DocuSign (NASDAQ:DOCU) Price Target Cut to $85.00 by Analysts at Wedbush

DocuSign (NASDAQ:DOCU - Free Report) had its price objective reduced by Wedbush from $100.00 to $85.00 in a report issued on Thursday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other analysts have also commented on DOCU. Citigroup reduced their target price on DocuSign from $115.00 to $110.00 and set a "buy" rating for the company in a report on Monday. Morgan Stanley decreased their target price on DocuSign from $92.00 to $86.00 and set an "equal weight" rating on the stock in a report on Friday, June 6th. JPMorgan Chase & Co. dropped their price target on shares of DocuSign from $81.00 to $77.00 and set a "neutral" rating for the company in a research report on Friday, June 6th. UBS Group cut their target price on DocuSign from $85.00 to $80.00 and set a "neutral" rating for the company in a research report on Friday, June 6th. Finally, Jefferies Financial Group reduced their price target on shares of DocuSign from $115.00 to $105.00 and set a "buy" rating on the stock in a report on Monday, March 31st. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, DocuSign presently has a consensus rating of "Hold" and an average target price of $88.77.

DocuSign Trading Down 0.3%

NASDAQ DOCU traded down $0.23 during trading on Thursday, hitting $76.01. The company had a trading volume of 3,481,465 shares, compared to its average volume of 2,847,721. The company's fifty day moving average is $82.06 and its 200-day moving average is $86.15. DocuSign has a one year low of $48.80 and a one year high of $107.86. The company has a market cap of $15.39 billion, a price-to-earnings ratio of 15.67, a price-to-earnings-growth ratio of 6.94 and a beta of 1.14.

DocuSign (NASDAQ:DOCU - Get Free Report) last issued its quarterly 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. The company had revenue of $763.65 million during the quarter, compared to analysts' expectations of $748.79 million. DocuSign had a net margin of 34.73% and a return on equity of 14.90%. DocuSign's revenue was up 7.6% on a year-over-year basis. During the same period last year, the company posted $0.82 EPS. As a group, equities analysts anticipate that DocuSign will post 1.17 EPS for the current year.

DocuSign announced that its board has initiated a stock buyback program on Thursday, June 5th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to buy up to 6.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's management believes its shares are undervalued.

Insider Transactions at DocuSign

In other DocuSign news, insider James P. Shaughnessy sold 7,500 shares of the firm's stock in a transaction dated 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 owns 45,875 shares of the company's stock, valued at approximately $3,730,096.25. This trade represents a 14.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Blake Jeffrey Grayson sold 8,000 shares of the business's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $76.09, for a total transaction of $608,720.00. Following the completion of the sale, the chief financial officer now owns 86,156 shares of the company's stock, valued at approximately $6,555,610.04. This represents a 8.50% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 47,851 shares of company stock worth $3,912,239. 1.01% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DocuSign

A number of hedge funds and other institutional investors have recently modified their holdings of DOCU. Kestra Investment Management LLC purchased a new stake in DocuSign during the fourth quarter worth $30,000. Hemington Wealth Management increased its holdings in shares of 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 acquiring an additional 264 shares during the period. Banque Transatlantique SA bought a new position in shares of DocuSign in the 1st quarter worth $26,000. Golden State Wealth Management LLC lifted its stake in shares of 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 purchasing an additional 322 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its stake in shares of DocuSign by 102.6% during the 4th quarter. First Horizon Advisors Inc. now owns 397 shares of the company's stock worth $36,000 after purchasing an additional 201 shares during the last quarter. 77.64% of the stock is currently owned by institutional investors.

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.