JPMorgan Chase & Co. Lowers DocuSign (NASDAQ:DOCU) Price Target to $77.00

DocuSign (NASDAQ:DOCU - Free Report) had its target price lowered by JPMorgan Chase & Co. from $81.00 to $77.00 in a report released on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Several other analysts have also issued reports on the company. Citigroup increased their target price on DocuSign from $113.00 to $115.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Robert W. Baird reduced their target price on DocuSign from $93.00 to $85.00 and set a "neutral" rating on the stock in a report on Friday. Jefferies Financial Group reduced their price objective on DocuSign from $115.00 to $105.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. William Blair reaffirmed an "outperform" rating on shares of DocuSign in a research note on Monday, April 21st. Finally, Bank of America reduced their price objective on DocuSign from $112.00 to $98.00 and set a "neutral" rating on the stock in a research note on Friday, March 14th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have given 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 19.0%

DOCU stock traded down $17.62 during trading hours on Friday, hitting $75.28. 22,572,298 shares of the stock were exchanged, compared to its average volume of 2,858,394. The firm has a market capitalization of $15.24 billion, a P/E ratio of 15.52, a P/E/G ratio of 6.94 and a beta of 1.21. The company has a 50-day simple moving average of $82.08 and a two-hundred day simple moving average of $86.22. DocuSign has a 12 month low of $48.70 and a 12 month high of $107.86.

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

DocuSign announced that its Board of Directors has authorized a share buyback program on Thursday, June 5th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to repurchase up to 6.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In other DocuSign news, Director Teresa Briggs sold 534 shares of DocuSign 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 directly owns 8,270 shares in the company, valued at approximately $722,880.70. The trade was a 6.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Robert Chatwani sold 15,706 shares of DocuSign stock in a transaction that occurred on Wednesday, March 19th. The stock was 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 owns 76,842 shares of the company's stock, valued at approximately $6,392,485.98. The trade was a 16.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 47,851 shares of company stock worth $3,912,239. 1.01% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On DocuSign

A number of hedge funds have recently added to or reduced their stakes in the business. Palogic Value Management L.P. increased its holdings in DocuSign by 2.2% in the first quarter. Palogic Value Management L.P. now owns 5,438 shares of the company's stock worth $443,000 after purchasing an additional 117 shares in the last quarter. Wealthspire Advisors LLC increased its holdings 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 in the last quarter. Foundry Partners LLC increased its holdings 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 in the last quarter. Bessemer Group Inc. increased its holdings 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 in the last quarter. Finally, Citizens Financial Group Inc. RI increased its holdings 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 in 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.