Allspring Global Investments Holdings LLC Reduces Stake in Docusign Inc. (NASDAQ:DOCU)

Allspring Global Investments Holdings LLC lowered its holdings in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) by 23.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 77,267 shares of the company's stock after selling 23,528 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Docusign were worth $6,389,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of DOCU. FMR LLC boosted its position in shares of Docusign by 178.2% during the 4th quarter. FMR LLC now owns 6,101,024 shares of the company's stock valued at $548,726,000 after acquiring an additional 3,908,139 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Docusign by 18.5% in the fourth quarter. American Century Companies Inc. now owns 5,315,459 shares of the company's stock valued at $478,072,000 after purchasing an additional 831,611 shares in the last quarter. Jericho Capital Asset Management L.P. grew its holdings in shares of Docusign by 34.0% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 4,754,753 shares of the company's stock valued at $427,642,000 after purchasing an additional 1,205,500 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Docusign by 4.9% in the fourth quarter. Renaissance Technologies LLC now owns 4,363,292 shares of the company's stock valued at $392,434,000 after purchasing an additional 205,304 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Docusign by 7.2% in the fourth quarter. Geode Capital Management LLC now owns 3,732,363 shares of the company's stock valued at $335,147,000 after purchasing an additional 249,179 shares in the last quarter. Institutional investors own 77.64% of the company's stock.

Analyst Upgrades and Downgrades

DOCU has been the subject of a number of recent research reports. Robert W. Baird cut their target price on shares of Docusign from $93.00 to $85.00 and set a "neutral" rating for the company in a report on Friday, June 6th. Wells Fargo & Company raised shares of Docusign from an "underweight" rating to an "equal weight" rating and raised their target price for the company from $67.00 to $80.00 in a report on Friday, June 13th. Morgan Stanley dropped their price objective on shares of Docusign from $92.00 to $86.00 and set an "equal weight" rating for the company in a research note on Friday, June 6th. Citigroup dropped their price objective on shares of Docusign from $115.00 to $110.00 and set a "buy" rating for the company in a research note on Monday, June 9th. Finally, Royal Bank Of Canada reissued a "sector perform" rating and set a $90.00 target price on shares of Docusign in a research note on Friday, March 14th. Twelve investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $89.77.

Insider Activity at Docusign

In related news, insider Robert Chatwani sold 22,875 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $74.79, for a total value of $1,710,821.25. Following the sale, the insider owned 72,126 shares in the company, valued at $5,394,303.54. This represents a 24.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Allan C. Thygesen sold 40,000 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $77.51, for a total value of $3,100,400.00. Following the completion of the sale, the chief executive officer owned 143,983 shares in the company, valued at approximately $11,160,122.33. This represents a 21.74% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 86,552 shares of company stock worth $6,592,351. 1.66% of the stock is owned by insiders.

Docusign Price Performance

Docusign stock traded up $0.15 during trading hours on Tuesday, reaching $77.79. The stock had a trading volume of 550,146 shares, compared to its average volume of 2,856,374. The company has a market cap of $15.72 billion, a price-to-earnings ratio of 14.71, a PEG ratio of 29.49 and a beta of 1.08. The business's 50 day moving average price is $82.11 and its 200-day moving average price is $84.31. Docusign Inc. has a 52 week low of $48.80 and a 52 week high of $107.86.

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

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

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.