BBIG - Why Is DocuSign (DOCU) Stock Down 20% Today?
2023-03-10 09:48:21 ET
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
DocuSign (NASDAQ: DOCU ) stock fell on Friday even after the company posted an earnings beat for the fourth quarter of 2022.
Instead, investors are focused on two other pieces of news keeping shares of DOCU stock down today. That includes CFO Cynthia Gaylor leaving the company later this year. The company is already searching for a replacement CFO.
DocuSign makes sure to note that Gaylor’s departure doesn’t have to do with a disagreement with the company. It also points out that CEO Allan Thygesen is leading the search for its next CFO.
DOCU Stock Downgrade
The next bit of news keeping DOCU stock down today is a downgrade. This comes from JPMorgan as it drops the shares from a “neutral” rating to an “underweight” rating. For the record, the analysts’ consensus rating for DOCU shares is “hold” based on 16 opinions.
Several other analysts also weighed in on DOCU stock today. This saw many of them raising and lowering their price targets for the stock. Among them are Bank of America, Piper Sandler, and Wells Fargo.
With today’s news comes heavy trading of DOCU stock. As of this writing, more than 5 million shares have changed hands. That’s already above its daily average trading volume of about 4.9 million shares.
DOCU stock is down 20.4% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
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