Baker Avenue Asset Management LP Has $3.83 Million Holdings in Docusign Inc. (NASDAQ:DOCU)

Key Points

• Baker Avenue Asset Management LP increased its ownership in Docusign by 64.7% during the 1st quarter, holding a total of 47,056 shares valued at approximately $3.83 million.
• Insiders, including CFO Blake Jeffrey Grayson, sold a combined total of 78,552 shares worth nearly $6 million recently, indicating potential shifts in confidence among company leadership.
• Brokerage firms have adjusted target prices for Docusign, with an average rating of "Hold" and a consensus target price of $89.77.

Baker Avenue Asset Management LP boosted its stake in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) by 64.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 47,056 shares of the company's stock after purchasing an additional 18,481 shares during the period. Baker Avenue Asset Management LP's holdings in Docusign were worth $3,830,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. FMR LLC lifted its holdings 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 in the last quarter. Invesco Ltd. lifted its holdings in shares of Docusign by 283.9% during the 4th quarter. Invesco Ltd. now owns 3,447,275 shares of the company's stock valued at $310,048,000 after acquiring an additional 2,549,310 shares in the last quarter. Jericho Capital Asset Management L.P. lifted its holdings in shares of Docusign by 34.0% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 4,754,753 shares of the company's stock valued at $427,642,000 after acquiring an additional 1,205,500 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Docusign by 809.6% during the 1st quarter. Pacer Advisors Inc. now owns 1,167,290 shares of the company's stock valued at $95,017,000 after acquiring an additional 1,038,962 shares in the last quarter. Finally, Northern Trust Corp increased its stake in Docusign by 77.2% during the 4th quarter. Northern Trust Corp now owns 1,984,378 shares of the company's stock worth $178,475,000 after buying an additional 864,408 shares during the period. Hedge funds and other institutional investors own 77.64% of the company's stock.

Insider Activity at Docusign

In other news, CFO Blake Jeffrey Grayson sold 15,143 shares of the firm's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $74.80, for a total transaction of $1,132,696.40. Following the completion of the transaction, the chief financial officer directly owned 110,723 shares of the company's stock, valued at approximately $8,282,080.40. This trade represents a 12.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Teresa Briggs sold 534 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $74.37, for a total transaction of $39,713.58. Following the sale, the director owned 8,805 shares of the company's stock, valued at $654,827.85. This trade represents a 5.72% decrease in their position. The disclosure for this sale can be found here. Insiders sold 78,552 shares of company stock valued at $5,983,631 in the last quarter. Company insiders own 1.66% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on DOCU. Wall Street Zen downgraded shares of Docusign from a "buy" rating to a "hold" rating in a research report on Saturday. Needham & Company LLC reissued a "hold" rating on shares of Docusign in a report on Friday, June 6th. Wells Fargo & Company raised shares of Docusign from an "underweight" rating to an "equal weight" rating and upped their price target for the stock from $67.00 to $80.00 in a research note on Friday, June 13th. Bank of America cut their target price on shares of Docusign from $88.00 to $85.00 and set a "neutral" rating for the company in a research note on Friday, June 6th. Finally, Citigroup cut their target price 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. Thirteen analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $89.77.

Docusign Price Performance

Shares of NASDAQ DOCU traded up $1.54 during trading hours on Monday, hitting $75.38. 1,362,302 shares of the stock were exchanged, compared to its average volume of 2,181,801. Docusign Inc. has a one year low of $48.80 and a one year high of $107.86. The company's 50 day moving average is $79.18 and its 200 day moving average is $82.54. The firm has a market capitalization of $15.23 billion, a P/E ratio of 14.25, a P/E/G ratio of 27.56 and a beta of 1.01.

Docusign (NASDAQ:DOCU - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The company reported $0.90 earnings per share for the quarter, beating 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 firm had revenue of $763.65 million during the quarter, compared to the consensus estimate of $748.79 million. During the same period in the prior year, the firm earned $0.82 EPS. The business's revenue was up 7.6% on a year-over-year basis. Research analysts anticipate that Docusign Inc. will post 1.17 earnings per share for the current fiscal year.

Docusign declared that its Board of Directors has initiated a stock repurchase plan on Thursday, June 5th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the company to purchase up to 6.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its stock is undervalued.

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.