DocuSign (NASDAQ:DOCU) Stock Price Down 2.6% - Here's Why

Shares of DocuSign, Inc. (NASDAQ:DOCU - Get Free Report) dropped 2.6% during trading on Wednesday . The company traded as low as $82.50 and last traded at $82.80. Approximately 322,282 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 2,600,686 shares. The stock had previously closed at $85.01.

Analyst Upgrades and Downgrades

DOCU has been the topic of a number of analyst reports. Citigroup increased their price objective on shares of DocuSign from $113.00 to $115.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. UBS Group decreased their price objective on shares of DocuSign from $100.00 to $90.00 and set a "neutral" rating on the stock in a research note on Friday, March 14th. JMP Securities restated a "market outperform" rating and set a $124.00 target price on shares of DocuSign in a research note on Tuesday, January 7th. Wells Fargo & Company lifted their price target on DocuSign from $70.00 to $73.00 and gave the company an "underweight" rating in a research note on Friday, March 14th. Finally, Morgan Stanley boosted their price target on DocuSign from $62.00 to $97.00 and gave the stock an "equal weight" rating in a report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $95.00.

DocuSign Price Performance

The company has a fifty day moving average price of $87.54 and a two-hundred day moving average price of $80.47. The company has a market capitalization of $17.79 billion, a P/E ratio of 18.16, a PEG ratio of 6.94 and a beta of 1.02.

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DocuSign (NASDAQ:DOCU - Get Free Report) last posted its earnings results on Thursday, March 13th. The company reported $0.86 earnings per share for the quarter, topping analysts' consensus estimates of $0.84 by $0.02. The firm had revenue of $776.25 million for the quarter, compared to analyst estimates of $760.94 million. DocuSign had a net margin of 34.73% and a return on equity of 14.90%. The company's revenue for the quarter was up 9.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.76 EPS. As a group, sell-side analysts forecast that DocuSign, Inc. will post 1.17 earnings per share for the current year.

Insiders Place Their Bets

In other DocuSign news, CFO Blake Jeffrey Grayson sold 16,111 shares of the firm's stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $83.20, for a total transaction of $1,340,435.20. Following the completion of the transaction, the chief financial officer now owns 93,960 shares in the company, valued at approximately $7,817,472. This trade represents a 14.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robert Chatwani sold 15,706 shares of the business's stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $83.19, for a total transaction of $1,306,582.14. Following the completion of the transaction, the insider now owns 76,842 shares in the company, valued at $6,392,485.98. This trade represents a 16.97 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 97,851 shares of company stock valued at $8,579,369. 1.66% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On DocuSign

A number of hedge funds have recently bought and sold shares of DOCU. FMR LLC boosted its position in DocuSign by 178.2% during the fourth quarter. FMR LLC now owns 6,101,024 shares of the company's stock valued at $548,726,000 after acquiring an additional 3,908,139 shares during the last quarter. Invesco Ltd. boosted 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 in the last quarter. Norges Bank acquired a new stake in DocuSign during the fourth quarter worth approximately $223,196,000. Arrowstreet Capital Limited Partnership increased its holdings in DocuSign by 201.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,158,311 shares of the company's stock worth $194,118,000 after purchasing an additional 1,442,639 shares in the last quarter. Finally, Jericho Capital Asset Management L.P. lifted its stake in DocuSign by 34.0% in 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 during the period. Institutional investors own 77.64% of the company's stock.

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.