Bank of America Cuts DocuSign (NASDAQ:DOCU) Price Target to $98.00

DocuSign (NASDAQ:DOCU - Get Free Report) had its price target reduced by research analysts at Bank of America from $112.00 to $98.00 in a report released on Friday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Bank of America's price objective indicates a potential upside of 31.19% from the stock's current price.

DOCU has been the topic of several other reports. Morgan Stanley lifted their price objective on DocuSign from $62.00 to $97.00 and gave the stock an "equal weight" rating in a report on Friday, December 6th. JPMorgan Chase & Co. raised shares of DocuSign from an "underweight" rating to a "neutral" rating and raised their price target for the stock from $70.00 to $75.00 in a research report on Monday. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $90.00 price target (up from $57.00) on shares of DocuSign in a report on Friday, December 6th. Piper Sandler raised their price objective on shares of DocuSign from $60.00 to $90.00 and gave the stock a "neutral" rating in a report on Friday, December 6th. Finally, Needham & Company LLC reissued a "hold" rating on shares of DocuSign in a research report on Friday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $95.64.

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DocuSign Trading Down 6.8 %

NASDAQ DOCU opened at $74.70 on Friday. The stock has a market cap of $15.09 billion, a P/E ratio of 15.40, a PEG ratio of 6.94 and a beta of 1.02. The company's fifty day simple moving average is $88.06 and its 200-day simple moving average is $79.04. DocuSign has a 52 week low of $48.70 and a 52 week high of $107.86.

DocuSign (NASDAQ:DOCU - Get Free Report) last posted its quarterly earnings data on Thursday, March 13th. The company reported $0.86 earnings per share for the quarter, beating analysts' consensus estimates of $0.84 by $0.02. DocuSign had a net margin of 34.73% and a return on equity of 14.90%. The company had revenue of $776.25 million during the quarter, compared to analysts' expectations of $760.94 million. During the same period in the prior year, the company posted $0.76 EPS. The firm's revenue for the quarter was up 9.0% on a year-over-year basis. On average, research analysts expect that DocuSign will post 1.17 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Blake Jeffrey Grayson sold 15,588 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $97.78, for a total value of $1,524,194.64. Following the completion of the transaction, the chief financial officer now owns 85,851 shares of the company's stock, valued at approximately $8,394,510.78. This represents a 15.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Allan C. Thygesen sold 40,000 shares of DocuSign stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $90.04, for a total transaction of $3,601,600.00. Following the sale, the chief executive officer now owns 156,050 shares in the company, valued at approximately $14,050,742. This represents a 20.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 104,422 shares of company stock valued at $9,665,394 in the last quarter. Company insiders own 1.66% of the company's stock.

Institutional Trading of DocuSign

A number of hedge funds and other institutional investors have recently made changes to their positions in DOCU. FMR LLC raised its holdings in DocuSign by 178.2% during the fourth quarter. FMR LLC now owns 6,101,024 shares of the company's stock worth $548,726,000 after purchasing an additional 3,908,139 shares in the last quarter. Invesco Ltd. increased its position in shares of DocuSign by 283.9% during the 4th quarter. Invesco Ltd. now owns 3,447,275 shares of the company's stock valued at $310,048,000 after purchasing an additional 2,549,310 shares during the period. Norges Bank bought a new stake in shares of DocuSign in the 4th quarter worth $223,196,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of DocuSign by 201.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,158,311 shares of the company's stock valued at $194,118,000 after buying an additional 1,442,639 shares during the period. Finally, Jericho Capital Asset Management L.P. boosted its stake in DocuSign by 34.0% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 4,754,753 shares of the company's stock valued at $427,642,000 after buying an additional 1,205,500 shares in the last quarter. 77.64% of the stock is currently owned by institutional investors.

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.

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