Docusign Inc. (NASDAQ:DOCU) Shares Purchased by Assetmark Inc.

Key Points

• Assetmark Inc. increased its stake in Docusign Inc. by 2.6% to own approximately 0.21% of the company, valued at $34.78 million.
• Docusign reported a quarterly EPS of $0.90, surpassing estimates, with a revenue of $763.65 million, up 7.6% year-over-year.
• The company's Board of Directors has initiated a $1 billion stock buyback plan, allowing the repurchase of up to 6.6% of its stock, indicating potential undervaluation.

Assetmark Inc. raised its holdings in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) by 2.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 427,225 shares of the company's stock after acquiring an additional 10,639 shares during the quarter. Assetmark Inc. owned approximately 0.21% of Docusign worth $34,776,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Golden State Wealth Management LLC increased its holdings in shares of Docusign by 519.4% in the first quarter. Golden State Wealth Management LLC now owns 384 shares of the company's stock worth $31,000 after purchasing an additional 322 shares during the last quarter. Wood Tarver Financial Group LLC bought a new stake in shares of Docusign in the fourth quarter worth about $37,000. McIlrath & Eck LLC increased its holdings in shares of Docusign by 476.0% in the fourth quarter. McIlrath & Eck LLC now owns 432 shares of the company's stock worth $39,000 after purchasing an additional 357 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Docusign by 153.1% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 453 shares of the company's stock worth $37,000 after purchasing an additional 274 shares during the last quarter. Finally, Bessemer Group Inc. increased 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 worth $42,000 after purchasing an additional 392 shares during the last quarter. 77.64% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on DOCU shares. Morgan Stanley reduced their target price on Docusign from $92.00 to $86.00 and set an "equal weight" rating on the stock in a report on Friday, June 6th. William Blair reiterated an "outperform" rating on shares of Docusign in a research report on Monday, April 21st. Wedbush dropped their price target on Docusign from $100.00 to $85.00 and set a "neutral" rating for the company in a research report on Thursday, June 12th. JPMorgan Chase & Co. dropped their price target on Docusign from $81.00 to $77.00 and set a "neutral" rating for the company in a research report on Friday, June 6th. Finally, Wells Fargo & Company upgraded Docusign from an "underweight" rating to an "equal weight" rating and lifted their price target for the stock from $67.00 to $80.00 in a research report on Friday, June 13th. Twelve analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $89.77.

Docusign Price Performance

Shares of NASDAQ:DOCU traded down $0.65 during trading hours on Wednesday, hitting $79.23. 246,071 shares of the company's stock traded hands, compared to its average volume of 2,601,661. The firm has a market capitalization of $16.01 billion, a P/E ratio of 14.96, a price-to-earnings-growth ratio of 30.00 and a beta of 1.08. The business has a fifty day moving average price of $79.77 and a 200-day moving average price of $82.90. Docusign Inc. has a 1 year low of $48.80 and a 1 year high of $107.86.

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

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

Insider Transactions at Docusign

In related news, CFO Blake Jeffrey Grayson sold 15,143 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $74.80, for a total value of $1,132,696.40. Following the completion of the sale, the chief financial officer owned 110,723 shares in the company, valued at approximately $8,282,080.40. The trade was a 12.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Teresa Briggs sold 534 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $74.37, for a total value of $39,713.58. Following the transaction, the director directly owned 8,805 shares in the company, valued at approximately $654,827.85. The trade was a 5.72% decrease in their ownership of the stock. 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 over the last three months. Company insiders own 1.66% of the company's stock.

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.