Docusign (NASDAQ:DOCU) Coverage Initiated by Analysts at Bank of America

Bank of America initiated coverage on shares of Docusign (NASDAQ:DOCU) in a research note published on Tuesday, MarketBeat reports. The firm issued an underperform rating and a $52.00 price target on the stock.

DOCU has been the subject of several other research reports. HSBC set a $53.00 price target on Docusign in a research note on Friday, February 13th. Needham & Company LLC reissued a “hold” rating on shares of Docusign in a research note on Tuesday, March 10th. Morgan Stanley cut their price objective on shares of Docusign from $90.00 to $69.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 18th. Citizens Jmp reduced their target price on shares of Docusign from $124.00 to $86.00 and set a “market outperform” rating for the company in a research note on Wednesday, March 18th. Finally, Evercore lowered their target price on shares of Docusign from $92.00 to $80.00 and set an “in-line” rating on the stock in a report on Friday, December 5th. Five equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $64.67.

Docusign Stock Performance

Shares of DOCU opened at $47.41 on Tuesday. Docusign has a fifty-two week low of $40.16 and a fifty-two week high of $94.67. The firm has a 50-day simple moving average of $47.92 and a 200-day simple moving average of $62.27. The company has a market capitalization of $9.22 billion, a price-to-earnings ratio of 32.03, a price-to-earnings-growth ratio of 1.92 and a beta of 1.03.

Docusign (NASDAQ:DOCU) last issued its quarterly earnings results on Tuesday, March 17th. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.06. Docusign had a return on equity of 16.86% and a net margin of 9.60%.The firm had revenue of $836.86 million for the quarter, compared to analysts’ expectations of $828.23 million. During the same quarter in the previous year, the firm posted $0.86 EPS. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. Equities research analysts forecast that Docusign will post 1.17 EPS for the current year.

Docusign declared that its Board of Directors has authorized a share buyback program on Tuesday, March 17th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 21% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Docusign news, CRO Paula Hansen sold 6,000 shares of the business’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $67.05, for a total transaction of $402,300.00. Following the sale, the executive directly owned 68,970 shares in the company, valued at approximately $4,624,438.50. The trade was a 8.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert Chatwani sold 16,696 shares of the company’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $48.10, for a total transaction of $803,077.60. Following the transaction, the insider directly owned 72,458 shares in the company, valued at approximately $3,485,229.80. This trade represents a 18.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 68,173 shares of company stock valued at $4,324,684 in the last quarter. Corporate insiders own 1.66% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in DOCU. Central Pacific Bank Trust Division purchased a new stake in shares of Docusign during the 4th quarter worth approximately $25,000. Modus Advisors LLC acquired a new position in Docusign during the fourth quarter worth $27,000. Torren Management LLC purchased a new stake in Docusign during the fourth quarter worth $28,000. Aventura Private Wealth LLC acquired a new stake in Docusign in the fourth quarter valued at $30,000. Finally, True Wealth Design LLC grew its holdings in Docusign by 105.2% in the fourth quarter. True Wealth Design LLC now owns 433 shares of the company’s stock valued at $30,000 after purchasing an additional 222 shares during the last quarter. 77.64% of the stock is owned by hedge funds and other institutional investors.

Docusign Company Profile

DocuSign, Inc (NASDAQ: DOCU) is a leading provider of electronic signature and digital transaction management solutions. The company’s flagship offering, DocuSign eSignature, enables organizations to send, sign and manage legally binding electronic agreements securely in the cloud. Beyond eSignature, DocuSign’s Agreement Cloud combines contract lifecycle management, document generation, and workflow automation to streamline agreement processes from initiation through execution and storage.

DocuSign’s platform serves a diverse customer base spanning industries such as finance, real estate, healthcare, technology, and government.