DocuSign (NASDAQ:DOCU) Price Target Lowered to $86.00 at Morgan Stanley

DocuSign (NASDAQ:DOCU - Get Free Report) had its price target lowered by research analysts at Morgan Stanley from $92.00 to $86.00 in a research report issued on Friday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Morgan Stanley's target price would indicate a potential upside of 14.24% from the company's current price.

Other research analysts also recently issued research reports about the stock. Citigroup upped their price target on shares of DocuSign from $113.00 to $115.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Needham & Company LLC restated a "hold" rating on shares of DocuSign in a research report on Friday. Royal Bank of Canada restated a "sector perform" rating and set a $90.00 price target on shares of DocuSign in a research report on Friday, March 14th. Wedbush reduced their price target on shares of DocuSign from $100.00 to $85.00 and set a "neutral" rating for the company in a research report on Friday. Finally, Bank of America reduced their price target on shares of DocuSign from $112.00 to $98.00 and set a "neutral" rating for the company in a research report on Friday, March 14th. One equities 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.com, DocuSign currently has an average rating of "Hold" and a consensus target price of $89.15.

DocuSign Stock Down 19.0%

Shares of DOCU stock traded down $17.62 during mid-day trading 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 fifty day moving average of $82.08 and a 200 day moving average of $86.22. DocuSign has a 52-week low of $48.70 and a 52-week high of $107.86. The company has a market cap of $15.24 billion, a PE ratio of 15.52, a price-to-earnings-growth ratio of 6.94 and a beta of 1.21.

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 net margin of 34.73% and a return on equity of 14.90%. The business had revenue of $763.65 million for the quarter, compared to analyst estimates of $748.79 million. During the same period in the prior year, the company posted $0.82 EPS. The company's revenue for the quarter was up 7.6% on a year-over-year basis. Equities analysts predict that DocuSign will post 1.17 EPS for the current year.

DocuSign announced that its board has approved a share buyback plan on Thursday, June 5th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to buy up to 6.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling at DocuSign

In other news, Director Teresa Briggs sold 534 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were 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 owns 8,270 shares of the company's stock, valued at $722,880.70. This represents a 6.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Blake Jeffrey Grayson sold 16,111 shares of the stock in a transaction that occurred 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 directly owns 93,960 shares of the company's stock, valued at approximately $7,817,472. This trade represents a 14.64% 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. Insiders own 1.01% of the company's stock.

Institutional Trading of DocuSign

Several hedge funds have recently made changes to their positions in DOCU. Banque Transatlantique SA purchased a new stake in shares of DocuSign in the 1st quarter valued at approximately $26,000. Hemington Wealth Management boosted its position in shares of DocuSign by 318.1% during the 1st quarter. Hemington Wealth Management now owns 347 shares of the company's stock worth $28,000 after purchasing an additional 264 shares during the period. Kestra Investment Management LLC purchased a new position in shares of DocuSign during the 4th quarter worth approximately $30,000. Golden State Wealth Management LLC boosted its position 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 period. Finally, Summit Securities Group LLC purchased a new position in shares of DocuSign during the 1st quarter worth approximately $34,000. Hedge funds and other institutional investors own 77.64% of the company's stock.

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.