DocuSign (NASDAQ:DOCU) Given New $85.00 Price Target at Wedbush

DocuSign (NASDAQ:DOCU) had its target price cut by Wedbush from $100.00 to $85.00 in a research report report published on Thursday,Benzinga reports. They currently have a neutral rating on the stock.

DOCU has been the subject of several other research reports. Citigroup decreased their target price on DocuSign from $115.00 to $110.00 and set a “buy” rating for the company in a research note on Monday. JPMorgan Chase & Co. cut their price target on DocuSign from $81.00 to $77.00 and set a “neutral” rating on the stock in a research report on Friday, June 6th. UBS Group cut their price target on DocuSign from $85.00 to $80.00 and set a “neutral” rating on the stock in a research report on Friday, June 6th. William Blair reaffirmed an “outperform” rating on shares of DocuSign in a research report on Monday, April 21st. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of DocuSign in a research report on Friday, June 6th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, DocuSign has a consensus rating of “Hold” and a consensus price target of $88.77.

DocuSign Stock Down 0.3%

DOCU stock opened at $76.01 on Thursday. The business has a 50 day moving average price of $82.14 and a 200 day moving average price of $86.09. The stock has a market cap of $15.39 billion, a price-to-earnings ratio of 15.67, a PEG ratio of 6.94 and a beta of 1.14. DocuSign has a fifty-two week low of $48.80 and a fifty-two week high of $107.86.

DocuSign (NASDAQ:DOCU) last posted its earnings results on Thursday, June 5th. The company reported $0.90 earnings per share for the quarter, topping 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 return on equity of 14.90% and a net margin of 34.73%. The firm’s revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.82 earnings per share. As a group, sell-side analysts anticipate that DocuSign will post 1.17 EPS for the current year.

DocuSign announced that its board has authorized a share buyback plan on Thursday, June 5th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 6.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at DocuSign

In related news, Director Teresa Briggs sold 534 shares of DocuSign stock in a transaction that occurred 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 directly owns 8,270 shares in the company, valued at $722,880.70. The trade was a 6.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Blake Jeffrey Grayson sold 16,111 shares of DocuSign stock in a transaction that occurred 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 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. Insiders have sold a total of 47,851 shares of company stock worth $3,912,239 over the last three months. 1.01% of the stock is currently owned by corporate insiders.

Institutional Trading of DocuSign

A number of institutional investors have recently bought and sold shares of the company. Anderson Financial Strategies LLC purchased a new stake in DocuSign during the first quarter worth $91,000. Strs Ohio purchased a new stake in DocuSign during the first quarter worth $1,082,000. Wealth Management Associates Inc. boosted its position in DocuSign by 6.3% during the first quarter. Wealth Management Associates Inc. now owns 9,810 shares of the company’s stock worth $799,000 after purchasing an additional 580 shares in the last quarter. Plato Investment Management Ltd boosted its position in DocuSign by 3.8% during the first quarter. Plato Investment Management Ltd now owns 8,581 shares of the company’s stock worth $706,000 after purchasing an additional 311 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in DocuSign by 18.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,028,505 shares of the company’s stock worth $165,120,000 after purchasing an additional 318,698 shares in the last quarter. 77.64% of the stock is currently 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.