Burney Co. Has $11.58 Million Stake in Docusign Inc. (NASDAQ:DOCU)

Burney Co. lowered its stake in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) by 29.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 142,273 shares of the company's stock after selling 58,373 shares during the quarter. Burney Co. owned about 0.07% of Docusign worth $11,581,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Venturi Wealth Management LLC boosted its position in shares of Docusign by 33.2% in the first quarter. Venturi Wealth Management LLC now owns 3,440 shares of the company's stock valued at $280,000 after acquiring an additional 857 shares during the period. Efficient Advisors LLC bought a new stake in shares of Docusign in the first quarter valued at approximately $221,000. Choreo LLC boosted its position in shares of Docusign by 17.9% in the first quarter. Choreo LLC now owns 7,041 shares of the company's stock valued at $573,000 after acquiring an additional 1,068 shares during the period. Horizon Investment Services LLC boosted its position in shares of Docusign by 351.3% in the first quarter. Horizon Investment Services LLC now owns 24,024 shares of the company's stock valued at $1,956,000 after acquiring an additional 18,701 shares during the period. Finally, Gallacher Capital Management LLC acquired a new position in shares of Docusign in the first quarter valued at $434,000. Institutional investors own 77.64% of the company's stock.

Wall Street Analysts Forecast Growth

DOCU has been the subject of a number of recent research reports. Morgan Stanley cut their target price on Docusign from $92.00 to $86.00 and set an "equal weight" rating for the company in a research note on Friday, June 6th. Hsbc Global Res upgraded Docusign from a "moderate sell" rating to a "hold" rating in a research note on Friday, April 11th. Bank of America cut their target price on Docusign from $88.00 to $85.00 and set a "neutral" rating for the company in a research note on Friday, June 6th. JMP Securities restated a "market outperform" rating and issued a $124.00 target price on shares of Docusign in a research note on Tuesday, June 3rd. Finally, Jefferies Financial Group cut their target price on Docusign from $115.00 to $105.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Twelve investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Docusign presently has an average rating of "Hold" and an average price target of $89.77.

Docusign Price Performance

Shares of NASDAQ:DOCU traded down $0.46 during midday trading on Friday, reaching $79.87. The company's stock had a trading volume of 1,711,166 shares, compared to its average volume of 2,305,799. Docusign Inc. has a fifty-two week low of $48.80 and a fifty-two week high of $107.86. The company has a market capitalization of $16.14 billion, a P/E ratio of 15.10, a P/E/G ratio of 29.98 and a beta of 1.08. The business's fifty day simple moving average is $80.18 and its 200-day simple moving average is $83.08.

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

Docusign announced that its Board of Directors has initiated a share buyback plan on Thursday, June 5th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 6.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Robert Chatwani sold 22,875 shares of the firm's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $74.79, for a total transaction of $1,710,821.25. Following the sale, the insider owned 72,126 shares of the company's stock, valued at $5,394,303.54. This trade represents a 24.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Allan C. Thygesen sold 40,000 shares of Docusign stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $77.51, for a total value 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. This trade represents a 21.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 78,552 shares of company stock worth $5,983,631 in the last ninety days. 1.01% of the stock is currently owned by corporate 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.