Citigroup Cuts DocuSign (NASDAQ:DOCU) Price Target to $110.00

DocuSign (NASDAQ:DOCU) had its price objective reduced by Citigroup from $115.00 to $110.00 in a research note published on Monday,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also issued research reports about the stock. Hsbc Global Res raised shares of DocuSign from a “moderate sell” rating to a “hold” rating in a research report on Friday, April 11th. Jefferies Financial Group cut their target price on shares of DocuSign from $115.00 to $105.00 and set a “buy” rating for the company in a research report on Monday, March 31st. William Blair reissued an “outperform” rating on shares of DocuSign in a research report on Monday, April 21st. Wedbush cut their target price on shares of DocuSign from $100.00 to $85.00 and set a “neutral” rating for the company in a research report on Friday, June 6th. Finally, JPMorgan Chase & Co. cut their target price on shares of DocuSign from $81.00 to $77.00 and set a “neutral” rating for the company in a research report on Friday, June 6th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $88.77.

DocuSign Trading Down 1.0%

DOCU stock opened at $76.24 on Monday. DocuSign has a 1 year low of $48.80 and a 1 year high of $107.86. The company has a fifty day simple moving average of $82.06 and a 200 day simple moving average of $86.15. The firm has a market cap of $15.44 billion, a PE ratio of 15.72, a PEG ratio of 6.94 and a beta of 1.14.

DocuSign (NASDAQ:DOCU) last released its earnings results on Thursday, June 5th. The company reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.09. The firm 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 revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.82 EPS. As a group, analysts forecast that DocuSign will post 1.17 EPS for the current fiscal 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 buy up to 6.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at DocuSign

In other DocuSign news, insider Robert Chatwani sold 15,706 shares of the company’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $83.19, for a total transaction of $1,306,582.14. Following the sale, the insider now directly owns 76,842 shares of the company’s stock, valued at approximately $6,392,485.98. This represents a 16.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Blake Jeffrey Grayson sold 8,000 shares of the company’s stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $76.09, for a total transaction of $608,720.00. Following the sale, the chief financial officer now directly owns 86,156 shares in the company, valued at $6,555,610.04. This represents a 8.50% 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 valued at $3,912,239 over the last quarter. 1.01% of the stock is owned by company insiders.

Institutional Trading of DocuSign

Large investors have recently added to or reduced their stakes in the company. Gilman Hill Asset Management LLC grew its stake in DocuSign by 4.9% during the first quarter. Gilman Hill Asset Management LLC now owns 84,326 shares of the company’s stock worth $6,864,000 after buying an additional 3,904 shares during the last quarter. Rhumbline Advisers grew its stake in DocuSign by 118.8% during the fourth quarter. Rhumbline Advisers now owns 608,123 shares of the company’s stock worth $54,695,000 after buying an additional 330,136 shares during the last quarter. Principal Financial Group Inc. grew its stake in DocuSign by 3,026.7% during the fourth quarter. Principal Financial Group Inc. now owns 546,796 shares of the company’s stock worth $49,179,000 after buying an additional 529,308 shares during the last quarter. Amundi grew its stake in DocuSign by 565.8% during the fourth quarter. Amundi now owns 1,379,575 shares of the company’s stock worth $123,486,000 after buying an additional 1,172,368 shares during the last quarter. Finally, SBI Securities Co. Ltd. bought a new stake in DocuSign during the fourth quarter worth about $882,000. 77.64% of the stock is owned by institutional investors.

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.