Docusign (DOCU) Given New $50.00 Price Target at Deutsche Bank

Docusign (NASDAQ:DOCU) had its target price reduced by Deutsche Bank to $50.00 in a report issued on Friday morning, The Fly reports. Deutsche Bank currently has a hold rating on the stock.

Other analysts also recently issued research reports about the company. Piper Jaffray Companies reissued an overweight rating and issued a $50.00 price target on shares of Docusign in a research note on Friday. JPMorgan Chase & Co. reissued an overweight rating and issued a $88.00 price target on shares of Docusign in a research note on Thursday, September 6th. Wedbush assumed coverage on Docusign in a research note on Thursday, October 18th. They issued a neutral rating and a $45.00 price target on the stock. Morgan Stanley lifted their price target on Docusign from $46.00 to $50.00 and gave the company an equal weight rating in a research note on Thursday, September 6th. Finally, JMP Securities lifted their price target on Docusign from $63.00 to $68.00 and gave the company a market outperform rating in a research note on Thursday, September 6th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Docusign has a consensus rating of Hold and an average price target of $59.60.

Shares of DOCU traded down $2.11 during midday trading on Friday, hitting $39.66. The stock had a trading volume of 4,742,188 shares, compared to its average volume of 1,618,441. Docusign has a twelve month low of $35.06 and a twelve month high of $68.35.

Docusign (NASDAQ:DOCU) last released its quarterly earnings results on Thursday, December 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by ($0.07). The business had revenue of $178.39 million during the quarter, compared to analysts’ expectations of $173.55 million. The business’s quarterly revenue was up 36.6% on a year-over-year basis. On average, analysts expect that Docusign will post -2.46 EPS for the current fiscal year.

In related news, Director Peter Solvik sold 1,304,348 shares of Docusign stock in a transaction dated Tuesday, September 18th. The stock was sold at an average price of $55.00, for a total value of $71,739,140.00. The transaction was disclosed in a filing with the SEC, which is available at this link.

Several large investors have recently added to or reduced their stakes in the stock. Marshall Wace North America L.P. increased its position in shares of Docusign by 142.0% in the third quarter. Marshall Wace North America L.P. now owns 42,183 shares of the company’s stock valued at $2,218,000 after acquiring an additional 24,751 shares during the last quarter. Clearbridge Investments LLC increased its position in shares of Docusign by 9.0% in the third quarter. Clearbridge Investments LLC now owns 318,950 shares of the company’s stock valued at $16,767,000 after acquiring an additional 26,350 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Docusign by 3.7% in the third quarter. Vanguard Group Inc. now owns 1,922,947 shares of the company’s stock valued at $101,089,000 after acquiring an additional 69,428 shares during the last quarter. Morgan Stanley increased its position in shares of Docusign by 539.1% in the third quarter. Morgan Stanley now owns 1,148,284 shares of the company’s stock valued at $60,366,000 after acquiring an additional 968,599 shares during the last quarter. Finally, Legal & General Group Plc increased its position in shares of Docusign by 64.1% in the third quarter. Legal & General Group Plc now owns 65,008 shares of the company’s stock valued at $3,416,000 after acquiring an additional 25,384 shares during the last quarter. 39.06% of the stock is currently owned by institutional investors and hedge funds.

About Docusign

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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