Zacks Investment Research downgraded shares of Docusign (NASDAQ:DOCU) from a hold rating to a sell rating in a research report released on Tuesday.
According to Zacks, “DocuSign Inc. provides e-signature solutions. The Company offers services to mortgage, non-profit, government, real estate, insurance, technology and healthcare industries. Its product portfolio includes trial, single-user, multi-user, business pro, enterprise pro, standards-based signatures, ehanko, DocuSign transaction rooms for real estate, DocuSign payments and enotary. DocuSign Inc. is based in San Francisco, United States. “
Other equities analysts also recently issued research reports about the stock. Morgan Stanley lifted their price target on shares of Docusign from $46.00 to $50.00 and gave the company an equal weight rating in a report on Thursday, September 6th. JMP Securities lifted their price target on shares of Docusign from $63.00 to $68.00 and gave the company a market outperform rating in a report on Thursday, September 6th. Bank of America lifted their price target on shares of Docusign from $63.00 to $64.00 and gave the company a neutral rating in a report on Thursday, September 6th. Finally, JPMorgan Chase & Co. reaffirmed an overweight rating and set a $88.00 price target on shares of Docusign in a report on Thursday, September 6th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. Docusign currently has an average rating of Hold and a consensus target price of $62.33.
Docusign (NASDAQ:DOCU) last issued its quarterly earnings results on Wednesday, September 5th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.02. The firm had revenue of $167.04 million for the quarter, compared to analysts’ expectations of $158.70 million. The firm’s quarterly revenue was up 33.1% compared to the same quarter last year. On average, equities research analysts predict that Docusign will post -2.46 EPS for the current fiscal year.
In other Docusign news, Director Peter Solvik sold 1,304,348 shares of Docusign stock in a transaction that occurred on Tuesday, September 18th. The shares were sold at an average price of $55.00, for a total transaction of $71,739,140.00. The sale was disclosed in a filing with the SEC, which is accessible through this link.
Several hedge funds have recently added to or reduced their stakes in the company. FNY Investment Advisers LLC purchased a new position in shares of Docusign in the second quarter worth $131,000. Bank of Montreal Can purchased a new position in shares of Docusign in the second quarter worth $145,000. State of Alaska Department of Revenue purchased a new position in shares of Docusign in the second quarter worth $160,000. Westpac Banking Corp purchased a new position in shares of Docusign in the second quarter worth $193,000. Finally, Keybank National Association OH purchased a new position in shares of Docusign in the second quarter worth $245,000. 34.13% of the stock is currently owned by hedge funds and other institutional investors.
DocuSign, Inc provides cloud based transaction products and services in the United States. The company offers e-signature solution that enables businesses to digitally prepare, execute, and act on agreements. It serves large enterprises, sole proprietorships, small- to medium-sized businesses, professionals, and individuals.
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