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Analysts Remain Divided Over DocuSign's Recent Downsizing Plans

Analysts Remain Divided Over DocuSign's Recent Downsizing Plans

分析人士对DocuSign最近的裁员计划仍存在分歧
Benzinga Real-time News ·  2022/09/29 14:51
  • DocuSign, Inc (NASDAQ:DOCU) announced a Board-approved reduction-in-force of roughly 9% of its workforce yesterday.
  • Needham analyst Scott Berg reiterated a Hold on the stock.
  • He believes the move right-sizes Docusign's operations for near-term growth he expects to remain materially below pandemic levels.
  • However, he found the timing a bit interesting, given that newly announced CEO Allan Thygesen has yet to start.
  • The analyst assumed the new CEO fully consulted and signed off on the plan since he would be critical of its execution.
  • While management provided few details, he expects most of the reduction will not impact client-facing or client-success functions.
  • The analyst did not update his model at this time but believes the RIF will reduce operating expenses by 4% - 5%, equating to $80 million - $100 million in annual savings or $0.39 - $0.48 per share in EPS once fully implemented.
  • RBC Capital analyst Rishi Jaluria cut the price target on DocuSign to $55 from $65 and maintained a Sector Perform.
  • DocuSign's restructuring plan is "slightly negative," even though it gives investors comfort on margins and supports the management's earnings call commentary that DocuSign overhired during the pandemic.
  • However, he is "more cautious" about DocuSign's near-term as the cost-cutting comes despite its sales organization's high rate of churn.
  • Price Action: DOCU shares traded lower by 0.99% at $54.76 on the last check Thursday.
  • DocuSign，Inc.纳斯达克(Sequoia Capital：DOCU)昨日宣布，董事会批准了一项裁员约9%的计划。
  • 李约瑟分析师斯科特·伯格重申将持有该股。
  • 他认为，此举恰好符合DocuSign近期增长的规模，他预计该业务将保持在远低于疫情水平的水平。
  • 然而，他发现这个时机有点有趣，因为新宣布的首席执行官艾伦·蒂格森还没有上任。
  • 这位分析师认为，新任首席执行官充分征求了意见，并签署了该计划，因为他会对该计划的执行提出批评。
  • 虽然管理层提供的细节很少，但他预计大部分裁员不会影响面向客户或客户成功的职能。
  • 这位分析师目前没有更新他的模型，但他相信，一旦全面实施，RIF将减少4%-5%的运营费用，相当于每年节省8000万-1亿美元，或每股收益0.39-0.48美元。
  • 加拿大皇家银行资本分析师Rishi Jaluria将DocuSign的目标价从65美元下调至55美元，并保持了行业表现。
  • 尽管DocuSign的重组计划给投资者带来了利润率上的安慰，并支持了DocuSign在疫情期间过度聘用的管理层的收益电话会议评论，但DocuSign的重组计划“略显负面”。
  • 然而，他对DocuSign的近期“更加谨慎”，因为尽管其销售部门的人员流失率很高，但仍在削减成本。
  • 价格行动：在周四的最后一次检查中，DOCU的股价下跌了0.99%，至54.76美元。
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