DocuSign (NASDAQ:DOCU) Price Target Raised to $67.00

DocuSign (NASDAQ:DOCU) had its price target lifted by Wells Fargo & Company from $65.00 to $67.00 in a research note published on Friday morning,Benzinga reports. The firm currently has an underweight rating on the stock.

Several other analysts also recently issued reports on the stock. Morgan Stanley cut their target price on shares of DocuSign from $97.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 16th. HSBC upgraded DocuSign from a “reduce” rating to a “hold” rating and set a $70.00 price objective for the company in a research report on Friday, April 11th. Jefferies Financial Group dropped their target price on DocuSign from $115.00 to $105.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Robert W. Baird reduced their price target on shares of DocuSign from $93.00 to $85.00 and set a “neutral” rating for the company in a research report on Friday. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued 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 given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $89.15.

DocuSign Stock Down 19.0%

Shares of DocuSign stock opened at $75.28 on Friday. DocuSign has a 12-month low of $48.80 and a 12-month high of $107.86. The firm has a market capitalization of $15.24 billion, a PE ratio of 15.52, a price-to-earnings-growth ratio of 6.94 and a beta of 1.14. The stock’s fifty day moving average is $82.08 and its 200-day moving average is $86.32.

DocuSign (NASDAQ:DOCU) last posted its quarterly earnings data on Thursday, June 5th. The company reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.09. The company had revenue of $763.65 million during the quarter, compared to analyst estimates of $748.79 million. DocuSign had a net margin of 34.73% and a return on equity of 14.90%. The business’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.82 earnings per share. Analysts expect that DocuSign will post 1.17 EPS for the current year.

DocuSign declared that its Board of Directors has approved a stock repurchase plan on Thursday, June 5th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 6.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at DocuSign

In other DocuSign news, CFO Blake Jeffrey Grayson sold 16,111 shares of DocuSign stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $83.20, for a total value of $1,340,435.20. Following the transaction, the chief financial officer now directly owns 93,960 shares of the company’s stock, valued at $7,817,472. The trade was a 14.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Teresa Briggs sold 534 shares of the company’s 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 transaction, the director now owns 8,270 shares of the company’s stock, valued at approximately $722,880.70. This trade represents a 6.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 47,851 shares of company stock worth $3,912,239. 1.01% of the stock is owned by insiders.

Institutional Investors Weigh In On DocuSign

Several hedge funds have recently made changes to their positions in DOCU. Rhumbline Advisers increased its position in shares of DocuSign by 118.8% during the fourth quarter. Rhumbline Advisers now owns 608,123 shares of the company’s stock valued at $54,695,000 after purchasing an additional 330,136 shares during the period. Gilman Hill Asset Management LLC boosted its stake in shares of DocuSign by 4.9% in the 1st quarter. Gilman Hill Asset Management LLC now owns 84,326 shares of the company’s stock valued at $6,864,000 after purchasing an additional 3,904 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of DocuSign by 3,026.7% in the 4th quarter. Principal Financial Group Inc. now owns 546,796 shares of the company’s stock worth $49,179,000 after purchasing an additional 529,308 shares during the last quarter. Amundi increased its position in shares of DocuSign by 565.8% during the 4th quarter. Amundi now owns 1,379,575 shares of the company’s stock worth $123,486,000 after purchasing an additional 1,172,368 shares in the last quarter. Finally, SBI Securities Co. Ltd. bought a new position in DocuSign during the 4th quarter valued at about $882,000. Institutional investors own 77.64% of the company’s stock.

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.