Burney Co. Sells 45,007 Shares of Docusign Inc. $DOCU

Key Points

• Burney Co. cut its Docusign stake by 38.6% in the first quarter, selling 45,007 shares and leaving it with 71,521 shares worth about $3.39 million.
• Insiders have also been selling shares, including Robert Chatwani and Paula Hansen, with Docusign insiders selling a total of 76,695 shares over the last 90 days.
• Docusign beat quarterly earnings expectations with EPS of $1.09 versus $0.99 expected, and revenue rose 8.7% year over year to $830.24 million. The company also has a $2 billion share buyback authorization in place.

Burney Co. lessened its holdings in Docusign Inc. (NASDAQ:DOCU - Free Report) by 38.6% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 71,521 shares of the company's stock after selling 45,007 shares during the period. Burney Co.'s holdings in Docusign were worth $3,391,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Central Pacific Bank Trust Division purchased a new stake in shares of Docusign in the 4th quarter valued at about $25,000. Modus Advisors LLC purchased a new position in shares of Docusign during the fourth quarter worth about $27,000. Torren Management LLC bought a new position in shares of Docusign in the 4th quarter worth $28,000. Aventura Private Wealth LLC purchased a new stake in shares of Docusign during the 4th quarter valued at $30,000. Finally, True Wealth Design LLC lifted its stake in Docusign by 105.2% during the fourth quarter. True Wealth Design LLC now owns 433 shares of the company's stock worth $30,000 after purchasing an additional 222 shares during the last quarter. Institutional investors own 77.64% of the company's stock.

Insiders Place Their Bets

In other Docusign news, insider Robert Chatwani sold 15,902 shares of Docusign stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $43.01, for a total transaction of $683,945.02. Following the sale, the insider directly owned 72,805 shares of the company's stock, valued at approximately $3,131,343.05. The trade was a 17.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Paula Hansen sold 6,000 shares of the company's stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $45.54, for a total value of $273,240.00. Following the transaction, the executive owned 89,972 shares in the company, valued at $4,097,324.88. This trade represents a 6.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 76,695 shares of company stock valued at $3,476,002 over the last ninety days. 0.59% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on DOCU shares. Jefferies Financial Group upped their price target on shares of Docusign from $45.00 to $50.00 and gave the company a "hold" rating in a research report on Friday, June 5th. UBS Group set a $60.00 price target on shares of Docusign in a report on Friday, June 5th. Robert W. Baird dropped their price target on shares of Docusign from $75.00 to $55.00 and set a "neutral" rating for the company in a research report on Wednesday, March 18th. Citigroup raised their price target on shares of Docusign from $50.00 to $54.00 and gave the stock a "neutral" rating in a report on Friday, June 5th. Finally, Wedbush decreased 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. Three analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Docusign presently has an average rating of "Hold" and an average price target of $60.27.

Docusign Trading Up 0.7%

Shares of Docusign stock opened at $47.23 on Wednesday. Docusign Inc. has a 12-month low of $40.16 and a 12-month high of $86.65. The company has a market cap of $9.02 billion, a P/E ratio of 30.67, a PEG ratio of 1.38 and a beta of 0.90. The company's fifty day simple moving average is $46.91 and its two-hundred day simple moving average is $50.48.

Docusign (NASDAQ:DOCU - Get Free Report) last announced its earnings results on Thursday, June 4th. The company reported $1.09 earnings per share 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 for the quarter, compared to analyst estimates of $824.71 million. During the same quarter in the previous year, the firm posted $0.90 EPS. The company's revenue for the quarter was up 8.7% compared to the same quarter last year. Analysts predict that Docusign Inc. will post 2.03 EPS for the current fiscal year.

Docusign announced that its Board of Directors has approved a share buyback plan on Tuesday, March 17th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 21% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

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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