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- DocuSign (NASDAQ:DOCU) shares fell 5% Tuesday as the cloud-based digital signature technology company appeared to see more negative sentiment in the wake of its stock being downgraded by Piper Sandler analyst Rob Owens.
- DocuSign (DOCU) has been in a state of upheaval for more than a month since Dan Springer resigned his chief executive job following a weak earnings report and outlook. Company Chairwoman Mary Wilderotter took over as CEO on an interim basis following Springer's resignation.
- DocuSign (DOCU) has tested the patience of its shareholders, as the company's stock price has fallen by 60% this year.
- On Thursday, Piper's Owens cut his rating on DocuSign's (DOCU) stock to underweight, or the equivalent of sell, from neutral, and also cut his price target to $54 a share from $65. Owens said that the company is facing several "elevated" risks that have shaken confidence in the company over the last few months.