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.
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.