Castleark Management LLC Makes New $17.67 Million Investment in DocuSign, Inc. (NASDAQ:DOCU)

Castleark Management LLC acquired a new stake in shares of DocuSign, Inc. (NASDAQ:DOCU - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 196,450 shares of the company's stock, valued at approximately $17,669,000. DocuSign makes up about 0.6% of Castleark Management LLC's portfolio, making the stock its 28th biggest position. Castleark Management LLC owned approximately 0.10% of DocuSign at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. FMR LLC boosted its stake in DocuSign by 178.2% during the fourth quarter. FMR LLC now owns 6,101,024 shares of the company's stock worth $548,726,000 after acquiring an additional 3,908,139 shares in the last quarter. Invesco Ltd. increased its stake in shares of DocuSign by 283.9% during the fourth quarter. Invesco Ltd. now owns 3,447,275 shares of the company's stock valued at $310,048,000 after purchasing an additional 2,549,310 shares in the last quarter. Norges Bank purchased a new position in shares of DocuSign during the fourth quarter valued at approximately $223,196,000. Arrowstreet Capital Limited Partnership boosted its position in shares of DocuSign by 201.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,158,311 shares of the company's stock worth $194,118,000 after purchasing an additional 1,442,639 shares in the last quarter. Finally, Jericho Capital Asset Management L.P. boosted its position in shares of DocuSign by 34.0% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 4,754,753 shares of the company's stock worth $427,642,000 after purchasing an additional 1,205,500 shares in the last quarter. Hedge funds and other institutional investors own 77.64% of the company's stock.

DocuSign Stock Down 2.2%

DOCU traded down $1.92 during midday trading on Monday, hitting $84.61. 1,338,670 shares of the company traded hands, compared to its average volume of 2,769,233. The company's 50-day moving average is $81.76 and its 200 day moving average is $85.81. The firm has a market capitalization of $17.13 billion, a PE ratio of 17.45, a price-to-earnings-growth ratio of 6.94 and a beta of 1.21. DocuSign, Inc. has a 52 week low of $48.70 and a 52 week high of $107.86.

DocuSign (NASDAQ:DOCU - Get Free Report) last issued its quarterly earnings data on Thursday, March 13th. The company reported $0.86 earnings per share for the quarter, beating analysts' consensus estimates of $0.84 by $0.02. DocuSign had a net margin of 34.73% and a return on equity of 14.90%. The company had revenue of $776.25 million for the quarter, compared to the consensus estimate of $760.94 million. During the same quarter in the prior year, the firm earned $0.76 earnings per share. The firm's revenue for the quarter was up 9.0% compared to the same quarter last year. On average, sell-side analysts predict that DocuSign, Inc. will post 1.17 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Jefferies Financial Group reduced their price objective on DocuSign from $115.00 to $105.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Wedbush restated a "neutral" rating and set a $100.00 price target on shares of DocuSign in a report on Friday, March 14th. Wells Fargo & Company lowered their price target on DocuSign from $73.00 to $65.00 and set an "underweight" rating for the company in a research report on Tuesday, April 22nd. William Blair reiterated an "outperform" rating on shares of DocuSign in a research note on Monday, April 21st. Finally, Robert W. Baird set a $93.00 price objective on shares of DocuSign in a research report on Friday, March 14th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, DocuSign currently has an average rating of "Hold" and an average price target of $92.46.

Insider Transactions at DocuSign

In other DocuSign news, Director Teresa Briggs sold 534 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $87.41, for a total value of $46,676.94. Following the transaction, the director now directly owns 8,270 shares in the company, valued at approximately $722,880.70. This trade represents a 6.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Blake Jeffrey Grayson sold 8,000 shares of DocuSign stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $76.09, for a total transaction of $608,720.00. Following the transaction, the chief financial officer now owns 86,156 shares in the company, valued at $6,555,610.04. This represents a 8.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 47,851 shares of company stock worth $3,912,239 in the last ninety days. Insiders own 1.01% of the company's stock.

About DocuSign

DocuSign, Inc provides electronic signature solution in the United States and internationally. The company provides e-signature solution that enables sending and signing of agreements on various devices; Contract Lifecycle Management (CLM), which automates workflows across the entire agreement process; Document Generation streamlines the process of generating new, custom agreements; and Gen for Salesforce, which allows sales representatives to automatically generate agreements with a few clicks from within Salesforce.