Paradiem LLC Purchases Shares of 53,522 Docusign Inc. (NASDAQ:DOCU)

Paradiem LLC acquired a new stake in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 53,522 shares of the company's stock, valued at approximately $4,357,000.

A number of other institutional investors have also recently made changes to their positions in the company. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Docusign during the first quarter valued at approximately $474,000. Kentucky Retirement Systems purchased a new stake in Docusign during the first quarter valued at $1,114,000. Perfromance Wealth Partners LLC bought a new position in Docusign during the first quarter valued at $204,000. Advisor Resource Council bought a new position in Docusign during the first quarter valued at $271,000. Finally, Blue Trust Inc. lifted its position in Docusign by 61.1% during the first quarter. Blue Trust Inc. now owns 1,128 shares of the company's stock valued at $92,000 after purchasing an additional 428 shares during the last quarter. Hedge funds and other institutional investors own 77.64% of the company's stock.

Docusign Price Performance

DOCU stock traded down $0.63 during mid-day trading on Wednesday, reaching $75.01. The company had a trading volume of 2,137,164 shares, compared to its average volume of 2,862,051. The company has a market capitalization of $15.16 billion, a PE ratio of 14.18, a price-to-earnings-growth ratio of 28.69 and a beta of 1.14. The firm has a 50 day moving average of $82.17 and a 200 day moving average of $85.56. Docusign Inc. has a 12 month low of $48.80 and a 12 month high of $107.86.

Docusign (NASDAQ:DOCU - Get Free Report) last issued its earnings results on Thursday, June 5th. The company reported $0.90 earnings per share for the quarter, beating analysts' consensus estimates of $0.81 by $0.09. Docusign had a return on equity of 14.27% and a net margin of 36.50%. The business had revenue of $763.65 million during the quarter, compared to analyst estimates of $748.79 million. During the same period in the previous year, the company posted $0.82 EPS. Docusign's revenue was up 7.6% on a year-over-year basis. Analysts anticipate that Docusign Inc. will post 1.17 EPS for the current year.

Docusign declared that its Board of Directors has initiated a stock buyback plan on Thursday, June 5th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 6.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at Docusign

In related news, Director Teresa Briggs sold 534 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $74.37, for a total transaction of $39,713.58. Following the completion of the sale, the director now owns 8,805 shares of the company's stock, valued at $654,827.85. This represents a 5.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Robert Chatwani sold 22,875 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $74.79, for a total transaction of $1,710,821.25. Following the completion of the sale, the insider now owns 72,126 shares of the company's stock, valued at approximately $5,394,303.54. This trade represents a 24.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,052 shares of company stock worth $4,101,776 over the last three months. 1.01% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Robert W. Baird decreased their target price on shares of Docusign from $93.00 to $85.00 and set a "neutral" rating on the stock in a research report on Friday, June 6th. Morgan Stanley reduced their price objective on Docusign from $92.00 to $86.00 and set an "equal weight" rating on the stock in a research note on Friday, June 6th. Citigroup lowered their price objective on Docusign from $115.00 to $110.00 and set a "buy" rating for the company in a research note on Monday, June 9th. Bank of America dropped their target price on Docusign from $88.00 to $85.00 and set a "neutral" rating for the company in a report on Friday, June 6th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Docusign in a research report on Friday, June 6th. Twelve investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $89.77.

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.