Piper Sandler Cuts DocuSign (NASDAQ:DOCU) Price Target to $60.00

DocuSign (NASDAQ:DOCU) had its price objective lowered by Piper Sandler from $65.00 to $60.00 in a report published on Friday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other brokerages have also recently issued reports on DOCU. JMP Securities reiterated a market outperform rating and issued a $84.00 price objective on shares of DocuSign in a research note on Friday, April 12th. Bank of America decreased their price target on shares of DocuSign from $72.00 to $60.00 and set a neutral rating for the company in a research note on Friday. Royal Bank of Canada dropped their price objective on shares of DocuSign from $59.00 to $52.00 and set a sector perform rating on the stock in a research report on Friday. Citigroup reduced their price objective on shares of DocuSign from $93.00 to $86.00 and set a buy rating on the stock in a report on Wednesday, June 5th. Finally, Robert W. Baird lowered their target price on shares of DocuSign from $65.00 to $55.00 and set a neutral rating for the company in a research note on Friday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $59.36.

DocuSign Stock Performance

Shares of DOCU stock opened at $52.05 on Friday. DocuSign has a fifty-two week low of $38.11 and a fifty-two week high of $64.76. The company has a 50 day moving average price of $57.71 and a 200 day moving average price of $56.28. The stock has a market capitalization of $10.69 billion, a P/E ratio of 100.10, a price-to-earnings-growth ratio of 4.50 and a beta of 0.89.

DocuSign (NASDAQ:DOCU) last posted its quarterly earnings results on Thursday, March 7th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.09 by $0.06. The business had revenue of $712.39 million during the quarter, compared to the consensus estimate of $698.05 million. DocuSign had a net margin of 3.81% and a return on equity of 16.06%. On average, research analysts forecast that DocuSign will post 0.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Allan C. Thygesen sold 8,086 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $56.16, for a total transaction of $454,109.76. Following the transaction, the chief executive officer now directly owns 99,546 shares in the company, valued at $5,590,503.36. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Peter Solvik sold 15,000 shares of the company’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $60.00, for a total transaction of $900,000.00. Following the transaction, the director now directly owns 783 shares of the company’s stock, valued at approximately $46,980. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Allan C. Thygesen sold 8,086 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $56.16, for a total transaction of $454,109.76. Following the completion of the sale, the chief executive officer now owns 99,546 shares of the company’s stock, valued at approximately $5,590,503.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 47,512 shares of company stock worth $2,746,767. 1.66% of the stock is owned by insiders.

Institutional Investors Weigh In On DocuSign

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC raised its stake in shares of DocuSign by 93.1% during the 4th quarter. SG Americas Securities LLC now owns 78,423 shares of the company’s stock worth $4,662,000 after buying an additional 37,801 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in DocuSign by 77.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,215,650 shares of the company’s stock worth $51,057,000 after acquiring an additional 531,682 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of DocuSign by 147.4% in the third quarter. AQR Capital Management LLC now owns 1,908,500 shares of the company’s stock valued at $80,157,000 after purchasing an additional 1,136,948 shares in the last quarter. Metis Global Partners LLC acquired a new stake in shares of DocuSign in the fourth quarter valued at approximately $208,000. Finally, Syon Capital LLC increased its stake in shares of DocuSign by 450.2% during the 4th quarter. Syon Capital LLC now owns 550,221 shares of the company’s stock worth $32,711,000 after purchasing an additional 450,221 shares in the last quarter. 77.64% of the stock is currently owned by institutional investors and hedge funds.

DocuSign Company Profile

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.