Wells Fargo & Company Upgrades DocuSign (NASDAQ:DOCU) to “Equal Weight”

Wells Fargo & Company upgraded shares of DocuSign (NASDAQ:DOCUFree Report) from an underweight rating to an equal weight rating in a report released on Friday morning, Marketbeat reports. Wells Fargo & Company currently has $80.00 price objective on the stock, up from their prior price objective of $67.00.

Other equities analysts also recently issued research reports about the stock. Robert W. Baird decreased their price objective on shares of DocuSign from $93.00 to $85.00 and set a “neutral” rating for the company in a research note on Friday, June 6th. JMP Securities restated a “market outperform” rating and set a $124.00 target price on shares of DocuSign in a research report on Tuesday, June 3rd. Morgan Stanley decreased their price target on shares of DocuSign from $92.00 to $86.00 and set an “equal weight” rating for the company in a research note on Friday, June 6th. Hsbc Global Res upgraded DocuSign from a “moderate sell” rating to a “hold” rating in a research note on Friday, April 11th. Finally, UBS Group reduced their target price on shares of DocuSign from $85.00 to $80.00 and set a “neutral” rating for the company in a research note on Friday, June 6th. Twelve analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $89.77.

Get Our Latest Stock Analysis on DOCU

DocuSign Price Performance

DocuSign stock opened at $74.06 on Friday. The stock has a market cap of $14.96 billion, a PE ratio of 15.27, a P/E/G ratio of 6.94 and a beta of 1.14. The stock’s fifty day moving average is $82.21 and its two-hundred day moving average is $86.09. DocuSign has a 1-year low of $48.80 and a 1-year high of $107.86.

DocuSign (NASDAQ:DOCUGet Free Report) last released its quarterly earnings data 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. DocuSign had a net margin of 34.73% and a return on equity of 14.90%. The company had revenue of $763.65 million for the quarter, compared to analysts’ expectations of $748.79 million. During the same quarter last year, the company earned $0.82 earnings per share. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. On average, research analysts expect that DocuSign will post 1.17 earnings per share for the current fiscal year.

DocuSign declared that its Board of Directors has initiated a stock buyback program on Thursday, June 5th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to purchase up to 6.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, CFO Blake Jeffrey Grayson sold 16,111 shares of the firm’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $83.20, for a total value of $1,340,435.20. Following the transaction, the chief financial officer now directly owns 93,960 shares in the company, valued at $7,817,472. This trade represents a 14.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider James P. Shaughnessy sold 7,500 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $81.31, for a total value of $609,825.00. Following the completion of the sale, the insider now owns 45,875 shares of the company’s stock, valued at approximately $3,730,096.25. This trade represents a 14.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold 47,317 shares of company stock worth $3,865,562 in the last ninety days. Insiders own 1.01% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Banque Transatlantique SA bought a new position in shares of DocuSign during the first quarter valued at approximately $26,000. Hemington Wealth Management raised its stake in shares of DocuSign by 318.1% during the first quarter. Hemington Wealth Management now owns 347 shares of the company’s stock valued at $28,000 after purchasing an additional 264 shares in the last quarter. Kestra Investment Management LLC bought a new position in DocuSign in the 4th quarter valued at about $30,000. Golden State Wealth Management LLC increased 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 valued at $31,000 after buying an additional 322 shares during the period. Finally, Summit Securities Group LLC acquired a new stake in shares of DocuSign in the 1st quarter worth approximately $34,000. Institutional investors and hedge funds own 77.64% of the company’s stock.

About DocuSign

(Get Free Report)

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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Analyst Recommendations for DocuSign (NASDAQ:DOCU)

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