Assenagon Asset Management S.A. Sells 573,606 Shares of Docusign Inc. $DOCU

Key Points

• Assenagon Asset Management cut its Docusign stake by 85.1% in the first quarter, selling 573,606 shares and leaving it with 100,441 shares valued at about $4.76 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’s board authorized a $2 billion stock buyback, while analysts remain cautious overall with a consensus rating of “Hold” and an average price target of $60.27.

Assenagon Asset Management S.A. decreased its position in Docusign Inc. (NASDAQ:DOCU - Free Report) by 85.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 100,441 shares of the company's stock after selling 573,606 shares during the period. Assenagon Asset Management S.A. owned 0.05% of Docusign worth $4,762,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in DOCU. Norges Bank purchased a new stake in shares of Docusign during the fourth quarter valued at approximately $186,795,000. Capital World Investors grew its position in shares of Docusign by 38.1% during the 4th quarter. Capital World Investors now owns 5,815,804 shares of the company's stock valued at $397,801,000 after acquiring an additional 1,603,900 shares during the period. SG Americas Securities LLC grew its position in shares of Docusign by 452.3% during the 1st quarter. SG Americas Securities LLC now owns 1,314,632 shares of the company's stock valued at $62,327,000 after acquiring an additional 1,076,622 shares during the period. Woodline Partners LP increased its stake in shares of Docusign by 24,412.7% during the 3rd quarter. Woodline Partners LP now owns 958,938 shares of the company's stock worth $69,130,000 after purchasing an additional 955,026 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Docusign by 46.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,001,132 shares of the company's stock worth $205,277,000 after purchasing an additional 946,512 shares during the last quarter. Hedge funds and other institutional investors own 77.64% of the company's stock.

Insiders Place Their Bets

In other news, insider James P. Shaughnessy sold 12,000 shares of the business's stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $46.83, for a total transaction of $561,960.00. Following the completion of the transaction, the insider directly owned 53,631 shares in the company, valued at $2,511,539.73. The trade was a 18.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Robert Chatwani sold 15,902 shares of the company's stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $43.01, for a total transaction of $683,945.02. Following the completion of the transaction, the insider directly owned 72,805 shares in the company, valued at approximately $3,131,343.05. The trade was a 17.93% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 64,695 shares of company stock worth $3,006,682. Company insiders own 0.59% of the company's stock.

Docusign Stock Down 0.4%

Shares of NASDAQ DOCU opened at $45.04 on Tuesday. The company has a market cap of $8.60 billion, a P/E ratio of 29.25, a P/E/G ratio of 1.37 and a beta of 0.92. Docusign Inc. has a 52 week low of $40.16 and a 52 week high of $86.65. The business has a 50-day simple moving average of $46.99 and a two-hundred day simple moving average of $51.45.

Docusign (NASDAQ:DOCU - Get Free Report) last announced its quarterly earnings results on Thursday, June 4th. The company reported $1.09 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $824.71 million. During the same period in the prior year, the business posted $0.90 earnings per share. The company's revenue was up 8.7% on a year-over-year basis. Equities research analysts anticipate that Docusign Inc. will post 1.97 EPS for the current year.

Docusign declared that its board has approved a stock buyback program on Tuesday, March 17th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to purchase up to 21% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Citizens Jmp lowered their price objective on Docusign from $124.00 to $86.00 and set a "market outperform" rating on the stock in a research note on Wednesday, March 18th. Bank of America began coverage on shares of Docusign in a research report on Tuesday, March 31st. They set an "underperform" rating and a $52.00 target price for the company. Wall Street Zen upgraded shares of Docusign from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 13th. Wells Fargo & Company lowered their price target on shares of Docusign from $60.00 to $55.00 and set an "equal weight" rating on the stock in a research report on Friday, June 5th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Docusign in a research report on Friday, June 5th. Three research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus 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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