Why DocuSign Stock Is Sliding Today

DocuSign Inc DOCU shares are trading lower Monday following bearish analyst coverage from Wolfe Research.

Wolfe Research analyst Alex Zukin downgraded DocuSign from a Peer Perform rating to an Underperform rating and announced a $50 price target.

The downgrade comes after the company reported worse-than-expected earnings results last week. DocuSign reported fiscal first-quarter adjusted earnings of 38 cents per share, which missed the estimate of 46 cents per share, according to data from Benzinga Pro.

DocuSign offers a broad cloud-based software suite that enables users to automate the agreement process and provide legally binding e-signatures from nearly any device.

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DOCU Price Action: DocuSign has traded between $314.76 and $64.84 over a 52-week period.

The stock was down 6.26% at $61.80 at press time.

Photo: courtesy of DocuSign.