Mitsubishi UFJ Asset Management Co. Ltd. Has $13.23 Million Position in Docusign Inc. (NASDAQ:DOCU)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Docusign by 8.5% in the first quarter, owning approximately 0.08% of the company valued at $13.2 million.
• Docusign reported a 7.6% year-over-year increase in revenue, achieving $763.65 million for the recent quarter with an EPS of $0.90, surpassing analyst expectations.
• The company's Board of Directors approved a $1.0 billion share repurchase program, indicating confidence in the stock's valuation.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) by 8.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 162,492 shares of the company's stock after buying an additional 12,695 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.08% of Docusign worth $13,227,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of DOCU. Hemington Wealth Management lifted its position in shares of Docusign by 318.1% during the first quarter. Hemington Wealth Management now owns 347 shares of the company's stock worth $28,000 after purchasing an additional 264 shares in the last quarter. Golden State Wealth Management LLC raised its holdings in Docusign by 519.4% in the first quarter. Golden State Wealth Management LLC now owns 384 shares of the company's stock valued at $31,000 after acquiring an additional 322 shares in the last quarter. Wood Tarver Financial Group LLC acquired a new stake in Docusign in the fourth quarter valued at approximately $37,000. MassMutual Private Wealth & Trust FSB raised its holdings in Docusign by 153.1% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 453 shares of the company's stock valued at $37,000 after acquiring an additional 274 shares in the last quarter. Finally, McIlrath & Eck LLC raised its holdings in Docusign by 476.0% in the fourth quarter. McIlrath & Eck LLC now owns 432 shares of the company's stock valued at $39,000 after acquiring an additional 357 shares in the last quarter. Hedge funds and other institutional investors own 77.64% of the company's stock.

Insiders Place Their Bets

In other Docusign news, CEO Allan C. Thygesen sold 40,000 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $77.51, for a total value of $3,100,400.00. Following the completion of the transaction, the chief executive officer directly owned 143,983 shares of the company's stock, valued at approximately $11,160,122.33. The trade was a 21.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert Chatwani sold 22,875 shares of the business's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $74.79, for a total value of $1,710,821.25. Following the completion of the sale, the insider owned 72,126 shares in the company, valued at approximately $5,394,303.54. This trade represents a 24.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 78,552 shares of company stock valued at $5,983,631 in the last three months. Insiders own 1.01% of the company's stock.

Docusign Price Performance

Shares of Docusign stock traded up $1.90 during midday trading on Friday, hitting $70.90. 2,107,877 shares of the company were exchanged, compared to its average volume of 2,234,166. The firm has a 50 day simple moving average of $75.92 and a 200-day simple moving average of $81.23. Docusign Inc. has a 52 week low of $54.31 and a 52 week high of $107.86. The firm has a market cap of $14.33 billion, a P/E ratio of 13.40, a PEG ratio of 25.75 and a beta of 1.01.

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

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

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. JPMorgan Chase & Co. dropped their price target on shares of Docusign from $81.00 to $77.00 and set a "neutral" rating on the stock in a research note on Friday, June 6th. UBS Group lowered their price objective on shares of Docusign from $85.00 to $80.00 and set a "neutral" rating on the stock in a research report on Friday, June 6th. Morgan Stanley reduced their target price on Docusign from $92.00 to $86.00 and set an "equal weight" rating for the company in a report on Friday, June 6th. William Blair reaffirmed an "outperform" rating on shares of Docusign in a research note on Monday, April 21st. Finally, Bank of America lowered their price target on Docusign from $88.00 to $85.00 and set a "neutral" rating for the company in a report on Friday, June 6th. Thirteen analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $89.77.

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.