DocuSign (NASDAQ:DOCU) Price Target Lowered to $77.00 at JPMorgan Chase & Co.

DocuSign (NASDAQ:DOCU) had its price objective trimmed by JPMorgan Chase & Co. from $81.00 to $77.00 in a report issued on Friday,Benzinga reports. The firm currently has a neutral rating on the stock.

DOCU has been the topic of several other reports. William Blair reaffirmed an “outperform” rating on shares of DocuSign in a report on Monday, April 21st. JMP Securities restated a “market outperform” rating and issued a $124.00 target price on shares of DocuSign in a research note on Tuesday. Needham & Company LLC reiterated a “hold” rating on shares of DocuSign in a research report on Friday. Bank of America decreased their price target on DocuSign from $112.00 to $98.00 and set a “neutral” rating for the company in a report on Friday, March 14th. Finally, Citigroup raised 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. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $89.15.

DocuSign Stock Down 19.0%

DocuSign stock opened at $75.28 on Friday. DocuSign has a 52 week low of $48.70 and a 52 week high of $107.86. The stock has a 50-day moving average price of $82.08 and a 200 day moving average price of $86.22. The company has a market capitalization of $15.24 billion, a price-to-earnings ratio of 15.52, a price-to-earnings-growth ratio of 6.94 and a beta of 1.21.

DocuSign (NASDAQ:DOCU) last released 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. The business had revenue of $763.65 million for the quarter, compared to the consensus estimate of $748.79 million. DocuSign had a net margin of 34.73% and a return on equity of 14.90%. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.82 EPS. Research analysts anticipate that DocuSign will post 1.17 EPS for the current fiscal year.

DocuSign declared that its board has authorized a share repurchase program on Thursday, June 5th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 6.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity at DocuSign

In other news, CFO Blake Jeffrey Grayson sold 16,111 shares of the business’s stock in a transaction dated 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 transaction, the chief financial officer now owns 93,960 shares of the company’s stock, valued at approximately $7,817,472. The trade was a 14.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Teresa Briggs sold 534 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $87.41, for a total transaction of $46,676.94. Following the completion of the sale, the director now directly owns 8,270 shares of the company’s stock, valued at $722,880.70. This represents a 6.07% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 47,851 shares of company stock valued at $3,912,239. Corporate insiders own 1.01% of the company’s stock.

Hedge Funds Weigh In On DocuSign

Institutional investors have recently bought and sold shares of the company. DAVENPORT & Co LLC raised its position in shares of DocuSign by 11.9% during the 4th quarter. DAVENPORT & Co LLC now owns 12,826 shares of the company’s stock valued at $1,154,000 after buying an additional 1,363 shares during the period. Yousif Capital Management LLC purchased a new stake in DocuSign in the fourth quarter valued at $6,450,000. Stratos Wealth Partners LTD. purchased a new position in shares of DocuSign during the 4th quarter worth $224,000. Stratos Wealth Advisors LLC purchased a new position in shares of DocuSign during the 4th quarter worth $1,116,000. Finally, Choreo LLC increased its position in shares of DocuSign by 15.3% during the 4th quarter. Choreo LLC now owns 5,973 shares of the company’s stock worth $547,000 after purchasing an additional 791 shares during the last quarter. 77.64% of the stock is owned by hedge funds and other institutional investors.

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.