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Analysts Remain Divided Over DocuSign's Recent Downsizing Plans

Analysts Remain Divided Over DocuSign's Recent Downsizing Plans

分析人士對DocuSign最近的裁員計劃仍存在分歧
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.納斯達克(Sequoia Capital：DOCU)昨日宣佈，董事會批准了一項裁員約9%的計劃。
  • 李約瑟分析師斯科特·伯格重申將持有該股。
  • 他認為，此舉恰好符合DocuSign近期增長的規模，他預計該業務將保持在遠低於疫情水平的水平。
  • 然而，他發現這個時機有點有趣，因為新宣佈的首席執行官艾倫·蒂格森還沒有上任。
  • 這位分析師認為，新任首席執行官充分徵求了意見，並簽署了該計劃，因為他會對該計劃的執行提出批評。
  • 雖然管理層提供的細節很少，但他預計大部分裁員不會影響面向客户或客户成功的職能。
  • 這位分析師目前沒有更新他的模型，但他相信，一旦全面實施，RIF將減少4%-5%的運營費用，相當於每年節省8000萬-1億美元，或每股收益0.39-0.48美元。
  • 加拿大皇家銀行資本分析師Rishi Jaluria將DocuSign的目標價從65美元下調至55美元，並保持了行業表現。
  • 儘管DocuSign的重組計劃給投資者帶來了利潤率上的安慰，並支持了DocuSign在疫情期間過度聘用的管理層的收益電話會議評論，但DocuSign的重組計劃“略顯負面”。
  • 然而，他對DocuSign的近期“更加謹慎”，因為儘管其銷售部門的人員流失率很高，但仍在削減成本。
  • 價格行動：在週四的最後一次檢查中，DOCU的股價下跌了0.99%，至54.76美元。
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