $86.25. DocuSign has a 52-week low of $48.70 and a 52-week high of $107.86. The company has a market capitalization of $15.44 billion, a price-to-earnings ratio of 15.65, a P/E/G ratio of 6.94 and a beta of 1.21.

DocuSign (NASDAQ:DOCU - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The company reported $0.90 earnings per share for the quarter, beating analysts' consensus estimates of $0.81 by $0.09. The firm had revenue of $763.65 million for the quarter, compared to analysts' expectations of $748.79 million. DocuSign had a return on equity of 14.90% and a net margin of 34.73%. The business's quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.82 EPS. As a group, sell-side analysts predict that DocuSign will post 1.17 earnings per share for the current year.

Insider Activity at DocuSign

In other news, CFO Blake Jeffrey Grayson sold 8,000 shares of the company'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 sale, the chief financial officer now owns 86,156 shares in the company, valued at $6,555,610.04. This represents a 8.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Teresa Briggs sold 534 shares of the company's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $87.41, for a total value of $46,676.94. Following the completion of the sale, the director now owns 8,270 shares in the company, valued at approximately $722,880.70. This represents a 6.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold 47,851 shares of company stock worth $3,912,239 over the last three months. Company insiders own 1.01% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in DOCU. Banque Transatlantique SA purchased a new stake in shares of DocuSign during the first quarter worth about $26,000. Hemington Wealth Management lifted its stake in DocuSign by 318.1% in the 1st quarter. Hemington Wealth Management now owns 347 shares of the company's stock valued at $28,000 after buying an additional 264 shares in the last quarter. Kestra Investment Management LLC acquired a new stake in DocuSign in the 4th quarter worth about $30,000. Golden State Wealth Management LLC increased its stake in DocuSign by 519.4% during the 1st quarter. Golden State Wealth Management LLC now owns 384 shares of the company's stock worth $31,000 after buying an additional 322 shares in the last quarter. Finally, Summit Securities Group LLC purchased a new stake in DocuSign during the 1st quarter worth approximately $34,000. 77.64% of the stock is owned by institutional investors and hedge funds.

About DocuSign

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.

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