118,306 Shares in Docusign Inc. $DOCU Purchased by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management acquired 118,306 DocuSign shares worth approximately $5.26 million, while institutional investors collectively own 77.64% of the company.
• Analysts maintain a generally cautious outlook, with four Buy, fourteen Hold, and one Sell rating; the consensus rating is Hold with an average price target of $60.27.
• DocuSign exceeded quarterly expectations, reporting adjusted EPS of $1.09 versus the $0.99 consensus and revenue of $830.24 million, up 8.7% year over year. The stock opened at $63.80, up 7.5%.

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 118,306 shares of the company's stock, valued at approximately $5,255,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.06% of Docusign at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. NewEdge Advisors LLC boosted its holdings in shares of Docusign by 36.4% in the first quarter. NewEdge Advisors LLC now owns 9,202 shares of the company's stock valued at $749,000 after purchasing an additional 2,457 shares during the period. Guggenheim Capital LLC increased its holdings in Docusign by 6.7% during the 2nd quarter. Guggenheim Capital LLC now owns 11,543 shares of the company's stock worth $899,000 after purchasing an additional 729 shares during the period. State Street Corp increased its holdings in Docusign by 3.0% during the 2nd quarter. State Street Corp now owns 8,074,976 shares of the company's stock worth $628,960,000 after purchasing an additional 236,494 shares during the period. Sei Investments Co. raised its position in Docusign by 60.7% during the 2nd quarter. Sei Investments Co. now owns 40,386 shares of the company's stock valued at $3,146,000 after purchasing an additional 15,247 shares in the last quarter. Finally, Treasurer of the State of North Carolina raised its position in Docusign by 51.0% during the 2nd quarter. Treasurer of the State of North Carolina now owns 189,178 shares of the company's stock valued at $14,735,000 after purchasing an additional 63,911 shares in the last quarter. 77.64% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Wedbush dropped their price target on Docusign from $60.00 to $58.00 and set a "neutral" rating on the stock in a research report on Friday, June 5th. Needham & Company LLC restated a "hold" rating on shares of Docusign in a report on Friday, June 5th. UBS Group set a $60.00 price objective on shares of Docusign in a research note on Friday, June 5th. BTIG Research dropped their target price on shares of Docusign from $70.00 to $60.00 and set a "buy" rating on the stock in a report on Friday, June 5th. Finally, Jefferies Financial Group increased their target price on shares of Docusign from $45.00 to $50.00 and gave the stock a "hold" rating in a report on Friday, June 5th. Four research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Docusign presently has an average rating of "Hold" and an average target price of $60.27.

Insider Buying and Selling at Docusign

In related news, CFO Blake Jeffrey Grayson sold 15,000 shares of the business's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $60.00, for a total transaction of $900,000.00. Following the transaction, the chief financial officer directly owned 126,429 shares in the company, valued at $7,585,740. The trade was a 10.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider James P. Shaughnessy sold 12,000 shares of Docusign stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $45.54, for a total transaction of $546,480.00. Following the completion of the sale, the insider owned 52,815 shares of the company's stock, valued at $2,405,195.10. This trade represents a 18.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 91,330 shares of company stock valued at $4,357,737. Corporate insiders own 0.59% of the company's stock.

Docusign Stock Up 7.5%

NASDAQ DOCU opened at $63.80 on Friday. The firm has a market cap of $12.18 billion, a PE ratio of 41.43, a price-to-earnings-growth ratio of 1.72 and a beta of 0.87. The company has a 50 day moving average price of $53.03 and a 200 day moving average price of $49.04. Docusign Inc. has a 52 week low of $40.16 and a 52 week high of $86.65.

Docusign (NASDAQ:DOCU - Get Free Report) last posted its earnings results on Thursday, June 4th. The company reported $1.09 EPS for the quarter, beating analysts' consensus estimates of $0.99 by $0.10. The company had revenue of $830.24 million during the quarter, compared to analysts' expectations of $824.71 million. Docusign had a net margin of 9.59% and a return on equity of 17.48%. Docusign's revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.90 earnings per share. On average, equities research analysts anticipate that Docusign Inc. will post 2.06 earnings per share for the current fiscal year.

About Docusign

DocuSign, Inc NASDAQ: DOCU is a leading provider of electronic signature and digital transaction management solutions. The company's flagship offering, DocuSign eSignature, enables organizations to send, sign and manage legally binding electronic agreements securely in the cloud. Beyond eSignature, DocuSign's Agreement Cloud combines contract lifecycle management, document generation, and workflow automation to streamline agreement processes from initiation through execution and storage.

DocuSign's platform serves a diverse customer base spanning industries such as finance, real estate, healthcare, technology, and government.

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