JPMorgan Chase & Co. Has Lowered Expectations for DocuSign (NASDAQ:DOCU) Stock Price

DocuSign (NASDAQ:DOCU) had its price target reduced by stock analysts at JPMorgan Chase & Co. from $81.00 to $77.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 2.28% from the company’s previous close.

Several other equities research analysts have also recently commented on the stock. Citigroup boosted 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 reiterated a “hold” rating on shares of DocuSign in a research note on Friday. Wells Fargo & Company upped their price target on shares of DocuSign from $65.00 to $67.00 and gave the company an “underweight” rating in a research note on Friday. Wedbush decreased their target price on shares of DocuSign from $100.00 to $85.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $90.00 target price on shares of DocuSign in a research report on Friday, March 14th. 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 company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $89.15.

DocuSign Stock Down 19.0%

Shares of NASDAQ DOCU opened at $75.28 on Friday. The company’s fifty day moving average is $82.08 and its 200-day moving average is $86.27. The stock has a market cap of $15.24 billion, a price-to-earnings ratio of 15.52, a P/E/G ratio of 6.94 and a beta of 1.21. DocuSign has a twelve month low of $48.80 and a twelve month high of $107.86.

DocuSign (NASDAQ:DOCU) last issued its quarterly earnings data on Thursday, June 5th. The company reported $0.90 EPS for the quarter, topping analysts’ consensus estimates 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 last year, the business posted $0.82 earnings per share. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. On average, research analysts anticipate that DocuSign will post 1.17 EPS for the current fiscal year.

DocuSign announced that its board has approved a share repurchase program on Thursday, June 5th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 6.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other DocuSign news, CFO Blake Jeffrey Grayson sold 16,111 shares of the firm’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $83.20, for a total value of $1,340,435.20. Following the completion of the sale, the chief financial officer now directly 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Teresa Briggs sold 534 shares of the firm’s stock in a transaction 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 completion of the sale, the director now owns 8,270 shares of the company’s stock, valued at $722,880.70. The trade was a 6.07% 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. 1.01% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On DocuSign

Large investors have recently bought and sold shares of the stock. Kestra Investment Management LLC acquired a new stake in DocuSign in the fourth quarter worth $30,000. Hemington Wealth Management grew its holdings in DocuSign by 318.1% in the first 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. Banque Transatlantique SA acquired a new stake in DocuSign in the first quarter worth $26,000. Golden State Wealth Management LLC grew its holdings in shares of DocuSign by 519.4% during 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 during the last quarter. Finally, First Horizon Advisors Inc. increased its position in shares of DocuSign by 102.6% during the fourth quarter. First Horizon Advisors Inc. now owns 397 shares of the company’s stock worth $36,000 after acquiring an additional 201 shares in the last quarter. 77.64% of the stock is currently owned by institutional investors and hedge funds.

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.