Docusign Inc. $DOCU Shares Bought by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management increased its Docusign stake by 14.4% in the fourth quarter, bringing its holdings to 201,728 shares worth about $13.1 million.
• Docusign reported stronger-than-expected quarterly results, with EPS of $1.01 beating estimates and revenue of $836.86 million topping forecasts, while revenue rose 7.8% year over year.
• The company also announced a $2 billion share repurchase program, which would allow it to buy back up to 21% of its outstanding shares; meanwhile, Wall Street’s consensus rating remains Hold with a $61.40 price target.

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) by 14.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 201,728 shares of the company's stock after purchasing an additional 25,317 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.10% of Docusign worth $13,082,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Woodline Partners LP grew its holdings in shares of Docusign by 24,412.7% during the third quarter. Woodline Partners LP now owns 958,938 shares of the company's stock valued at $69,130,000 after buying an additional 955,026 shares during the last quarter. Alliancebernstein L.P. raised its stake in Docusign by 132.8% in the 2nd quarter. Alliancebernstein L.P. now owns 868,531 shares of the company's stock worth $67,650,000 after acquiring an additional 495,380 shares during the last quarter. Andra AP fonden purchased a new position in Docusign in the 3rd quarter worth $34,956,000. Duquesne Family Office LLC lifted its position in Docusign by 30.6% during the 3rd quarter. Duquesne Family Office LLC now owns 1,685,950 shares of the company's stock worth $121,540,000 after acquiring an additional 395,510 shares during the period. Finally, Danske Bank A S acquired a new stake in Docusign during the 3rd quarter worth about $22,018,000. Hedge funds and other institutional investors own 77.64% of the company's stock.

Docusign Price Performance

Docusign stock opened at $47.90 on Monday. The business's 50-day moving average price is $46.81 and its 200 day moving average price is $57.17. The firm has a market cap of $9.31 billion, a price-to-earnings ratio of 32.36, a price-to-earnings-growth ratio of 1.83 and a beta of 0.88. Docusign Inc. has a 52 week low of $40.16 and a 52 week high of $94.67.

Docusign (NASDAQ:DOCU - Get Free Report) last announced its quarterly earnings results on Tuesday, March 17th. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.95 by $0.06. The company had revenue of $836.86 million during the quarter, compared to the consensus estimate of $828.23 million. Docusign had a return on equity of 16.86% and a net margin of 9.60%.Docusign's revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.86 earnings per share. Equities analysts expect that Docusign Inc. will post 1.76 EPS for the current year.

Docusign declared that its Board of Directors has initiated a share repurchase program 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 programs are typically a sign that the company's management believes its stock is undervalued.

Insider Transactions at Docusign

In other Docusign news, insider Robert Chatwani sold 16,696 shares of Docusign stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $48.10, for a total value of $803,077.60. Following the completion of the transaction, the insider owned 72,458 shares of the company's stock, valued at approximately $3,485,229.80. The trade was a 18.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Paula Hansen sold 6,000 shares of the company's stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $46.84, for a total transaction of $281,040.00. Following the completion of the transaction, the executive owned 79,233 shares of the company's stock, valued at approximately $3,711,273.72. This trade represents a 7.04% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 64,673 shares of company stock worth $3,077,699. Insiders own 1.66% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Bank of America assumed coverage on Docusign in a research note on Tuesday, March 31st. They issued an "underperform" rating and a $52.00 price objective for the company. Morgan Stanley dropped their target price on Docusign from $90.00 to $69.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 18th. UBS Group cut their price target on shares of Docusign from $75.00 to $54.00 and set a "neutral" rating on the stock in a report on Wednesday, March 18th. HSBC set a $53.00 price target on shares of Docusign in a research report on Friday, February 13th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Docusign from $78.00 to $65.00 and set a "neutral" rating on the stock in a report on Wednesday, March 18th. Three investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $61.40.

Docusign Company Profile

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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