Arrowstreet Capital Limited Partnership Has $205.28 Million Position in Docusign Inc. $DOCU

Key Points

• Arrowstreet Capital increased its Docusign stake by 46.1% in the fourth quarter, ending with 3,001,132 shares valued at about $205.3 million.
• Docusign reported better-than-expected quarterly results, with EPS of $1.09 versus the $0.99 estimate and revenue of $830.24 million, up 8.7% year over year.
• The company also authorized a $2 billion stock buyback, while analysts remain cautious overall with an average “Hold” rating and a consensus price target of $60.27.

Arrowstreet Capital Limited Partnership boosted its stake in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) by 46.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,001,132 shares of the company's stock after acquiring an additional 946,512 shares during the quarter. Arrowstreet Capital Limited Partnership owned 1.50% of Docusign worth $205,277,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of DOCU. NewEdge Advisors LLC raised its stake in Docusign by 36.4% during the first quarter. NewEdge Advisors LLC now owns 9,202 shares of the company's stock worth $749,000 after acquiring an additional 2,457 shares in the last quarter. Guggenheim Capital LLC raised its stake in Docusign by 6.7% during the second quarter. Guggenheim Capital LLC now owns 11,543 shares of the company's stock worth $899,000 after acquiring an additional 729 shares in the last quarter. State Street Corp increased its stake in shares of Docusign by 3.0% in the second quarter. State Street Corp now owns 8,074,976 shares of the company's stock valued at $628,960,000 after buying an additional 236,494 shares in the last quarter. Sei Investments Co. raised its holdings in shares of Docusign by 60.7% in the second quarter. Sei Investments Co. now owns 40,386 shares of the company's stock valued at $3,146,000 after buying an additional 15,247 shares during the last quarter. Finally, Treasurer of the State of North Carolina raised its holdings in shares of Docusign by 51.0% in the second quarter. Treasurer of the State of North Carolina now owns 189,178 shares of the company's stock valued at $14,735,000 after buying an additional 63,911 shares during the last quarter. 77.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Docusign news, Director Mary Agnes Wilderotter sold 3,000 shares of the firm's stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $48.15, for a total transaction of $144,450.00. Following the transaction, the director owned 59,803 shares in the company, valued at approximately $2,879,514.45. This trade represents a 4.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert Chatwani sold 16,696 shares of the firm's stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $48.10, for a total value of $803,077.60. Following the transaction, the insider owned 72,458 shares in the company, valued at approximately $3,485,229.80. This trade represents a 18.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 65,489 shares of company stock valued at $3,125,814. Insiders own 0.59% of the company's stock.

Docusign Price Performance

Shares of DOCU stock opened at $45.03 on Monday. The stock has a 50-day moving average price of $47.56 and a 200 day moving average price of $53.38. The firm has a market cap of $8.60 billion, a price-to-earnings ratio of 29.24, a PEG ratio of 1.36 and a beta of 0.92. Docusign Inc. has a 12 month low of $40.16 and a 12 month high of $86.65.

Docusign (NASDAQ:DOCU - Get Free Report) last announced its quarterly earnings data on Thursday, June 4th. The company reported $1.09 EPS for the quarter, topping analysts' consensus estimates of $0.99 by $0.10. Docusign had a return on equity of 17.48% and a net margin of 9.59%.The firm had revenue of $830.24 million during the quarter, compared to analyst estimates of $824.71 million. During the same period last year, the company earned $0.90 earnings per share. The company's revenue was up 8.7% on a year-over-year basis. Sell-side analysts predict that Docusign Inc. will post 1.97 earnings per share for the current fiscal year.

Docusign declared that its board has authorized a stock buyback plan on Tuesday, March 17th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 21% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on DOCU shares. Royal Bank Of Canada cut their price target on Docusign from $70.00 to $55.00 and set a "sector perform" rating for the company in a report on Wednesday, March 18th. Citizens Jmp cut their price target on Docusign from $124.00 to $86.00 and set a "market outperform" rating for the company in a report on Wednesday, March 18th. Robert W. Baird cut their price target on Docusign from $75.00 to $55.00 and set a "neutral" rating for the company in a report on Wednesday, March 18th. Bank of America started coverage on Docusign in a report on Tuesday, March 31st. They issued an "underperform" rating and a $52.00 price target for the company. Finally, Jefferies Financial Group lifted their price target on Docusign from $45.00 to $50.00 and gave the company a "hold" rating in a report on Friday, June 5th. Three investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Docusign has an average rating of "Hold" and an average price target of $60.27.

Docusign Company Profile

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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