Analysts Are Downgrading These 5 Stocks

3. DocuSign, Inc. (NASDAQ:DOCU)

Number of Hedge Fund Holders: 45

Shares of DocuSign, Inc. (NASDAQ:DOCU) continued their downward trend and fell more than three percent on Tuesday, June 14, 2022, hitting a new low of $57.14. DocuSign stock is now down about 60 percent on a year-to-date basis.

The latest drop follows a downgrade from Wolfe Research, which cut its ratings for the stock from “Peer Perform” to “Underperform.” The downgrade came just a few days after the mixed quarterly performance of DocuSign, Inc. (NASDAQ:DOCU).

Last week, DocuSign, Inc. (NASDAQ:DOCU) reported adjusted earnings of 38 cents per share for its fiscal first quarter, missing analysts’ average estimate of 46 cents per share. Moreover, Wolfe Research analyst Alex Zukin also expressed dissatisfaction over the company’s 2023 billings guidance.