Bank of America Cuts DocuSign (NASDAQ:DOCU) Price Target to $98.00

DocuSign (NASDAQ:DOCU) had its price target reduced by Bank of America from $112.00 to $98.00 in a research report sent to investors on Friday,Benzinga reports. Bank of America currently has a neutral rating on the stock.

A number of other research firms also recently issued reports on DOCU. Citigroup reaffirmed a “buy” rating on shares of DocuSign in a research note on Thursday, March 6th. JMP Securities reaffirmed a “market outperform” rating and issued a $124.00 price objective on shares of DocuSign in a research note on Tuesday, January 7th. Royal Bank of Canada reissued a “sector perform” rating and set a $90.00 target price (up previously from $57.00) on shares of DocuSign in a research report on Friday, December 6th. JPMorgan Chase & Co. raised DocuSign from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $70.00 to $75.00 in a research report on Monday, March 10th. Finally, Wells Fargo & Company boosted their target price on DocuSign from $50.00 to $70.00 and gave the company an “underweight” rating in a research report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $95.58.

DocuSign Trading Up 14.8 %

Shares of DOCU opened at $85.76 on Friday. DocuSign has a 12-month low of $48.70 and a 12-month high of $107.86. The business’s 50 day moving average is $87.97 and its 200 day moving average is $79.52. The company has a market capitalization of $17.33 billion, a PE ratio of 17.68, a price-to-earnings-growth ratio of 6.94 and a beta of 1.02.

DocuSign (NASDAQ:DOCU) last released its quarterly earnings data on Thursday, March 13th. The company reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.02. DocuSign had a return on equity of 14.90% and a net margin of 34.73%. The business had revenue of $776.25 million for the quarter, compared to the consensus estimate of $760.94 million. During the same quarter in the previous year, the company posted $0.76 EPS. The company’s revenue was up 9.0% compared to the same quarter last year. Equities research analysts predict that DocuSign will post 1.17 earnings per share for the current year.

Insider Activity at DocuSign

In related news, insider Robert Chatwani sold 14,800 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $97.76, for a total transaction of $1,446,848.00. Following the completion of the transaction, the insider now owns 73,414 shares in the company, valued at $7,176,952.64. The trade was a 16.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Blake Jeffrey Grayson sold 8,000 shares of the business’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $86.90, for a total value of $695,200.00. Following the transaction, the chief financial officer now owns 77,851 shares of the company’s stock, valued at approximately $6,765,251.90. The trade was a 9.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 95,888 shares of company stock worth $8,856,718 in the last quarter. 1.66% of the stock is owned by company insiders.

Institutional Investors Weigh In On DocuSign

Hedge funds have recently made changes to their positions in the company. Toronto Dominion Bank lifted its holdings in shares of DocuSign by 30.3% in the 3rd quarter. Toronto Dominion Bank now owns 26,159 shares of the company’s stock worth $1,624,000 after buying an additional 6,081 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of DocuSign by 1.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,328,355 shares of the company’s stock worth $82,478,000 after purchasing an additional 16,014 shares during the last quarter. Quantinno Capital Management LP lifted its stake in shares of DocuSign by 39.5% during the 3rd quarter. Quantinno Capital Management LP now owns 201,546 shares of the company’s stock worth $12,514,000 after purchasing an additional 57,104 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of DocuSign by 118.8% during the 4th quarter. Rhumbline Advisers now owns 608,123 shares of the company’s stock worth $54,695,000 after purchasing an additional 330,136 shares during the last quarter. Finally, KBC Group NV lifted its stake in shares of DocuSign by 32.7% during the 4th quarter. KBC Group NV now owns 1,535,107 shares of the company’s stock worth $138,067,000 after purchasing an additional 378,233 shares during the last quarter. 77.64% of the stock is currently 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.