Bank of New York Mellon Corp Cuts Position in Docusign Inc. (NASDAQ:DOCU)

Bank of New York Mellon Corp cut its stake in Docusign Inc. (NASDAQ:DOCU - Free Report) by 4.8% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,593,102 shares of the company's stock after selling 80,510 shares during the period. Bank of New York Mellon Corp owned about 0.79% of Docusign worth $129,678,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DOCU. Gilman Hill Asset Management LLC raised its position in Docusign by 4.9% during the first quarter. Gilman Hill Asset Management LLC now owns 84,326 shares of the company's stock valued at $6,864,000 after purchasing an additional 3,904 shares in the last quarter. Amundi raised its position in Docusign by 565.8% during the fourth quarter. Amundi now owns 1,379,575 shares of the company's stock valued at $123,486,000 after purchasing an additional 1,172,368 shares in the last quarter. Paradiem LLC purchased a new stake in Docusign during the first quarter valued at about $4,357,000. Wealth Enhancement Advisory Services LLC raised its position in Docusign by 528.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 108,232 shares of the company's stock valued at $8,810,000 after purchasing an additional 91,017 shares in the last quarter. Finally, Kentucky Retirement Systems purchased a new stake in Docusign during the first quarter valued at about $1,114,000. 77.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Docusign

In related news, CEO Allan C. Thygesen sold 40,000 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $77.51, for a total transaction of $3,100,400.00. Following the transaction, the chief executive officer owned 143,983 shares in the company, valued at $11,160,122.33. The trade was a 21.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robert Chatwani sold 22,875 shares of the business's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $74.79, for a total transaction of $1,710,821.25. Following the transaction, the insider owned 72,126 shares in the company, valued at $5,394,303.54. This represents a 24.08% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 86,552 shares of company stock worth $6,592,351 over the last ninety days. Corporate insiders own 1.01% of the company's stock.

Docusign Stock Down 3.7%

Shares of NASDAQ:DOCU traded down $2.81 during midday trading on Friday, hitting $73.55. 3,292,769 shares of the stock traded hands, compared to its average volume of 2,879,059. The stock has a market capitalization of $14.86 billion, a PE ratio of 13.90, a P/E/G ratio of 27.45 and a beta of 1.08. The business's 50 day moving average is $81.72 and its two-hundred day moving average is $83.96. Docusign Inc. has a one year low of $48.80 and a one year high of $107.86.

Docusign (NASDAQ:DOCU - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.81 by $0.09. The firm had revenue of $763.65 million during the quarter, compared to the consensus estimate of $748.79 million. Docusign had a net margin of 36.50% and a return on equity of 14.27%. The company's quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.82 earnings per share. As a group, sell-side analysts forecast that Docusign Inc. will post 1.17 earnings per share for the current year.

Docusign declared that its Board of Directors has initiated a stock repurchase plan on Thursday, June 5th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 6.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms have weighed in on DOCU. Morgan Stanley lowered their price target on Docusign from $92.00 to $86.00 and set an "equal weight" rating on the stock in a research report on Friday, June 6th. JMP Securities restated a "market outperform" rating and set a $124.00 price target on shares of Docusign in a research report on Tuesday, June 3rd. Hsbc Global Res upgraded Docusign from a "moderate sell" rating to a "hold" rating in a research report on Friday, April 11th. JPMorgan Chase & Co. lowered their price target on shares of Docusign from $81.00 to $77.00 and set a "neutral" rating for the company in a research note on Friday, June 6th. Finally, William Blair reissued an "outperform" rating on shares of Docusign in a research note on Monday, April 21st. Twelve equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $89.77.

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.