Citigroup Issues Pessimistic Forecast for DocuSign (NASDAQ:DOCU) Stock Price

DocuSign (NASDAQ:DOCU) had its price objective cut by equities researchers at Citigroup from $115.00 to $110.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price objective points to a potential upside of 42.78% from the company’s current price.

DOCU has been the topic of a number of other research reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $90.00 price objective on shares of DocuSign in a research note on Friday, March 14th. Morgan Stanley cut their price objective on shares of DocuSign from $92.00 to $86.00 and set an “equal weight” rating on the stock in a research note on Friday, June 6th. Needham & Company LLC reiterated a “hold” rating on shares of DocuSign in a research note on Friday, June 6th. JMP Securities reiterated a “market outperform” rating and issued a $124.00 price objective on shares of DocuSign in a research note on Tuesday, June 3rd. Finally, Jefferies Financial Group cut their price objective on shares of DocuSign from $115.00 to $105.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. One research 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. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $88.77.

DocuSign Stock Down 2.0%

Shares of DocuSign stock opened at $77.04 on Monday. The firm has a market capitalization of $15.60 billion, a P/E ratio of 15.88, a PEG ratio of 6.94 and a beta of 1.14. The company has a 50 day moving average price of $81.98 and a 200 day moving average price of $86.22. DocuSign has a 52 week low of $48.80 and a 52 week high of $107.86.

DocuSign (NASDAQ:DOCU) last announced its quarterly earnings data on Thursday, June 5th. The company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.81 by $0.09. DocuSign had a net margin of 34.73% and a return on equity of 14.90%. The firm had revenue of $763.65 million during the quarter, compared to analyst estimates of $748.79 million. During the same period last year, the firm posted $0.82 EPS. DocuSign’s revenue was up 7.6% on a year-over-year basis. As a group, research analysts anticipate that DocuSign will post 1.17 earnings per share for the current fiscal year.

DocuSign declared that its board has initiated a stock buyback plan on Thursday, June 5th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 6.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at DocuSign

In other DocuSign news, Director Teresa Briggs sold 534 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $87.41, for a total transaction of $46,676.94. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robert Chatwani sold 15,706 shares of the stock in a transaction on 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 transaction, the insider now directly owns 76,842 shares in the company, valued at approximately $6,392,485.98. The trade was a 16.97% 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 ninety days. Corporate insiders own 1.01% of the company’s stock.

Institutional Investors Weigh In On DocuSign

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Banque Transatlantique SA acquired a new stake in DocuSign during the 1st quarter worth $26,000. Hemington Wealth Management boosted its stake in DocuSign by 318.1% during the 1st quarter. Hemington Wealth Management now owns 347 shares of the company’s stock worth $28,000 after purchasing an additional 264 shares during the last quarter. Kestra Investment Management LLC acquired a new stake in DocuSign during the 4th quarter worth $30,000. Golden State Wealth Management LLC boosted its stake in DocuSign by 519.4% during the 1st quarter. Golden State Wealth Management LLC now owns 384 shares of the company’s stock worth $31,000 after purchasing an additional 322 shares during the last quarter. Finally, Summit Securities Group LLC acquired a new stake in DocuSign during the 1st quarter worth $34,000. Institutional investors and hedge funds 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.