DocuSign (NASDAQ:DOCU) Given New $110.00 Price Target at Citigroup

DocuSign (NASDAQ:DOCU) had its target price trimmed by Citigroup from $115.00 to $110.00 in a research note released on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts have also recently weighed in on DOCU. Royal Bank of Canada reissued a “sector perform” rating and set a $90.00 target price on shares of DocuSign in a report on Friday, March 14th. Jefferies Financial Group dropped their price objective on shares of 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. lowered their target price on DocuSign from $81.00 to $77.00 and set a “neutral” rating for the company in a report on Friday. Wedbush dropped their price target on DocuSign from $100.00 to $85.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, JMP Securities restated a “market outperform” rating and set a $124.00 price objective on shares of DocuSign in a research report on Tuesday, June 3rd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $88.77.

DocuSign Stock Performance

Shares of DOCU stock opened at $78.58 on Monday. The stock has a market capitalization of $15.91 billion, a price-to-earnings ratio of 16.20, a PEG ratio of 6.94 and a beta of 1.14. DocuSign has a one year low of $48.80 and a one year high of $107.86. The company’s 50-day simple moving average is $81.98 and its 200-day simple moving average is $86.28.

DocuSign (NASDAQ:DOCU) last released its earnings results 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 return on equity of 14.90% and a net margin of 34.73%. The company had revenue of $763.65 million for the quarter, compared to the consensus estimate of $748.79 million. During the same quarter last year, the business posted $0.82 EPS. DocuSign’s quarterly revenue was up 7.6% compared to the same quarter last year. As a group, research analysts forecast that DocuSign will post 1.17 EPS for the current year.

DocuSign declared that its Board of Directors has initiated a share repurchase plan on Thursday, June 5th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the company to purchase up to 6.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Activity

In related 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 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 $722,880.70. This represents a 6.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Blake Jeffrey Grayson sold 16,111 shares of the 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 sale, the chief financial officer now owns 93,960 shares of the company’s stock, valued at $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 ninety days, insiders have sold 47,851 shares of company stock worth $3,912,239. 1.01% of the stock is owned by company insiders.

Institutional Trading of DocuSign

Hedge funds have recently bought and sold shares of the company. Kestra Investment Management LLC acquired a new stake in shares of DocuSign during the fourth quarter valued at approximately $30,000. Hemington Wealth Management lifted its holdings in shares of DocuSign by 318.1% in the first quarter. Hemington Wealth Management now owns 347 shares of the company’s stock valued at $28,000 after purchasing an additional 264 shares in the last quarter. Banque Transatlantique SA acquired a new stake in shares of 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 in the last quarter. Finally, First Horizon Advisors Inc. raised its position in DocuSign by 102.6% during the fourth quarter. First Horizon Advisors Inc. now owns 397 shares of the company’s stock valued at $36,000 after buying an additional 201 shares during the period. 77.64% of the stock is owned by hedge funds and other institutional investors.

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.