JPMorgan Chase & Co. Cuts Docusign (NASDAQ:DOCU) Price Target to $78.00

Docusign (NASDAQ:DOCU) had its target price cut by JPMorgan Chase & Co. from $80.00 to $78.00 in a report released on Friday morning,Benzinga reports. They currently have a neutral rating on the stock.

Other analysts also recently issued research reports about the company. Wells Fargo & Company dropped their price target on Docusign from $85.00 to $75.00 and set an “equal weight” rating on the stock in a research note on Friday. Bank of America dropped their target price on Docusign from $102.00 to $82.00 and set a “neutral” rating on the stock in a research report on Friday. Zacks Research cut Docusign from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 24th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Docusign in a research note on Wednesday, October 8th. Finally, Evercore ISI lowered their price objective on shares of Docusign from $92.00 to $80.00 and set an “in-line” rating on the stock in a report on Friday. Four investment analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the stock. According to data from MarketBeat, Docusign has an average rating of “Hold” and a consensus target price of $86.71.

Docusign Stock Down 7.6%

Shares of NASDAQ DOCU opened at $65.67 on Friday. Docusign has a twelve month low of $63.41 and a twelve month high of $107.86. The stock has a market cap of $13.21 billion, a price-to-earnings ratio of 45.92, a P/E/G ratio of 3.26 and a beta of 0.98. The company’s fifty day moving average is $69.48 and its 200-day moving average is $75.10.

Docusign (NASDAQ:DOCU) last announced its quarterly earnings results on Thursday, September 4th. The company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.08. The firm had revenue of $800.64 million for the quarter, compared to analyst estimates of $780.35 million. Docusign had a net margin of 9.57% and a return on equity of 15.02%. The business’s revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.97 earnings per share. On average, research analysts anticipate that Docusign will post 1.17 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director James A. Beer sold 450 shares of the company’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $68.54, for a total transaction of $30,843.00. Following the completion of the sale, the director directly owned 14,478 shares in the company, valued at approximately $992,322.12. This represents a 3.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Teresa Briggs sold 365 shares of the business’s stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $69.19, for a total transaction of $25,254.35. Following the completion of the transaction, the director owned 8,805 shares of the company’s stock, valued at $609,217.95. The trade was a 3.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 104,076 shares of company stock worth $7,814,461 over the last three months. 1.66% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Docusign

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Oak Family Advisors LLC raised its stake in shares of Docusign by 37.2% during the 2nd quarter. Oak Family Advisors LLC now owns 95,134 shares of the company’s stock valued at $7,410,000 after purchasing an additional 25,795 shares during the period. QRG Capital Management Inc. boosted its stake in Docusign by 6.6% in the 2nd quarter. QRG Capital Management Inc. now owns 70,583 shares of the company’s stock worth $5,498,000 after purchasing an additional 4,341 shares during the period. Vise Technologies Inc. purchased a new position in Docusign during the 2nd quarter valued at about $436,000. ASR Vermogensbeheer N.V. bought a new stake in shares of Docusign during the first quarter valued at about $523,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Docusign in the second quarter worth about $32,294,000. 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.