Horizon Investment Services LLC Purchases 18,701 Shares of Docusign Inc. (NASDAQ:DOCU)

Horizon Investment Services LLC lifted its stake in Docusign Inc. (NASDAQ:DOCU - Free Report) by 351.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 24,024 shares of the company's stock after acquiring an additional 18,701 shares during the quarter. Horizon Investment Services LLC's holdings in Docusign were worth $1,956,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in DOCU. Golden State Wealth Management LLC increased its position in shares of Docusign by 519.4% in the 1st quarter. Golden State Wealth Management LLC now owns 384 shares of the company's stock valued at $31,000 after purchasing an additional 322 shares during the last quarter. Wood Tarver Financial Group LLC purchased a new stake in shares of Docusign in the 4th quarter valued at approximately $37,000. MassMutual Private Wealth & Trust FSB increased its position in shares of Docusign by 153.1% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 453 shares of the company's stock valued at $37,000 after purchasing an additional 274 shares during the last quarter. McIlrath & Eck LLC grew its position in shares of Docusign by 476.0% in the 4th 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. raised its stake in Docusign by 490.0% during the 4th quarter. Bessemer Group Inc. now owns 472 shares of the company's stock worth $42,000 after acquiring an additional 392 shares in the last quarter. 77.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Blake Jeffrey Grayson sold 15,143 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $74.80, for a total value 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. The trade was a 12.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Teresa Briggs sold 534 shares of the business's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $74.37, for a total value of $39,713.58. Following the completion of the transaction, the director owned 8,805 shares of the company's stock, valued at $654,827.85. This represents a 5.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 78,552 shares of company stock valued at $5,983,631. Insiders own 1.01% of the company's stock.

Docusign Stock Down 1.6%

DOCU traded down $1.27 during trading on Thursday, reaching $80.14. 769,761 shares of the company's stock were exchanged, compared to its average volume of 2,634,209. Docusign Inc. has a fifty-two week low of $48.80 and a fifty-two week high of $107.86. The business has a 50 day moving average price of $80.64 and a 200 day moving average price of $83.22. The company has a market capitalization of $16.19 billion, a P/E ratio of 15.16, a PEG ratio of 30.37 and a beta of 1.08.

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

Docusign announced that its board has authorized a share 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 buy up to 6.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on DOCU shares. Citigroup cut their price target on shares of Docusign from $115.00 to $110.00 and set a "buy" rating on the stock in a research note on Monday, June 9th. Needham & Company LLC reissued a "hold" rating on shares of Docusign in a research report on Friday, June 6th. Wells Fargo & Company raised shares of Docusign from an "underweight" rating to an "equal weight" rating and raised their price objective for the stock from $67.00 to $80.00 in a research report on Friday, June 13th. Morgan Stanley lowered their price objective on shares of Docusign from $92.00 to $86.00 and set an "equal weight" rating on the stock in a research report on Friday, June 6th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Docusign from $81.00 to $77.00 and set a "neutral" rating on the stock in a research report on Friday, June 6th. Twelve research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $89.77.

About Docusign

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.