BTIG Research Lowers Docusign (NASDAQ:DOCU) Price Target to $70.00

Docusign (NASDAQ:DOCU) had its price target cut by stock analysts at BTIG Research from $88.00 to $70.00 in a note issued to investors on Wednesday, MarketBeat reports. The brokerage presently has a “buy” rating on the stock. BTIG Research’s target price points to a potential upside of 58.66% from the stock’s previous close.

DOCU has been the topic of a number of other research reports. 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, December 5th. Evercore cut their target price on shares of Docusign from $92.00 to $80.00 and set an “in-line” rating on the stock in a report on Friday, December 5th. Bank of America reduced their price target on shares of Docusign from $102.00 to $82.00 and set a “neutral” rating for the company in a research report on Friday, December 5th. Weiss Ratings reissued a “hold (c)” rating on shares of Docusign in a research report on Wednesday, January 21st. Finally, UBS Group dropped their price objective on shares of Docusign from $85.00 to $75.00 and set a “neutral” rating on the stock in a research note on Friday, December 5th. Six investment analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. According to data from MarketBeat, Docusign presently has a consensus rating of “Hold” and a consensus price target of $82.80.

Docusign Price Performance

Shares of NASDAQ:DOCU opened at $44.12 on Wednesday. Docusign has a 12 month low of $41.53 and a 12 month high of $94.67. The firm has a market capitalization of $8.84 billion, a P/E ratio of 30.85, a P/E/G ratio of 1.96 and a beta of 1.00. The company’s fifty day moving average price is $59.10 and its 200 day moving average price is $67.80.

Insider Buying and Selling

In related news, insider Robert Chatwani sold 13,818 shares of the stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $68.33, for a total transaction of $944,183.94. Following the completion of the transaction, the insider directly owned 70,197 shares of the company’s stock, valued at $4,796,561.01. This represents a 16.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CRO Paula Hansen sold 6,000 shares of the firm’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $67.05, for a total transaction of $402,300.00. Following the completion of the sale, the executive owned 68,970 shares of the company’s stock, valued at approximately $4,624,438.50. The trade was a 8.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 78,292 shares of company stock worth $5,374,260. 1.01% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Docusign

A number of large investors have recently modified their holdings of DOCU. Central Pacific Bank Trust Division acquired a new position in Docusign during the fourth quarter worth $25,000. Modus Advisors LLC purchased a new stake in shares of Docusign during the 4th quarter worth $27,000. Torren Management LLC acquired a new position in shares of Docusign during the 4th quarter worth $28,000. Aventura Private Wealth LLC purchased a new position in shares of Docusign in the 4th quarter valued at about $30,000. Finally, True Wealth Design LLC increased its holdings in shares of Docusign by 105.2% in the 4th quarter. True Wealth Design LLC now owns 433 shares of the company’s stock valued at $30,000 after purchasing an additional 222 shares in the last quarter. 77.64% of the stock is owned by hedge funds and other institutional investors.

About Docusign

DocuSign, Inc (NASDAQ: DOCU) is a leading provider of electronic signature and digital transaction management solutions. The company’s flagship offering, DocuSign eSignature, enables organizations to send, sign and manage legally binding electronic agreements securely in the cloud. Beyond eSignature, DocuSign’s Agreement Cloud combines contract lifecycle management, document generation, and workflow automation to streamline agreement processes from initiation through execution and storage.

DocuSign’s platform serves a diverse customer base spanning industries such as finance, real estate, healthcare, technology, and government.