Related Link: What's Going On With DocuSign Stock Today?

"As with any transition, we believe there is some risk, with Mr. Springer’s departure possibly weighing on employee morale/sales productivity. However, new leadership could potentially expedite the transition underway," Sills said.

How To Play It: The CEO shuffle isn't the first move DocuSign has made to attempt to stop the bleeding. In the first quarter, the company named Steve Shute as president of Worldwide Field Operations.

For now, Sills remains on the sidelines while DocuSign attempts to prove a path to sustainable profitability. Bank of America has a Neutral rating and a $72 price target.

Benzinga's Take: Earlier this month, DocuSign reported a net loss of $27.4 million in the first quarter, missing consensus analyst estimates and representing a much larger loss than the $8.3 million loss in the same quarter a year ago. DocuSign's revenue growth has also steadily fallen from 57.9% in the first quarter of 2021 to just 25.5% in the most recent quarter.