Anusuya LahiriWed, Jun 4, 2025, 7:31 PM 4 min readIn This Article:JP Morgan analyst Mark R Murphy maintained a Neutral rating on DocuSign, Inc. (NASDAQ:DOCU) with a price forecast of $81 on Tuesday.Heading into DocuSign’s fiscal first-quarter earnings report, Murphy maintained a cautiously optimistic view, expecting the company to deliver relatively stable execution despite a dynamic-but-manageable macro environment.Advertisement: High Yield Savings OffersThe analyst noted that DocuSign’s recent pattern of fairly conservative guidance sets the company up well to deliver upside to current fiscal first-quarter estimates, while still likely allowing it to maintain some cushion for the back-half of the year to account for ongoing macroeconomic and geopolitical volatility.Also Read: JPMorgan Bullish On Hewlett Packard Enterprise’s Future, Cites ‘Durable’ Non-AI Segments, Capital ReturnsHe continues to sense a more balanced risk-reward profile for DocuSign in the medium term, with Intelligent Agreement Management (IAM) traction continuing to drive some stabilization and improvement in growth rates. This is partially balanced by an inferior GAAP profitability framework amid an ongoing IAM investment cycle and some exposure to macro-sensitive end-markets.Murphy noted that DocuSign is well positioned to meet or exceed its fiscal first-quarter guidance bar, calling for +6% CC revenue and proforma billings growth. Both of these call for some deceleration versus the prior quarter, though they include some leap year impact.While DocuSign may elect not to entirely pass through any fiscal first-quarter upside nor incremental currency favorability to the full-year guidance, similar to peers, the analyst noted this could create a favorable setup for the second half, particularly as IAM contributions continue to feather in. Partially balancing this, Murphy said that DocuSign’s fiscal 2026 outlook assumes consistent macro trends relative to when it was provided in mid-March. As a result, any degradation in underlying demand activity could exert some drag against ongoing improvements in the core business and go-to-market efforts.While the analyst noted the potential for some continued variability in key metrics, such as customer adds and DNR, he continued to monitor for commentary related to envelopes sent and consumption, for which the company’s indications have been encouraging in recent quarters, to assess the underlying health of the core business, including in more macro-volatile verticals and geographies. In addition, coming off DocuSign Momentum, where the company highlighted new AI-driven products such as AI Contract Agents backed by its Iris AI engine, Murphy remains focused on DocuSign’s ability to drive further upsell and diversification from its core eSign base through newer features, likely to aid retention trends over time.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures5,967.25 +21.25 (+0.36%)Dow Futures42,517.00 +148.00 (+0.35%)Nasdaq Futures21,651.75 +69.50 (+0.32%)Russell 2000 Futures2,111.30 +11.90 (+0.57%)VIX18.48 +0.87 (+4.94%)Gold3,388.00 +12.90 (+0.38%)PortfolioSign in to access your portfolioSign inTop gainersNEGG Newegg Commerce, Inc. 10.53 +4.25 (+67.68%)NBIS Nebius Group N.V. 46.30 +6.91 (+17.54%)SATS EchoStar Corporation 19.03 +2.83 (+17.47%)GEF Greif, Inc. 63.68 +8.61 (+15.63%)AG First Majestic Silver Corp. 8.41 +1.13 (+15.52%)Top losersPVH PVH Corp. 66.30 -14.51 (-17.96%)BF-B Brown-Forman Corporation 27.25 -5.95 (-17.92%)BF-A Brown-Forman Corporation 27.41 -5.72 (-17.27%)LYEL Lyell Immunopharma, Inc. 11.46 -2.01 (-14.92%)TSLA Tesla, Inc. 284.70 -47.35 (-14.26%)Most activeTSLA Tesla, Inc. 284.70 -47.35 (-14.26%)LCID Lucid Group, Inc. 2.1300 -0.1000 (-4.48%)NVDA NVIDIA Corporation 139.99 -1.93 (-1.36%)APLD Applied Digital Corporation 12.77 -0.48 (-3.62%)F Ford Motor Company 10.10 -0.14 (-1.37%)Earnings eventsTrending tickersTSLA Tesla, Inc. 284.70 -47.35 (-14.26%)LULU lululemon athletica inc. 330.78 -4.41 (-1.32%)CRCL Circle Internet Group 83.23 +52.23 (+168.48%)AVGO Broadcom Inc. 259.93 -1.15 (-0.44%)DOCU DocuSign, Inc. 92.90 -0.94 (-1.00%)Top economic eventsPowered by Money.com - Yahoo may earn commission from the links above.