DocuSign (NASDAQ:DOCU) Price Target Cut to $85.00 by Analysts at Robert W. Baird

DocuSign (NASDAQ:DOCU) had its price objective lowered by Robert W. Baird from $93.00 to $85.00 in a research note released on Friday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other equities research analysts have also recently commented on the company. Bank of America lowered their target price on DocuSign from $112.00 to $98.00 and set a “neutral” rating on the stock in a research note on Friday, March 14th. William Blair reissued an “outperform” rating on shares of DocuSign in a research report on Monday, April 21st. UBS Group lowered their price target on shares of DocuSign from $85.00 to $80.00 and set a “neutral” rating on the stock in a report on Friday. Wedbush reduced their price objective on DocuSign from $100.00 to $85.00 and set a “neutral” rating for the company in a report on Friday. Finally, JPMorgan Chase & Co. upgraded DocuSign from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $70.00 to $75.00 in a research note on Monday, March 10th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $89.15.

DocuSign Price Performance

NASDAQ DOCU opened at $75.28 on Friday. The company has a fifty day moving average price of $82.08 and a 200-day moving average price of $86.32. The firm has a market cap of $15.24 billion, a price-to-earnings ratio of 15.52, a PEG ratio of 6.94 and a beta of 1.14. DocuSign has a 1 year low of $48.80 and a 1 year high of $107.86.

DocuSign (NASDAQ:DOCU) last announced 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 for the quarter, compared to the consensus estimate of $748.79 million. DocuSign had a return on equity of 14.90% and a net margin of 34.73%. The company’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 EPS. On average, research analysts anticipate that DocuSign will post 1.17 EPS for the current fiscal year.

DocuSign announced that its Board of Directors has initiated a share buyback plan on Thursday, June 5th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to reacquire up to 6.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management 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 dated Wednesday, March 19th. The stock was sold at an average price of $83.20, for a total transaction of $1,340,435.20. Following the completion of the sale, the chief financial officer now owns 93,960 shares of the company’s stock, valued at $7,817,472. The trade was a 14.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Teresa Briggs sold 534 shares of the stock in a transaction dated Monday, March 17th. The shares were 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 in the company, valued at $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 90 days, insiders sold 47,851 shares of company stock valued at $3,912,239. 1.01% of the stock is owned by corporate insiders.

Institutional Trading of DocuSign

A number of institutional investors have recently made changes to their positions in the stock. Anderson Financial Strategies LLC purchased a new position in shares of DocuSign in the first quarter worth $91,000. Strs Ohio bought a new position in shares of DocuSign during the first quarter valued at about $1,082,000. Wealth Management Associates Inc. boosted its holdings in shares of 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 during the period. Plato Investment Management Ltd increased its holdings in DocuSign by 3.8% during the 1st quarter. Plato Investment Management Ltd now owns 8,581 shares of the company’s stock valued at $706,000 after purchasing an additional 311 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in DocuSign by 18.6% in the 1st 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 buying an additional 318,698 shares during the period. Hedge funds and other 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.