DocuSign (NASDAQ:DOCU) Given New $85.00 Price Target at Wedbush

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

Several other research analysts have also recently weighed in on DOCU. Wells Fargo & Company boosted their price target on shares of DocuSign from $65.00 to $67.00 and gave the company an "underweight" rating in a research report on Friday, June 6th. Jefferies Financial Group cut 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. Morgan Stanley cut their target price on shares of DocuSign from $92.00 to $86.00 and set an "equal weight" rating on the stock in a research note on Friday, June 6th. JMP Securities restated a "market outperform" rating and set a $124.00 target price on shares of DocuSign in a research note on Tuesday, June 3rd. Finally, Needham & Company LLC restated a "hold" rating on shares of DocuSign in a research note on Friday, June 6th. Twelve analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $89.77.

DocuSign Price Performance

DOCU traded down $1.95 during trading on Thursday, reaching $74.06. 3,322,576 shares of the company's stock were exchanged, compared to its average volume of 2,853,224. The stock has a market capitalization of $14.96 billion, a P/E ratio of 15.27, a price-to-earnings-growth ratio of 6.94 and a beta of 1.14. The company's fifty day simple moving average is $82.21 and its 200-day simple moving average is $86.05. DocuSign has a 1 year low of $48.80 and a 1 year high of $107.86.

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

DocuSign declared that its board has approved a stock buyback program on Thursday, June 5th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 6.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Teresa Briggs sold 534 shares of the firm'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 transaction of $46,676.94. Following the completion of the transaction, the director now owns 8,270 shares in the company, valued at $722,880.70. This trade represents a 6.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert Chatwani sold 15,706 shares of DocuSign stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $83.19, for a total value of $1,306,582.14. Following the completion of the sale, the insider now directly owns 76,842 shares of the company's stock, valued at $6,392,485.98. This trade represents a 16.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 47,851 shares of company stock worth $3,912,239 in the last 90 days. 1.01% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Stratos Wealth Partners LTD. bought a new stake in DocuSign during the fourth quarter worth about $224,000. Kingsview Wealth Management LLC acquired a new stake in shares of DocuSign in the fourth quarter valued at approximately $226,000. Louisiana State Employees Retirement System acquired a new stake in shares of DocuSign in the fourth quarter valued at approximately $5,064,000. Certuity LLC acquired a new stake in shares of DocuSign in the fourth quarter valued at approximately $363,000. Finally, TFB Advisors LLC bought a new position in shares of DocuSign during the fourth quarter worth approximately $312,000. 77.64% of the stock is owned by institutional investors and hedge funds.

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.