Nuveen LLC Makes New $50.46 Million Investment in Docusign Inc. (NASDAQ:DOCU)

Key Points

• Nuveen LLC acquired 619,895 shares of Docusign Inc. for approximately $50.5 million, increasing its ownership to about 0.31% of the company.
• Docusign's stock recently received a series of price target cuts from major firms, with a consensus target price now set at $89.77 and a consensus rating of "Hold."
• The company reported a 7.6% year-over-year revenue increase in its latest quarterly earnings, exceeding analyst expectations with earnings per share of $0.90.

Nuveen LLC acquired a new stake in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 619,895 shares of the company's stock, valued at approximately $50,459,000. Nuveen LLC owned about 0.31% of Docusign as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Bessemer Group Inc. lifted its holdings in shares of Docusign by 490.0% in the fourth quarter. Bessemer Group Inc. now owns 472 shares of the company's stock valued at $42,000 after purchasing an additional 392 shares in the last quarter. Barclays PLC lifted its holdings in shares of Docusign by 113.3% in the fourth quarter. Barclays PLC now owns 623,002 shares of the company's stock valued at $56,031,000 after purchasing an additional 330,861 shares in the last quarter. Mariner LLC lifted its holdings in shares of Docusign by 14.2% in the fourth quarter. Mariner LLC now owns 24,379 shares of the company's stock valued at $2,193,000 after purchasing an additional 3,024 shares in the last quarter. Guggenheim Capital LLC lifted its holdings in shares of Docusign by 58.0% in the fourth quarter. Guggenheim Capital LLC now owns 11,826 shares of the company's stock valued at $1,064,000 after purchasing an additional 4,341 shares in the last quarter. Finally, Jump Financial LLC purchased a new stake in shares of Docusign in the fourth quarter valued at $669,000. Institutional investors and hedge funds own 77.64% of the company's stock.

Analyst Ratings Changes

DOCU has been the subject of a number of research analyst reports. Needham & Company LLC restated a "hold" rating on shares of Docusign in a report on Friday, June 6th. JMP Securities reaffirmed a "market outperform" rating and issued a $124.00 price target on shares of Docusign in a research note on Tuesday, June 3rd. William Blair reaffirmed an "outperform" rating on shares of Docusign in a research note on Monday, April 21st. Robert W. Baird dropped their price target on shares of Docusign from $93.00 to $85.00 and set a "neutral" rating on the stock in a research note on Friday, June 6th. Finally, Morgan Stanley dropped their price target on shares of Docusign from $92.00 to $86.00 and set an "equal weight" rating on the stock in a research note on Friday, June 6th. Thirteen investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $89.77.

Docusign Trading Up 2.8%

Docusign stock traded up $1.90 during mid-day trading on Friday, hitting $70.90. 2,107,877 shares of the company's stock were exchanged, compared to its average volume of 2,234,166. The stock has a market cap of $14.33 billion, a P/E ratio of 13.40, a P/E/G ratio of 26.46 and a beta of 1.01. Docusign Inc. has a 1-year low of $54.31 and a 1-year high of $107.86. The stock has a 50 day moving average of $75.92 and a two-hundred day moving average of $81.13.

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

Docusign declared that its Board of Directors has approved a share repurchase program on Thursday, June 5th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to buy up to 6.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Insider Activity at Docusign

In related news, Director Teresa Briggs sold 534 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $74.37, for a total value of $39,713.58. Following the completion of the sale, the director owned 8,805 shares in the company, valued at approximately $654,827.85. This trade represents a 5.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Blake Jeffrey Grayson sold 15,143 shares of the stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $74.80, for a total transaction of $1,132,696.40. Following the completion of the sale, the chief financial officer owned 110,723 shares of the company's stock, valued at approximately $8,282,080.40. The trade was a 12.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 78,552 shares of company stock worth $5,983,631 in the last three months. Corporate insiders own 1.01% of the company's stock.

Docusign Profile

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.