Wells Fargo & Company Issues Pessimistic Forecast for DocuSign (NASDAQ:DOCU) Stock Price

DocuSign (NASDAQ:DOCU) had its target price dropped by equities researchers at Wells Fargo & Company from $73.00 to $65.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential downside of 16.78% from the company’s current price.

DOCU has been the subject of several other research reports. Jefferies Financial Group reduced their price objective on shares of DocuSign from $115.00 to $105.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Wedbush restated a “neutral” rating and issued a $100.00 price target on shares of DocuSign in a report on Friday, March 14th. Robert W. Baird set a $93.00 price objective on shares of DocuSign in a report on Friday, March 14th. Hsbc Global Res upgraded DocuSign from a “moderate sell” rating to a “hold” rating in a research note on Friday, April 11th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of DocuSign in a research note on Thursday, April 17th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $92.46.

DocuSign Stock Performance

NASDAQ:DOCU opened at $78.11 on Tuesday. DocuSign has a 52 week low of $48.70 and a 52 week high of $107.86. The firm’s fifty day moving average is $80.55 and its 200-day moving average is $83.34. The firm has a market cap of $15.82 billion, a P/E ratio of 16.10, a P/E/G ratio of 6.94 and a beta of 1.20.

DocuSign (NASDAQ:DOCU) last released its earnings results on Thursday, March 13th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.02. DocuSign had a net margin of 34.73% and a return on equity of 14.90%. The business had revenue of $776.25 million for the quarter, compared to analyst estimates of $760.94 million. During the same quarter in the previous year, the business earned $0.76 earnings per share. DocuSign’s revenue for the quarter was up 9.0% on a year-over-year basis. As a group, sell-side analysts anticipate that DocuSign will post 1.17 earnings per share for the current year.

Insider Transactions at DocuSign

In other DocuSign news, insider James P. Shaughnessy sold 7,500 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $81.31, for a total value of $609,825.00. Following the completion of the transaction, the insider now owns 45,875 shares in the company, valued at $3,730,096.25. This represents a 14.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Blake Jeffrey Grayson sold 8,000 shares of DocuSign stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $76.09, for a total value of $608,720.00. Following the sale, the chief financial officer now owns 86,156 shares in the company, valued at $6,555,610.04. The trade was a 8.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 55,851 shares of company stock worth $4,607,439 in the last quarter. 1.66% of the stock is currently owned by corporate insiders.

Institutional Trading of DocuSign

Hedge funds have recently added to or reduced their stakes in the stock. FMR LLC increased its stake in shares of DocuSign by 178.2% during the 4th quarter. FMR LLC now owns 6,101,024 shares of the company’s stock worth $548,726,000 after purchasing an additional 3,908,139 shares during the last quarter. American Century Companies Inc. grew its holdings in DocuSign by 18.5% during the fourth quarter. American Century Companies Inc. now owns 5,315,459 shares of the company’s stock valued at $478,072,000 after purchasing an additional 831,611 shares during the period. Jericho Capital Asset Management L.P. increased its position in DocuSign by 34.0% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 4,754,753 shares of the company’s stock worth $427,642,000 after buying an additional 1,205,500 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of DocuSign by 4.9% in the fourth quarter. Renaissance Technologies LLC now owns 4,363,292 shares of the company’s stock valued at $392,434,000 after buying an additional 205,304 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of DocuSign by 7.2% during the 4th quarter. Geode Capital Management LLC now owns 3,732,363 shares of the company’s stock valued at $335,147,000 after buying an additional 249,179 shares during the last quarter. 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.