Docusign Inc. $DOCU Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group trimmed its stake in DocuSign by 0.7%, selling 157,916 shares and leaving it with 21,467,635 shares (~10.72% of the company, valued at $1.468 billion).
• DocuSign beat quarterly expectations (EPS $1.01 vs. $0.95; revenue $836.9M vs. $828.2M, +7.8% YoY) and the board approved a $2.0 billion stock buyback allowing repurchases of up to 21% of shares.
• Analysts have cut ratings and targets recently, leaving a consensus "Hold" and a $61.40 average target, while shares trade near $46 (below the 200-day average of $57.75) with a market cap of $8.94 billion.

Vanguard Group Inc. cut its holdings in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) by 0.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 21,467,635 shares of the company's stock after selling 157,916 shares during the period. Vanguard Group Inc. owned approximately 10.72% of Docusign worth $1,468,386,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of DOCU. State Street Corp boosted its holdings in Docusign by 0.5% in the 3rd quarter. State Street Corp now owns 8,116,797 shares of the company's stock worth $585,140,000 after buying an additional 41,821 shares during the last quarter. Invesco Ltd. boosted its holdings in Docusign by 4.5% in the 3rd quarter. Invesco Ltd. now owns 2,690,121 shares of the company's stock worth $193,931,000 after buying an additional 116,047 shares during the last quarter. Northern Trust Corp boosted its holdings in Docusign by 2.0% in the 3rd quarter. Northern Trust Corp now owns 1,994,004 shares of the company's stock worth $143,748,000 after buying an additional 39,140 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Docusign by 0.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,860,347 shares of the company's stock worth $134,112,000 after buying an additional 9,861 shares during the last quarter. Finally, Duquesne Family Office LLC boosted its holdings in Docusign by 30.6% in the 3rd quarter. Duquesne Family Office LLC now owns 1,685,950 shares of the company's stock worth $121,540,000 after buying an additional 395,510 shares during the last quarter. 77.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Weiss Ratings cut Docusign from a "hold (c-)" rating to a "sell (d+)" rating in a report on Wednesday, April 15th. Citigroup cut Docusign from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $99.00 to $50.00 in a report on Friday, April 10th. Wells Fargo & Company lowered their price objective on Docusign from $75.00 to $60.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 18th. Piper Sandler lowered their price objective on Docusign from $75.00 to $52.00 and set a "neutral" rating on the stock in a report on Wednesday, March 18th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Docusign from $78.00 to $65.00 and set a "neutral" rating on the stock in a research note 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 data from MarketBeat.com, Docusign presently has an average rating of "Hold" and a consensus target price of $61.40.

Docusign Price Performance

DOCU opened at $45.99 on Friday. The company's 50 day simple moving average is $46.53 and its two-hundred day simple moving average is $57.75. Docusign Inc. has a 1-year low of $40.16 and a 1-year high of $94.67. The firm has a market capitalization of $8.94 billion, a price-to-earnings ratio of 31.07, a price-to-earnings-growth ratio of 1.79 and a beta of 0.99.

Docusign (NASDAQ:DOCU - Get Free Report) last released its earnings results on Tuesday, March 17th. The company reported $1.01 earnings per share for the quarter, topping analysts' consensus estimates of $0.95 by $0.06. Docusign had a net margin of 9.60% and a return on equity of 16.86%. The business 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 posted $0.86 EPS. The business's revenue was up 7.8% on a year-over-year basis. On average, equities analysts anticipate that Docusign Inc. will post 1.76 earnings per share for the current fiscal year.

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

Insider Activity

In other news, insider Robert Chatwani sold 16,696 shares of Docusign stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $48.10, for a total transaction of $803,077.60. Following the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Allan C. Thygesen sold 26,250 shares of Docusign stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $47.78, for a total transaction of $1,254,225.00. Following the sale, the chief executive officer directly owned 152,237 shares in the company, valued at approximately $7,273,883.86. The trade was a 14.71% 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 64,673 shares of company stock worth $3,077,699. 1.01% of the stock is owned by company insiders.

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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