Docusign (DOCU) Trading Down 5.1% After Earnings Miss

Docusign Inc (NASDAQ:DOCU) shares were down 5.1% during trading on Friday following a weaker than expected earnings announcement. The stock traded as low as $38.75 and last traded at $39.66. Approximately 4,740,786 shares were traded during trading, an increase of 159% from the average daily volume of 1,829,999 shares. The stock had previously closed at $41.77.

The company reported ($0.30) 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 company’s revenue was up 36.6% on a year-over-year basis.

DOCU has been the topic of a number of analyst reports. Zacks Investment Research upgraded Docusign from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a research note on Monday, September 10th. Bank of America upped their price objective on Docusign from $63.00 to $64.00 and gave the stock a “neutral” rating in a research note on Thursday, September 6th. JMP Securities upped their price objective on Docusign from $63.00 to $68.00 and gave the stock a “market outperform” rating in a research note on Thursday, September 6th. Morgan Stanley upped their price objective on Docusign from $46.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 6th. Finally, Wedbush initiated coverage on Docusign in a research note on Thursday, October 18th. They set a “neutral” rating and a $45.00 price objective on the stock. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $59.60.

In other news, Director Peter Solvik sold 1,304,348 shares of the company’s stock in a transaction that occurred on Tuesday, September 18th. The stock was sold at an average price of $55.00, for a total transaction of $71,739,140.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Several institutional investors have recently made changes to their positions in DOCU. Marshall Wace North America L.P. raised its stake in Docusign by 142.0% in the 3rd 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 period. Clearbridge Investments LLC raised its stake in Docusign by 9.0% in the 3rd 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 period. Vanguard Group Inc. raised its stake in Docusign by 3.7% in the 3rd 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 period. Morgan Stanley raised its stake in Docusign by 539.1% in the 3rd 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 period. Finally, Legal & General Group Plc raised its stake in Docusign by 64.1% in the 3rd 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 period. Institutional investors own 39.06% of the company’s stock.

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About Docusign (NASDAQ:DOCU)

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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