Assetmark Inc. Sells 372,050 Shares of Docusign Inc. $DOCU

Key Points

• Assetmark Inc. cut its stake in DocuSign by 65.2% in Q4, selling 372,050 shares and now holds 198,427 shares (about 0.10% of DOCU) worth roughly $13.57 million.
• DocuSign beat quarterly expectations with EPS of $1.01 (vs. $0.95 est.) and revenue of $836.9M (up 7.8% YoY), and its board authorized a $2.0 billion stock repurchase program (up to ~21% of shares).
• Insiders have sold about 64,673 shares (~$3.08M) in the past three months, institutional investors own 77.64% of the stock, and analysts' consensus rating is a Hold with an average price target of $61.40.

Assetmark Inc. lowered its holdings in Docusign Inc. (NASDAQ:DOCU - Free Report) by 65.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 198,427 shares of the company's stock after selling 372,050 shares during the period. Assetmark Inc. owned about 0.10% of Docusign worth $13,572,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. NewEdge Advisors LLC grew its position in Docusign by 36.4% during the first quarter. NewEdge Advisors LLC now owns 9,202 shares of the company's stock valued at $749,000 after buying an additional 2,457 shares during the period. Guggenheim Capital LLC grew its position in shares of Docusign by 6.7% during the 2nd quarter. Guggenheim Capital LLC now owns 11,543 shares of the company's stock valued at $899,000 after acquiring an additional 729 shares during the period. State Street Corp increased its stake in shares of Docusign by 3.0% during the 2nd quarter. State Street Corp now owns 8,074,976 shares of the company's stock worth $628,960,000 after purchasing an additional 236,494 shares during the last quarter. Sei Investments Co. increased its stake in shares of Docusign by 60.7% during the 2nd quarter. Sei Investments Co. now owns 40,386 shares of the company's stock worth $3,146,000 after purchasing 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 2nd quarter. Treasurer of the State of North Carolina now owns 189,178 shares of the company's stock worth $14,735,000 after purchasing an additional 63,911 shares during the period. Institutional investors own 77.64% of the company's stock.

Docusign Stock Performance

Shares of NASDAQ DOCU opened at $46.06 on Friday. The stock has a market cap of $8.96 billion, a PE ratio of 31.12, a price-to-earnings-growth ratio of 1.79 and a beta of 0.99. Docusign Inc. has a fifty-two week low of $40.16 and a fifty-two week high of $94.67. The stock has a fifty day moving average of $46.34 and a 200-day moving average of $59.49.

Docusign (NASDAQ:DOCU - Get Free Report) last issued its quarterly earnings data on Tuesday, March 17th. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.06. Docusign had a return on equity of 16.86% and a net margin of 9.60%.The business had revenue of $836.86 million for the quarter, compared to analysts' expectations of $828.23 million. During the same quarter in the prior year, the firm posted $0.86 EPS. The firm's quarterly revenue was up 7.8% on a year-over-year basis. On average, sell-side analysts predict that Docusign Inc. will post 1.17 EPS for the current year.

Docusign declared that its board has authorized a stock repurchase program on Tuesday, March 17th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 21% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Robert Chatwani sold 16,696 shares of the company's stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $48.10, for a total transaction of $803,077.60. Following the sale, the insider owned 72,458 shares of the company's stock, valued at approximately $3,485,229.80. This represents a 18.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider James P. Shaughnessy sold 12,000 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $46.83, for a total transaction of $561,960.00. Following the completion of the sale, the insider owned 53,631 shares in the company, valued at $2,511,539.73. This represents a 18.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 64,673 shares of company stock valued at $3,077,699 in the last three months. Insiders own 1.01% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Needham & Company LLC restated a "hold" rating on shares of Docusign in a research note on Tuesday, March 10th. Robert W. Baird decreased their price objective on Docusign from $75.00 to $55.00 and set a "neutral" rating for the company in a report on Wednesday, March 18th. BTIG Research restated a "buy" rating and issued a $70.00 price objective on shares of Docusign in a research note on Wednesday, March 18th. Jefferies Financial Group downgraded shares of Docusign from a "buy" rating to a "hold" rating and dropped their price objective for the company from $105.00 to $45.00 in a report on Monday, February 23rd. Finally, Royal Bank Of Canada cut their target price on shares of Docusign from $70.00 to $55.00 and set a "sector perform" rating for the company in a research report on Wednesday, March 18th. Four analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $61.40.

About Docusign

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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