DocuSign (NASDAQ:DOCU) Upgraded by Wells Fargo & Company to "Equal Weight" Rating

DocuSign (NASDAQ:DOCU - Get Free Report) was upgraded by analysts at Wells Fargo & Company from an "underweight" rating to an "equal weight" rating in a report issued on Friday, Marketbeat reports. The brokerage presently has a $80.00 price objective on the stock, up from their prior price objective of $67.00. Wells Fargo & Company's price target indicates a potential upside of 8.02% from the stock's previous close.

Several other brokerages have also weighed in on DOCU. HSBC upgraded DocuSign from a "reduce" rating to a "hold" rating and set a $70.00 price target for the company in a research note on Friday, April 11th. Wedbush dropped their price target on shares of DocuSign from $100.00 to $85.00 and set a "neutral" rating on the stock in a research note on Thursday. Royal Bank of Canada reissued a "sector perform" rating and issued a $90.00 price target on shares of DocuSign in a report on Friday, March 14th. Jefferies Financial Group decreased their price objective 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. Finally, JPMorgan Chase & Co. dropped their target price on shares of DocuSign from $81.00 to $77.00 and set a "neutral" rating on the stock in a research report on Friday, June 6th. Twelve research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, DocuSign currently has an average rating of "Hold" and an average target price of $89.77.

DocuSign Trading Down 2.6%

DocuSign stock traded down $1.95 during mid-day trading on Friday, hitting $74.06. The company had a trading volume of 3,322,576 shares, compared to its average volume of 2,849,305. The company has a market capitalization of $14.96 billion, a price-to-earnings ratio of 15.27, a P/E/G ratio of 6.94 and a beta of 1.14. DocuSign has a 12-month low of $48.80 and a 12-month high of $107.86. The company's fifty day moving average is $82.14 and its 200-day moving average is $86.09.

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, beating the consensus estimate of $0.81 by $0.09. The firm 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%. The business's revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.82 EPS. As a group, sell-side analysts expect that DocuSign will post 1.17 EPS for the current fiscal year.

DocuSign announced that its Board of Directors has initiated a share buyback plan 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 shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Teresa Briggs sold 534 shares of the firm's stock in a transaction dated 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 sale, the director now directly owns 8,270 shares of the company's stock, valued at approximately $722,880.70. This trade represents a 6.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Blake Jeffrey Grayson sold 16,111 shares of the business's stock in a transaction dated 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 owns 93,960 shares in the company, valued at approximately $7,817,472. This trade represents a 14.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 47,851 shares of company stock worth $3,912,239. Insiders own 1.01% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Stratos Wealth Partners LTD. acquired a new stake in DocuSign in the 4th quarter valued at approximately $224,000. Kingsview Wealth Management LLC purchased a new position in shares of DocuSign during the fourth quarter worth $226,000. Van ECK Associates Corp acquired a new stake in shares of DocuSign in the fourth quarter valued at $4,664,000. Asset Management One Co. Ltd. raised its holdings in shares of DocuSign by 3.5% in the 4th quarter. Asset Management One Co. Ltd. now owns 75,662 shares of the company's stock valued at $7,037,000 after buying an additional 2,565 shares during the period. Finally, New York State Teachers Retirement System lifted its stake in DocuSign by 894.3% during the 4th quarter. New York State Teachers Retirement System now owns 185,850 shares of the company's stock worth $16,715,000 after acquiring an additional 167,158 shares in the last quarter. Hedge funds and other 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.