Banque Cantonale Vaudoise Invests $526,000 in Docusign Inc. (NASDAQ:DOCU)

Key Points

• Banque Cantonale Vaudoise has initiated a new position in Docusign Inc., purchasing 6,465 shares valued at approximately $526,000 in the first quarter of 2023.
• Insiders at Docusign sold a total of 78,552 shares valued at $5,983,631 over the past three months, indicating a significant decrease in ownership for some executives.
• Docusign reported a quarterly earnings per share of $0.90, surpassing the consensus estimate of $0.81, along with a revenue of $763.65 million, reflecting a 7.6% increase from the previous year.

Banque Cantonale Vaudoise acquired a new stake in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 6,465 shares of the company's stock, valued at approximately $526,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC boosted its position in Docusign by 178.2% in the fourth quarter. FMR LLC now owns 6,101,024 shares of the company's stock worth $548,726,000 after purchasing an additional 3,908,139 shares during the last quarter. Jericho Capital Asset Management L.P. boosted its position in Docusign by 34.0% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 4,754,753 shares of the company's stock worth $427,642,000 after purchasing an additional 1,205,500 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Docusign by 4.9% during the 4th quarter. Renaissance Technologies LLC now owns 4,363,292 shares of the company's stock valued at $392,434,000 after buying an additional 205,304 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Docusign by 7.2% during the 4th quarter. Geode Capital Management LLC now owns 3,732,363 shares of the company's stock valued at $335,147,000 after buying an additional 249,179 shares during the last quarter. Finally, Invesco Ltd. lifted its position 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 buying an additional 2,549,310 shares during the last quarter. Institutional investors own 77.64% of the company's stock.

Docusign Trading Up 2.1%

NASDAQ DOCU traded up $1.54 on Monday, hitting $75.38. The company's stock had a trading volume of 1,362,302 shares, compared to its average volume of 2,181,801. Docusign Inc. has a 52-week low of $48.80 and a 52-week high of $107.86. The firm has a market cap of $15.23 billion, a P/E ratio of 14.25, a PEG ratio of 27.56 and a beta of 1.01. The company's 50-day simple moving average is $79.18 and its 200 day simple moving average is $82.54.

Docusign (NASDAQ:DOCU - Get Free Report) last posted its quarterly earnings data 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 return on equity of 14.27% and a net margin of 36.50%. The company had revenue of $763.65 million during the quarter, compared to analyst estimates of $748.79 million. During the same quarter last year, the company earned $0.82 EPS. The firm's revenue for the quarter was up 7.6% on a year-over-year basis. On average, research analysts forecast that Docusign Inc. will post 1.17 EPS for the current fiscal year.

Docusign announced that its board has approved a share buyback plan on Thursday, June 5th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 6.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

DOCU has been the topic of a number of recent research reports. Robert W. Baird dropped their price target on Docusign from $93.00 to $85.00 and set a "neutral" rating on the stock in a research report on Friday, June 6th. HSBC upgraded Docusign from a "reduce" rating to a "hold" rating and set a $70.00 price objective on the stock in a research note on Friday, April 11th. Needham & Company LLC reiterated a "hold" rating on shares of Docusign in a research note on Friday, June 6th. JMP Securities reiterated a "market outperform" rating and set a $124.00 price objective on shares of Docusign in a research note on Tuesday, June 3rd. Finally, JPMorgan Chase & Co. decreased their price objective on Docusign from $81.00 to $77.00 and set a "neutral" rating on the stock in a research note on Friday, June 6th. Thirteen equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $89.77.

Insiders Place Their Bets

In related news, CFO Blake Jeffrey Grayson sold 15,143 shares of Docusign stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $74.80, for a total transaction of $1,132,696.40. Following the transaction, the chief financial officer directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert Chatwani sold 22,875 shares of Docusign stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $74.79, for a total value of $1,710,821.25. Following the transaction, the insider owned 72,126 shares in the company, valued at $5,394,303.54. This trade represents a 24.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 78,552 shares of company stock valued at $5,983,631. 1.66% of the stock is currently owned by company insiders.

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.