Pacer Advisors Inc. Grows Stock Holdings in Docusign Inc. (NASDAQ:DOCU)

Key Points

• Pacer Advisors Inc. significantly increased its stake in Docusign Inc. by 809.6% in the 1st quarter, acquiring an additional 1,038,962 shares to own a total of 1,167,290 shares valued at approximately $95 million.
• CEO Allan C. Thygesen sold 40,000 shares of Docusign stock on July 1st for about $3.1 million, indicating a 21.74% decrease in his ownership.
• Docusign recently announced a stock buyback plan that authorizes purchasing up to $1 billion of its shares, reflecting company confidence in its perceived undervaluation.

Pacer Advisors Inc. grew its position in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) by 809.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,167,290 shares of the company's stock after purchasing an additional 1,038,962 shares during the period. Pacer Advisors Inc. owned about 0.58% of Docusign worth $95,017,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC grew its stake in shares of Docusign by 519.4% during the first quarter. Golden State Wealth Management LLC now owns 384 shares of the company's stock valued at $31,000 after buying an additional 322 shares during the last quarter. Wood Tarver Financial Group LLC bought a new position in shares of Docusign during the fourth quarter valued at about $37,000. MassMutual Private Wealth & Trust FSB grew its stake in shares of Docusign by 153.1% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 453 shares of the company's stock valued at $37,000 after buying an additional 274 shares during the last quarter. McIlrath & Eck LLC grew its stake in shares of Docusign by 476.0% during the fourth quarter. McIlrath & Eck LLC now owns 432 shares of the company's stock valued at $39,000 after buying an additional 357 shares during the last quarter. Finally, Bessemer Group Inc. grew its stake in shares of Docusign by 490.0% during the fourth quarter. Bessemer Group Inc. now owns 472 shares of the company's stock valued at $42,000 after buying an additional 392 shares during the last quarter. Institutional investors own 77.64% of the company's stock.

Insider Transactions at Docusign

In other news, CFO Blake Jeffrey Grayson sold 15,143 shares of Docusign stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $74.80, for a total transaction of $1,132,696.40. Following the completion of the transaction, the chief financial officer directly owned 110,723 shares in the company, valued at approximately $8,282,080.40. This trade represents a 12.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert Chatwani sold 22,875 shares of Docusign stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $74.79, for a total transaction of $1,710,821.25. Following the transaction, the insider owned 72,126 shares of the company's stock, valued at $5,394,303.54. The trade was a 24.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 78,552 shares of company stock valued at $5,983,631. Insiders own 1.01% of the company's stock.

Wall Street Analysts Forecast Growth

DOCU has been the topic of a number of recent research reports. Wedbush reduced their price objective on Docusign from $100.00 to $85.00 and set a "neutral" rating on the stock in a research note on Thursday, June 12th. Needham & Company LLC reaffirmed a "hold" rating on shares of Docusign in a research note on Friday, June 6th. UBS Group reduced their price objective on Docusign from $85.00 to $80.00 and set a "neutral" rating on the stock in a research note on Friday, June 6th. William Blair reaffirmed an "outperform" rating on shares of Docusign in a research note on Monday, April 21st. Finally, HSBC raised Docusign from a "reduce" rating to a "hold" rating and set a $70.00 price objective on the stock in a research note on Friday, April 11th. Twelve analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Docusign has a consensus rating of "Hold" and an average target price of $89.77.

Docusign Trading Down 0.9%

Docusign stock traded down $0.71 during trading hours on Tuesday, hitting $79.69. 318,960 shares of the stock traded hands, compared to its average volume of 2,612,397. The firm's 50-day moving average price is $79.96 and its two-hundred day moving average price is $82.92. The company has a market cap of $16.10 billion, a PE ratio of 15.04, a PEG ratio of 29.81 and a beta of 1.08. Docusign Inc. has a one year low of $48.80 and a one year high of $107.86.

Docusign (NASDAQ:DOCU - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.09. The business had revenue of $763.65 million for the quarter, compared to analysts' expectations of $748.79 million. Docusign had a return on equity of 14.27% and a net margin of 36.50%. The business's revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.82 EPS. On average, sell-side analysts expect that Docusign Inc. will post 1.17 earnings per share for the current fiscal year.

Docusign declared that its board has initiated a stock buyback plan on Thursday, June 5th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to purchase up to 6.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board believes its shares are undervalued.

Docusign Company Profile

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.