Bank of Nova Scotia Purchases 43,147 Shares of Docusign Inc. $DOCU

Key Points

• Bank of Nova Scotia increased its DocuSign stake by 57.6% in the first quarter, buying 43,147 additional shares for a total holding of 118,093 shares valued at approximately $5.6 million. Institutional investors collectively own 77.64% of DOCU.
• Analyst sentiment remains largely cautious: 15 analysts rate the stock “Hold,” compared with three “Buy” ratings and one “Sell.” The average price target is $60.27, despite recent target reductions from Wedbush and Wells Fargo.
• DocuSign exceeded quarterly expectations, reporting adjusted EPS of $1.09 versus the $0.99 consensus and revenue of $830.24 million, up 8.7% year over year. The stock opened at $52.91, while insiders have sold 76,695 shares worth approximately $3.48 million over the past 90 days.

Bank of Nova Scotia increased its holdings in Docusign Inc. (NASDAQ:DOCU - Free Report) by 57.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 118,093 shares of the company's stock after purchasing an additional 43,147 shares during the period. Bank of Nova Scotia owned approximately 0.06% of Docusign worth $5,599,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. State Street Corp raised its position in shares of Docusign by 0.9% in the 4th quarter. State Street Corp now owns 8,193,805 shares of the company's stock valued at $560,456,000 after acquiring an additional 77,008 shares during the period. Capital World Investors increased its position in shares of Docusign by 38.1% in the 4th quarter. Capital World Investors now owns 5,815,804 shares of the company's stock valued at $397,801,000 after buying an additional 1,603,900 shares in the last quarter. Geode Capital Management LLC raised its stake in Docusign by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 4,084,463 shares of the company's stock worth $278,665,000 after buying an additional 18,873 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Docusign by 8.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,343,613 shares of the company's stock worth $228,703,000 after buying an additional 251,639 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Docusign by 46.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,001,132 shares of the company's stock worth $205,277,000 after acquiring an additional 946,512 shares in the last quarter. 77.64% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on DOCU shares. Wedbush cut their price objective on shares of Docusign from $60.00 to $58.00 and set a "neutral" rating on the stock in a research report on Friday, June 5th. Wall Street Zen upgraded Docusign from a "buy" rating to a "strong-buy" rating in a report on Saturday. Citigroup raised their target price on shares of Docusign from $50.00 to $54.00 and gave the stock a "neutral" rating in a research note on Friday, June 5th. UBS Group set a $60.00 price objective on Docusign in a report on Friday, June 5th. Finally, Wells Fargo & Company cut their price target on Docusign from $60.00 to $55.00 and set an "equal weight" rating for the company in a research note on Friday, June 5th. Three investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Docusign currently has an average rating of "Hold" and an average price target of $60.27.

Docusign Stock Performance

DOCU stock opened at $52.91 on Tuesday. Docusign Inc. has a fifty-two week low of $40.16 and a fifty-two week high of $86.65. The stock's 50 day simple moving average is $47.91 and its 200 day simple moving average is $48.69. The company has a market cap of $10.10 billion, a P/E ratio of 34.36, a price-to-earnings-growth ratio of 1.49 and a beta of 0.90.

Docusign (NASDAQ:DOCU - Get Free Report) last issued its quarterly earnings data on Thursday, June 4th. The company reported $1.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.99 by $0.10. Docusign had a net margin of 9.59% and a return on equity of 17.48%. The firm had revenue of $830.24 million during the quarter, compared to analysts' expectations of $824.71 million. During the same period last year, the company earned $0.90 earnings per share. The business's revenue was up 8.7% on a year-over-year basis. Equities analysts predict that Docusign Inc. will post 2.03 earnings per share for the current year.

Insider Activity at Docusign

In related news, insider James P. Shaughnessy sold 12,000 shares of Docusign stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $45.54, for a total value of $546,480.00. Following the completion of the transaction, the insider directly owned 52,815 shares in the company, valued at approximately $2,405,195.10. The trade was a 18.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Blake Jeffrey Grayson sold 15,000 shares of Docusign stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $45.55, for a total value of $683,250.00. Following the completion of the transaction, the chief financial officer owned 141,429 shares of the company's stock, valued at approximately $6,442,090.95. This trade represents a 9.59% 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 have sold 76,695 shares of company stock valued at $3,476,002 in the last 90 days. 0.59% of the stock is currently owned by company insiders.

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.

Want to see what other hedge funds are holding DOCU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Docusign Inc. (NASDAQ:DOCU - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.