Docusign Inc. $DOCU Shares Purchased by Intech Investment Management LLC

Key Points

• Intech Investment Management boosted its Docusign stake by 2,426.6% in the fourth quarter, ending with 86,307 shares valued at about $5.9 million.
• Docusign reported stronger-than-expected quarterly results, with EPS of $1.01 versus $0.95 expected and revenue of $836.86 million, up 7.8% year over year.
• The company’s board approved a $2 billion share repurchase program, while analysts overall remain cautious with a consensus Hold rating and an average price target of $61.40.

Intech Investment Management LLC increased its stake in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) by 2,426.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 86,307 shares of the company's stock after purchasing an additional 82,891 shares during the quarter. Intech Investment Management LLC's holdings in Docusign were worth $5,903,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of DOCU. Woodline Partners LP lifted 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 worth $69,130,000 after purchasing an additional 955,026 shares during the period. Alliancebernstein L.P. raised its position in Docusign by 132.8% in the second 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 in the last quarter. Andra AP fonden purchased a new position in Docusign in the third quarter worth $34,956,000. Duquesne Family Office LLC raised its position in Docusign by 30.6% in the third 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 in the last quarter. Finally, Danske Bank A S purchased a new position in Docusign in the third quarter worth $22,018,000. 77.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Weiss Ratings cut Docusign from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Wednesday, April 15th. Needham & Company LLC restated a "hold" rating on shares of Docusign in a research report on Tuesday, March 10th. UBS Group dropped their price target on Docusign from $75.00 to $54.00 and set a "neutral" rating for the company in a research report on Wednesday, March 18th. Bank of America assumed coverage on Docusign in a research report on Tuesday, March 31st. They issued an "underperform" rating and a $52.00 price target for the company. Finally, Piper Sandler dropped their price objective on Docusign from $75.00 to $52.00 and set a "neutral" rating for the company in a research 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 assigned a Sell rating to the company. According to MarketBeat, Docusign has a consensus rating of "Hold" and an average price target of $61.40.

Docusign Trading Up 5.9%

Shares of NASDAQ:DOCU opened at $52.52 on Friday. The stock's 50-day moving average price is $47.23 and its two-hundred day moving average price is $54.72. Docusign Inc. has a 12-month low of $40.16 and a 12-month high of $94.67. The firm has a market cap of $10.20 billion, a price-to-earnings ratio of 35.49, a PEG ratio of 2.00 and a beta of 0.88.

Docusign (NASDAQ:DOCU - Get Free Report) last issued its quarterly earnings results on Tuesday, March 17th. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.06. Docusign had a return on equity of 16.86% and a net margin of 9.60%.The firm had revenue of $836.86 million for the quarter, compared to analyst estimates of $828.23 million. During the same period last year, the company earned $0.86 EPS. The firm's quarterly revenue was up 7.8% on a year-over-year basis. As a group, research analysts forecast that Docusign Inc. will post 1.75 earnings per share for the current fiscal year.

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

Insider Transactions at Docusign

In other news, insider Robert Chatwani sold 16,696 shares of Docusign stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $48.10, for a total value of $803,077.60. Following the transaction, the insider directly owned 72,458 shares of the company's stock, valued at $3,485,229.80. The trade was a 18.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CRO Paula Hansen sold 6,000 shares of Docusign stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $46.84, for a total value of $281,040.00. Following the completion of the transaction, the executive directly owned 79,233 shares in the company, valued at $3,711,273.72. This represents a 7.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 64,309 shares of company stock worth $3,061,570 in the last quarter. 0.59% of the stock is currently owned by corporate insiders.

Docusign 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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