Robert W. Baird Issues Pessimistic Forecast for DocuSign (NASDAQ:DOCU) Stock Price

DocuSign (NASDAQ:DOCU - Get Free Report) had its price target lowered by equities researchers at Robert W. Baird from $93.00 to $85.00 in a report released on Friday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Robert W. Baird's price target suggests a potential upside of 12.91% from the company's previous close.

DOCU has been the subject of several other reports. Morgan Stanley decreased their price objective on DocuSign from $97.00 to $92.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. Wedbush decreased their price objective on DocuSign from $100.00 to $85.00 and set a "neutral" rating for the company in a research report on Friday. UBS Group decreased their price objective on DocuSign from $85.00 to $80.00 and set a "neutral" rating for the company in a research report on Friday. JMP Securities reiterated a "market outperform" rating and issued a $124.00 price objective on shares of DocuSign in a research report on Tuesday. Finally, Wells Fargo & Company decreased their price objective on DocuSign from $73.00 to $65.00 and set an "underweight" rating for the company in a research report on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, DocuSign currently has an average rating of "Hold" and an average target price of $89.15.

DocuSign Price Performance

Shares of DocuSign stock traded down $17.62 during trading on Friday, hitting $75.28. 22,572,298 shares of the company 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 price-to-earnings-growth ratio of 6.94 and a beta of 1.21. DocuSign has a 1-year low of $48.70 and a 1-year high of $107.86. The firm's fifty day moving average price is $82.08 and its 200 day moving average price is $86.22.

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

DocuSign declared that its board has authorized a share repurchase program on Thursday, June 5th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the company to buy up to 6.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Insider Transactions at DocuSign

In other news, 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 transaction of $46,676.94. Following the sale, the director now owns 8,270 shares in the company, valued at $722,880.70. This represents a 6.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Robert Chatwani sold 15,706 shares of the company's 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 sale, the insider now owns 76,842 shares in the company, valued at approximately $6,392,485.98. This represents a 16.97% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 47,851 shares of company stock worth $3,912,239 in the last 90 days. Corporate insiders own 1.01% of the company's stock.

Institutional Investors Weigh In On DocuSign

Institutional investors and hedge funds have recently made changes to their positions in the stock. Kestra Investment Management LLC bought a new stake in shares of DocuSign during the 4th quarter worth approximately $30,000. Hemington Wealth Management raised 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 acquiring an additional 264 shares during the period. Banque Transatlantique SA bought a new stake in DocuSign in the 1st quarter valued at $26,000. Golden State Wealth Management LLC raised its stake in DocuSign by 519.4% in the 1st quarter. Golden State Wealth Management LLC now owns 384 shares of the company's stock valued at $31,000 after acquiring an additional 322 shares during the period. Finally, First Horizon Advisors Inc. raised its stake in DocuSign by 102.6% in the 4th quarter. First Horizon Advisors Inc. now owns 397 shares of the company's stock valued at $36,000 after acquiring an additional 201 shares during the period. Institutional investors own 77.64% of the company's stock.

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.