Docusign Inc. $DOCU Shares Sold by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System reduced its Docusign stake by 17.8% in the first quarter, selling 52,268 shares and retaining 241,966 shares worth approximately $11.5 million. Institutional investors collectively own 77.64% of DOCU.
• Analysts remain cautious: Docusign has an average rating of “Hold” and an average price target of $60.27, with recent target reductions from BTIG Research and Wedbush.
• Docusign exceeded quarterly expectations, reporting adjusted earnings of $1.09 per share versus the $0.99 consensus and revenue of $830.24 million, up 8.7% year over year. Meanwhile, insiders sold 76,695 shares worth about $3.48 million during the latest quarter.

California State Teachers Retirement System lessened its holdings in Docusign Inc. (NASDAQ:DOCU - Free Report) by 17.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 241,966 shares of the company's stock after selling 52,268 shares during the period. California State Teachers Retirement System owned approximately 0.12% of Docusign worth $11,472,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of DOCU. Modus Advisors LLC acquired a new stake in shares of Docusign in the fourth quarter valued at $27,000. Torren Management LLC purchased a new position in Docusign in the fourth quarter valued at $28,000. Cary Street Partners Investment Advisory LLC grew its stake in Docusign by 309.5% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 561 shares of the company's stock worth $38,000 after purchasing an additional 424 shares in the last quarter. Basepoint Wealth LLC acquired a new position in Docusign during the 4th quarter worth $39,000. Finally, WealthCollab LLC increased its holdings in Docusign by 372.4% during the 1st quarter. WealthCollab LLC now owns 855 shares of the company's stock worth $41,000 after purchasing an additional 674 shares during the period. Institutional investors and hedge funds own 77.64% of the company's stock.

Analysts Set New Price Targets

DOCU has been the topic of a number of analyst reports. Wall Street Zen lowered Docusign from a "strong-buy" rating to a "buy" rating in a research report on Sunday. BTIG Research lowered their price objective on Docusign from $70.00 to $60.00 and set a "buy" rating for the company in a research report on Friday, June 5th. Needham & Company LLC restated a "hold" rating on shares of Docusign in a research note on Friday, June 5th. Wedbush reduced their target price on shares of Docusign from $60.00 to $58.00 and set a "neutral" rating on the stock in a report on Friday, June 5th. Finally, Citigroup lifted their price target on shares of Docusign from $50.00 to $54.00 and gave the stock a "neutral" rating in a research note on Friday, June 5th. Three research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Docusign presently has an average rating of "Hold" and an average target price of $60.27.

Docusign Price Performance

NASDAQ:DOCU opened at $55.13 on Tuesday. The firm has a market capitalization of $10.53 billion, a PE ratio of 35.80, a price-to-earnings-growth ratio of 1.62 and a beta of 0.87. The business's fifty day moving average price is $48.53 and its 200 day moving average price is $48.25. Docusign Inc. has a 12 month low of $40.16 and a 12 month high of $86.65.

Docusign (NASDAQ:DOCU - Get Free Report) last posted its quarterly 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. The company had revenue of $830.24 million for the quarter, compared to analysts' expectations of $824.71 million. Docusign had a return on equity of 17.48% and a net margin of 9.59%.Docusign's quarterly revenue was up 8.7% on a year-over-year basis. During the same period last year, the firm earned $0.90 earnings per share. As a group, equities analysts anticipate that Docusign Inc. will post 2.03 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Allan C. Thygesen sold 26,250 shares of the firm's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $46.02, for a total transaction of $1,208,025.00. Following the sale, the chief executive officer owned 159,038 shares of the company's stock, valued at approximately $7,318,928.76. This trade represents a 14.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Paula Hansen sold 6,000 shares of the business'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 sale, the executive owned 89,972 shares of the company's stock, valued at approximately $4,097,324.88. The trade was a 6.25% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 76,695 shares of company stock worth $3,476,002. 0.59% of the stock is currently owned by company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.