Bank of America Begins Coverage on Docusign (NASDAQ:DOCU)

Stock analysts at Bank of America started coverage on shares of Docusign (NASDAQ:DOCU) in a note issued to investors on Tuesday. The brokerage set an “underperform” rating and a $52.00 price target on the stock. Bank of America‘s target price indicates a potential upside of 10.03% from the company’s current price.

Other equities research analysts have also issued reports about the company. Citizens Jmp dropped their target price on Docusign from $124.00 to $86.00 and set a “market outperform” rating on the stock in a research report on Wednesday, March 18th. Wells Fargo & Company reduced their price target on shares of Docusign from $75.00 to $60.00 and set an “equal weight” rating for the company in a report on Wednesday, March 18th. Jefferies Financial Group cut shares of Docusign from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $105.00 to $45.00 in a report on Monday, February 23rd. HSBC set a $53.00 price objective on shares of Docusign in a research report on Friday, February 13th. Finally, UBS Group dropped their price target on shares of Docusign from $75.00 to $54.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 18th. Five equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Docusign presently has a consensus rating of “Hold” and a consensus target price of $64.67.

Docusign Stock Up 3.4%

Shares of DOCU stock opened at $47.26 on Tuesday. The company has a market cap of $9.19 billion, a P/E ratio of 31.93, a PEG ratio of 1.86 and a beta of 1.03. The business has a 50 day moving average of $48.09 and a two-hundred day moving average of $62.50. Docusign has a 52 week low of $40.16 and a 52 week high of $94.67.

Docusign (NASDAQ:DOCU) last announced its quarterly earnings results on Tuesday, March 17th. The company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. The business had revenue of $836.86 million for the quarter, compared to analysts’ expectations of $828.23 million. Docusign had a return on equity of 16.86% and a net margin of 9.60%.The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.86 EPS. Analysts expect that Docusign will post 1.17 EPS for the current fiscal year.

Docusign declared that its Board of Directors has authorized a stock buyback plan on Tuesday, March 17th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 21% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Docusign

In other news, CEO Allan C. Thygesen sold 26,250 shares of Docusign stock in a transaction that occurred on Friday, January 9th. The shares were sold at an average price of $69.60, for a total value of $1,827,000.00. Following the transaction, the chief executive officer owned 142,261 shares of the company’s stock, valued at $9,901,365.60. The trade was a 15.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider James P. Shaughnessy sold 12,000 shares of the business’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $67.03, for a total transaction of $804,360.00. Following the completion of the sale, the insider owned 54,550 shares in the company, valued at $3,656,486.50. The trade was a 18.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 68,173 shares of company stock valued at $4,324,684 in the last quarter. 1.66% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Central Pacific Bank Trust Division bought a new stake in shares of Docusign during the 4th quarter worth $25,000. Modus Advisors LLC acquired a new position in shares of Docusign in the 4th quarter valued at $27,000. Torren Management LLC purchased a new position in Docusign in the 4th quarter worth about $28,000. Aventura Private Wealth LLC acquired a new stake in Docusign during the 4th quarter worth about $30,000. Finally, True Wealth Design LLC raised its holdings in Docusign by 105.2% during the 4th quarter. True Wealth Design LLC now owns 433 shares of the company’s stock worth $30,000 after buying an additional 222 shares during the period. Institutional investors and hedge funds own 77.64% of the company’s stock.

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.