DocuSign (NASDAQ:DOCU) Price Target Cut to $65.00 by Analysts at Wells Fargo & Company

DocuSign (NASDAQ:DOCU) had its target price cut by Wells Fargo & Company from $73.00 to $65.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have an underweight rating on the stock.

Several other analysts have also commented on the stock. JMP Securities reissued a “market outperform” rating and set a $124.00 target price on shares of DocuSign in a research note on Thursday, April 17th. Bank of America cut their price objective on DocuSign from $112.00 to $98.00 and set a “neutral” rating for the company in a research report on Friday, March 14th. Needham & Company LLC restated a “hold” rating on shares of DocuSign in a report on Thursday, April 17th. JPMorgan Chase & Co. raised DocuSign from an “underweight” rating to a “neutral” rating and upped their target price for the company from $70.00 to $75.00 in a report on Monday, March 10th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $90.00 price target on shares of DocuSign in a research note on Friday, March 14th. One research 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, DocuSign presently has an average rating of “Hold” and an average price target of $92.46.

DocuSign Stock Performance

Shares of NASDAQ DOCU opened at $74.20 on Tuesday. DocuSign has a 1 year low of $48.70 and a 1 year high of $107.86. The stock has a fifty day moving average price of $80.73 and a two-hundred day moving average price of $83.38. The firm has a market cap of $15.02 billion, a P/E ratio of 15.30, a PEG ratio of 6.94 and a beta of 1.20.

DocuSign (NASDAQ:DOCU) last released its earnings results on Thursday, March 13th. The company reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.02. DocuSign had a return on equity of 14.90% and a net margin of 34.73%. The firm had revenue of $776.25 million for the quarter, compared to analyst estimates of $760.94 million. During the same period in the previous year, the company earned $0.76 earnings per share. DocuSign’s revenue was up 9.0% compared to the same quarter last year. On average, research analysts predict that DocuSign will post 1.17 earnings per share for the current fiscal year.

Insider Buying and Selling at DocuSign

In other news, Director Teresa Briggs sold 534 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was 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 trade represents a 6.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Blake Jeffrey Grayson sold 8,000 shares of DocuSign stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $86.90, for a total value of $695,200.00. Following the sale, the chief financial officer now owns 77,851 shares of the company’s stock, valued at approximately $6,765,251.90. This represents a 9.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 55,851 shares of company stock valued at $4,607,439 in the last quarter. Company insiders own 1.66% of the company’s stock.

Hedge Funds Weigh In On DocuSign

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DOCU. Kestra Investment Management LLC bought a new position in shares of DocuSign during the 4th quarter valued at $30,000. Modus Advisors LLC bought a new position in DocuSign during the fourth quarter valued at about $36,000. First Horizon Advisors Inc. raised its holdings 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 in the last quarter. Wood Tarver Financial Group LLC acquired a new stake in shares of DocuSign in the fourth quarter worth about $37,000. Finally, MassMutual Private Wealth & Trust FSB boosted its stake in shares of DocuSign by 153.1% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 453 shares of the company’s stock worth $37,000 after acquiring an additional 274 shares in the last quarter. 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.