<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/06/155377398-m-normal-none.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="2365" height="1774" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/06/155377398-m-normal-none.jpg"/></p>
<p>DocuSign 的股價在週四市場收盤後回落超過 6%，原因是其第三季度財務結果發佈。股價跌至 66.50 美元，低於常規交易時的 72.35 美元，並且比去年 12 月的最高水平低 35%。</p>
<h2>DocuSign 的增長停滯</h2>
<p>DocuSign 是一家在疫情期間蓬勃發展的公司，但在過去幾年中，由於行業競爭加劇，面臨壓力。這種競爭來自 Dropbox、PandaDoc、Google 和 Zoho Sign 等公司。</p>
<p>因此，儘管公司在增長，但過去幾年的增速有所下降。週四發佈的財務結果顯示，第三季度其收入增長了 8%，達到了 8.18 億美元，其中大部分來自訂閲業務。</p>
<p>DocuSign 的賬單增長了 10%，達到了 8.29 億美元，而其毛利率略微下降至 79.2%。</p>
<p>管理層預計，其收入增長將保持在個位數，第四季度收入預計在 8.25 億美元到 8.29 億美元之間，年增長率為 7%。</p>
<p>DocuSign 的賬單預計在 8.08 億美元到 8.12 億美元之間，比去年同期增長 7%，低於上個季度的水平。</p>
<p>最重要的是，DocuSign 預計其年度收入將在 32 億到 32.12 億美元之間，而其賬單將在 33.7 億到 33.9 億美元之間。</p>
<p>這些預估略好於華爾街分析師的預期。Yahoo Finance 彙編的數據表明，平均預估其收入為 31.9 億美元。DocuSign 在超越分析師預估方面有着悠久的歷史。</p>
<p>然而，風險在於公司明年的年度收入預計將繼續放緩，平均預估增長率為 6.95%。</p>
<h2>DOCU 的 40 法則顯示其被高估</h2>
<p>隨着 DocuSign 的增長放緩，管理層採取了幾項策略來提升股價。例如，管理層現在積極回購股票，這一舉措使其流通股數量從去年的 2.0532 億減少到 2.011 億。</p>
<p>在上個季度，管理層繼續回購股票，回購金額超過 2.15 億美元，較去年同期的 1.727 億美元大幅增加。</p>
<p>SeekingAlpha 彙編的數據表明，該公司的前瞻市盈率為 19，遠低於五年平均的 62。</p>
<p>然而，該公司的 40 法則倍數，即在 SaaS 行業中常用的估值方法，顯示其並不是一家便宜的公司。其前瞻增長率為 7.5%，而其 EBITDA 和淨利潤率分別為 9.65% 和 9.08%。這使得其 40 法則指標低於 20%，遠低於理想的 40%。</p>
<h2>DocuSign 股價技術分析</h2>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/DocuSign-stock-1024x579.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="579" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/DocuSign-stock-1024x579.png"/></p>
<p>DOCU 股票圖表 | 來源：TradingView</p>
<p>日線圖顯示，DOCU 的股價在今年一直處於強烈的下行趨勢中。從 11 月的高點 107.75 美元跌至當前的 71 美元。</p>
<p>DOCU 在 61.8 的斐波那契回撤位 71.45 美元處停滯，並形成了一個下降通道。</p>
<p>它仍然低於 50 日和 100 日指數移動平均線（EMA），這表明空頭目前仍在控制市場。</p>
<p>因此，最可能的前景是繼續下跌，下一個關鍵目標是 63.77 美元，這是今年的最低水平，也是通道的下側。跌破該水平將指向更大的下行空間，可能會支撐在 60 美元。</p>
<p>本文首發於 Invezz，標題為 “DocuSign 股價在財報發佈後下跌，40 法則顯示高估”</p>

DOCU

<p>DocuSign 的股票在財報發佈後下跌超過 6%，收於 66.50 美元，原因是增長放緩和競爭加劇。儘管收入和賬單增長，但 40 法則指標顯示出被高估的跡象。股票回購仍在繼續，但技術分析表明可能進一步下跌，目標價為 63.77 美元</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/06/155377398-m-normal-none.jpg" alt="" original-src="https://invezz.com/wp-content/uploads/2023/06/155377398-m-normal-none.jpg"/></p>
<p>The DocuSign stock price retreated by over 6% after the market closed on Thursday, following the release of its third-quarter financial results. It fell to $66.50, down from the regular session high of $72.35, and 35% below its highest level in December last year.</p>
<div class="lb-trans"><p>DocuSign 的股價在週四市場收盤後回落超過 6%，原因是其第三季度財務結果發佈。股價跌至 66.50 美元，低於常規交易時的 72.35 美元，並且比去年 12 月的最高水平低 35%。</p>
</div><h2>DocuSign growth has stalled</h2>
<div class="lb-trans"><h2>DocuSign 的增長停滯</h2>
</div><p>DocuSign, a company that thrived during the pandemic, has come under pressure in the past few years as competition in the industry has escalated. This competition is coming from companies like Dropbox, PandaDoc, Google, and Zoho Sign.</p>
<div class="lb-trans"><p>DocuSign 是一家在疫情期間蓬勃發展的公司，但在過去幾年中，由於行業競爭加劇，面臨壓力。這種競爭來自 Dropbox、PandaDoc、Google 和 Zoho Sign 等公司。</p>
</div><p>As a result, while the company is growing, the pace has deteriorated in the past few years. Financial results released on Thursday showed that its revenue rose by 8% in the third quarter to $818 million, with most of this being in the subscription segment.</p>
<div class="lb-trans"><p>因此，儘管公司在增長，但過去幾年的增速有所下降。週四發佈的財務結果顯示，第三季度其收入增長了 8%，達到了 8.18 億美元，其中大部分來自訂閲業務。</p>
</div><p>DocuSign’s billings rose by 10% to $829 million, while its gross margin dropped a bit to 79.2%.</p>
<div class="lb-trans"><p>DocuSign 的賬單增長了 10%，達到了 8.29 億美元，而其毛利率略微下降至 79.2%。</p>
</div><p>The management expects that its revenue growth will remain in the single digits, with the fourth quarter revenue coming in at between $825 million and $829 million, representing a 7% annual growth rate.</p>
<div class="lb-trans"><p>管理層預計，其收入增長將保持在個位數，第四季度收入預計在 8.25 億美元到 8.29 億美元之間，年增長率為 7%。</p>
</div><p>DocuSign’s billings are expected to come in at between $808 million and $812 million, a 7% increase from the same period last year, and lower than last quarter’s.</p>
<div class="lb-trans"><p>DocuSign 的賬單預計在 8.08 億美元到 8.12 億美元之間，比去年同期增長 7%，低於上個季度的水平。</p>
</div><p>Most importantly, DocuSign expects that its annual revenue will be between $3.20 billion and $3.212 billion, while its billings will be between $3.37 billion and $3.39 billion.</p>
<div class="lb-trans"><p>最重要的是，DocuSign 預計其年度收入將在 32 億到 32.12 億美元之間，而其賬單將在 33.7 億到 33.9 億美元之間。</p>
</div><p>These estimates were slightly better than what Wall Street analysts expect. Data compiled by Yahoo Finance shows that the average estimate is that its revenue will be $3.19 billion. DocuSign has a long history of beating analysts’ estimates.</p>
<div class="lb-trans"><p>這些預估略好於華爾街分析師的預期。Yahoo Finance 彙編的數據表明，平均預估其收入為 31.9 億美元。DocuSign 在超越分析師預估方面有着悠久的歷史。</p>
</div><p>However, the risk is that the company’s annual revenue for next year is expected to continue the deceleration pace, with the average estimate being a 6.95% growth rate.</p>
<div class="lb-trans"><p>然而，風險在於公司明年的年度收入預計將繼續放緩，平均預估增長率為 6.95%。</p>
</div><h2>DOCU’s rule-of-40 shows it is overvalued</h2>
<div class="lb-trans"><h2>DOCU 的 40 法則顯示其被高估</h2>
</div><p>With DocuSign’s growth slowing, the management has turned to several strategies to boost the stock price. For example, the management is now actively buying back shares, a move that has brought its outstanding share count to 201.10 million, down from 205.32 million last year.</p>
<div class="lb-trans"><p>隨着 DocuSign 的增長放緩，管理層採取了幾項策略來提升股價。例如，管理層現在積極回購股票，這一舉措使其流通股數量從去年的 2.0532 億減少到 2.011 億。</p>
</div><p>The share buybacks continued in the last quarter when the management repurchased stocks worth over $215 million, a big increase from the $172.7 million it bought in the same period last year.</p>
<div class="lb-trans"><p>在上個季度，管理層繼續回購股票，回購金額超過 2.15 億美元，較去年同期的 1.727 億美元大幅增加。</p>
</div><p>Data compiled by SeekingAlpha shows that the company has a forward price-to-earnings ratio of 19, much lower than the five-year average of 62.</p>
<div class="lb-trans"><p>SeekingAlpha 彙編的數據表明，該公司的前瞻市盈率為 19，遠低於五年平均的 62。</p>
</div><p>However, the company’s rule-of-40 multiple, which is a common approach used to value companies in the SaaS industry, shows that it is not a cheap company. Its forward growth rate is 7.5%, while its EBITDA and net income margins are at 9.65% and 9.08%. This gives it a rule-of-40 metric of less than 20%, much lower than the ideal 40%.</p>
<div class="lb-trans"><p>然而，該公司的 40 法則倍數，即在 SaaS 行業中常用的估值方法，顯示其並不是一家便宜的公司。其前瞻增長率為 7.5%，而其 EBITDA 和淨利潤率分別為 9.65% 和 9.08%。這使得其 40 法則指標低於 20%，遠低於理想的 40%。</p>
</div><h2>DocuSign stock price technical analysis</h2>
<div class="lb-trans"><h2>DocuSign 股價技術分析</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/DocuSign-stock-1024x579.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/12/DocuSign-stock-1024x579.png"/></p>
<p>DOCU stock chart | Source: TradingView</p>
<div class="lb-trans"><p>DOCU 股票圖表 | 來源：TradingView</p>
</div><p>The daily timeframe chart shows that the DOCU stock price has been in a strong downward trend this year. It dropped from the November high of $107.75 to the current $71.</p>
<div class="lb-trans"><p>日線圖顯示，DOCU 的股價在今年一直處於強烈的下行趨勢中。從 11 月的高點 107.75 美元跌至當前的 71 美元。</p>
</div><p>DOCU has stalled at the 61.8 Fibonacci Retracement level at $71.45 and has formed a descending channel.</p>
<div class="lb-trans"><p>DOCU 在 61.8 的斐波那契回撤位 71.45 美元處停滯，並形成了一個下降通道。</p>
</div><p>It remains below the 50-day and 100-day Exponential Moving Averages (EMA), a sign that bears remain in control for now</p>
<div class="lb-trans"><p>它仍然低於 50 日和 100 日指數移動平均線（EMA），這表明空頭目前仍在控制市場。</p>
</div><p>Therefore, the most likely outlook is where it continues falling, with the next key target being at $63.77, its lowest level this year and the lower side of the channel. A drop below that level will point to more downside, potentially to the support at $60.</p>
<div class="lb-trans"><p>因此，最可能的前景是繼續下跌，下一個關鍵目標是 63.77 美元，這是今年的最低水平，也是通道的下側。跌破該水平將指向更大的下行空間，可能會支撐在 60 美元。</p>
</div><p>The post DocuSign stock falls after earnings as Rule-of-40 flags overvaluation appeared first on Invezz</p>
<div class="lb-trans"><p>本文首發於 Invezz，標題為 “DocuSign 股價在財報發佈後下跌，40 法則顯示高估”</p>
</div>

DocuSign 股票在財報發佈後下跌，因為 Rule-of-40 指標顯示其估值過高