Citigroup Has Lowered Expectations for DocuSign (NASDAQ:DOCU) Stock Price

DocuSign (NASDAQ:DOCU - Get Free Report) had its target price reduced by equities researchers at Citigroup from $115.00 to $110.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's price target would indicate a potential upside of 39.12% from the company's previous close.

A number of other research firms also recently weighed in on DOCU. Hsbc Global Res raised shares of DocuSign from a "moderate sell" rating to a "hold" rating in a research note on Friday, April 11th. JMP Securities reaffirmed a "market outperform" rating and issued a $124.00 price target on shares of DocuSign in a research note on Tuesday, June 3rd. Jefferies Financial Group dropped their price target on shares of DocuSign from $115.00 to $105.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Bank of America dropped their price target on shares of DocuSign from $88.00 to $85.00 and set a "neutral" rating on the stock in a research note on Friday. Finally, UBS Group lowered their target price on shares of DocuSign from $85.00 to $80.00 and set a "neutral" rating on the stock in a research report on Friday. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $88.77.

DocuSign Trading Up 5.0%

NASDAQ:DOCU traded up $3.79 during trading hours on Monday, hitting $79.07. 6,820,847 shares of the stock traded hands, compared to its average volume of 2,815,432. The firm has a 50 day moving average price of $82.08 and a 200 day moving average price of $86.32. DocuSign has a fifty-two week low of $48.80 and a fifty-two week high of $107.86. The firm has a market cap of $16.01 billion, a price-to-earnings ratio of 16.25, a PEG ratio of 6.94 and a beta of 1.14.

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

DocuSign declared that its Board of Directors has initiated a share repurchase plan on Thursday, June 5th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 6.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling at DocuSign

In other news, insider James P. Shaughnessy sold 7,500 shares of DocuSign stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $81.31, for a total transaction of $609,825.00. Following the transaction, the insider now directly owns 45,875 shares of the company's stock, valued at $3,730,096.25. This trade represents a 14.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Blake Jeffrey Grayson sold 16,111 shares of DocuSign stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $83.20, for a total transaction of $1,340,435.20. Following the completion of the sale, the chief financial officer now owns 93,960 shares in the company, valued at $7,817,472. The trade was a 14.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 47,851 shares of company stock valued at $3,912,239. 1.01% of the stock is currently owned by insiders.

Institutional Investors Weigh In On DocuSign

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Palogic Value Management L.P. raised its stake in shares of DocuSign by 2.2% during the first quarter. Palogic Value Management L.P. now owns 5,438 shares of the company's stock valued at $443,000 after acquiring an additional 117 shares during the last quarter. Wealthspire Advisors LLC raised its stake in shares of DocuSign by 1.9% during the first quarter. Wealthspire Advisors LLC now owns 6,579 shares of the company's stock valued at $536,000 after acquiring an additional 122 shares during the last quarter. Foundry Partners LLC raised its stake in shares of DocuSign by 1.5% during the first quarter. Foundry Partners LLC now owns 8,491 shares of the company's stock valued at $691,000 after acquiring an additional 125 shares during the last quarter. Bessemer Group Inc. raised its stake in shares of DocuSign by 27.5% during the first quarter. Bessemer Group Inc. now owns 602 shares of the company's stock valued at $49,000 after acquiring an additional 130 shares during the last quarter. Finally, Citizens Financial Group Inc. RI raised its stake in shares of DocuSign by 2.3% during the fourth quarter. Citizens Financial Group Inc. RI now owns 5,990 shares of the company's stock valued at $539,000 after acquiring an additional 133 shares during the last quarter. 77.64% of the stock is currently 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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