Wells Fargo & Company Forecasts Strong Price Appreciation for DocuSign (NASDAQ:DOCU) Stock

DocuSign (NASDAQ:DOCU - Get Free Report) had its price target lifted by investment analysts at Wells Fargo & Company from $65.00 to $67.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an "underweight" rating on the stock. Wells Fargo & Company's price target suggests a potential downside of 11.00% from the stock's current price.

DOCU has been the topic of a number of other research reports. Jefferies Financial Group lowered their target price on DocuSign from $115.00 to $105.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. JPMorgan Chase & Co. raised DocuSign from an "underweight" rating to a "neutral" rating and upped their price objective for the company from $70.00 to $75.00 in a report on Monday, March 10th. JMP Securities reiterated a "market outperform" rating and set a $124.00 price objective on shares of DocuSign in a research report on Tuesday. Robert W. Baird dropped their target price on DocuSign from $93.00 to $85.00 and set a "neutral" rating for the company in a report on Friday. Finally, Wedbush decreased 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 Friday. One 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 stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $89.15.

DocuSign Stock Down 19.0%

Shares of NASDAQ DOCU traded down $17.62 during midday trading on Friday, hitting $75.28. 22,572,298 shares of the company's stock were exchanged, compared to its average volume of 2,857,113. The firm has a market capitalization 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 has a 12 month low of $48.70 and a 12 month high of $107.86. The company's 50 day moving average price is $82.23 and its 200 day moving average price is $86.25.

DocuSign (NASDAQ:DOCU - Get Free Report) last announced its quarterly 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. DocuSign had a return on equity of 14.90% and a net margin of 34.73%. The business had revenue of $763.65 million during the quarter, compared to the consensus estimate of $748.79 million. During the same quarter last year, the firm posted $0.82 EPS. The company's quarterly revenue was up 7.6% on a year-over-year basis. On average, equities research analysts anticipate that DocuSign will post 1.17 EPS for the current year.

DocuSign announced that its board has authorized a stock buyback 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 usually a sign that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, CFO Blake Jeffrey Grayson sold 8,000 shares of the business's stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $76.09, for a total transaction of $608,720.00. Following the completion of the transaction, the chief financial officer now owns 86,156 shares of the company's stock, valued at approximately $6,555,610.04. The trade was a 8.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Teresa Briggs sold 534 shares of the company's stock in a transaction 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 sale, the director now owns 8,270 shares of the company's stock, valued at approximately $722,880.70. This represents a 6.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 47,851 shares of company stock worth $3,912,239 over the last ninety days. Corporate insiders own 1.01% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of DOCU. Banque Transatlantique SA acquired a new stake in shares of DocuSign in the 1st quarter valued at approximately $26,000. Hemington Wealth Management lifted 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 purchasing an additional 264 shares during the last quarter. Kestra Investment Management LLC acquired a new stake in DocuSign in the fourth quarter valued at approximately $30,000. Golden State Wealth Management LLC boosted its position in DocuSign by 519.4% in the first quarter. Golden State Wealth Management LLC now owns 384 shares of the company's stock valued at $31,000 after buying an additional 322 shares in the last quarter. Finally, Summit Securities Group LLC bought a new stake in shares of DocuSign during the first quarter worth $34,000. 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.