Horizon Investment Services LLC Increases Holdings in Docusign Inc. (NASDAQ:DOCU)

Horizon Investment Services LLC raised its holdings in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) by 351.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,024 shares of the company's stock after purchasing an additional 18,701 shares during the quarter. Horizon Investment Services LLC's holdings in Docusign were worth $1,956,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. FMR LLC lifted its holdings in Docusign by 178.2% during the 4th quarter. FMR LLC now owns 6,101,024 shares of the company's stock valued at $548,726,000 after buying an additional 3,908,139 shares in the last quarter. Invesco Ltd. lifted its holdings in Docusign by 283.9% during the 4th quarter. Invesco Ltd. now owns 3,447,275 shares of the company's stock valued at $310,048,000 after buying an additional 2,549,310 shares in the last quarter. Norges Bank bought a new stake in Docusign during the 4th quarter valued at about $223,196,000. Arrowstreet Capital Limited Partnership lifted its holdings in Docusign by 201.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,158,311 shares of the company's stock valued at $194,118,000 after buying an additional 1,442,639 shares in the last quarter. Finally, Jericho Capital Asset Management L.P. lifted its holdings in Docusign by 34.0% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 4,754,753 shares of the company's stock valued at $427,642,000 after buying an additional 1,205,500 shares in the last quarter. Institutional investors own 77.64% of the company's stock.

Docusign Stock Up 2.6%

Shares of Docusign stock traded up $2.04 on Tuesday, hitting $81.38. 2,104,698 shares of the company's stock traded hands, compared to its average volume of 2,885,223. The stock has a market cap of $16.44 billion, a P/E ratio of 15.38, a PEG ratio of 29.62 and a beta of 1.08. The firm's 50-day moving average is $81.16 and its 200 day moving average is $83.32. Docusign Inc. has a 52-week low of $48.80 and a 52-week high of $107.86.

Docusign (NASDAQ:DOCU - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The company reported $0.90 EPS 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 firm had revenue of $763.65 million during the quarter, compared to analyst estimates of $748.79 million. During the same period last year, the company posted $0.82 EPS. The business's quarterly revenue was up 7.6% compared to the same quarter last year. Equities research analysts forecast that Docusign Inc. will post 1.17 EPS for the current year.

Docusign declared that its Board of Directors has approved a share repurchase plan on Thursday, June 5th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to purchase up to 6.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling at Docusign

In other news, insider Robert Chatwani sold 22,875 shares of Docusign stock in a transaction 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 in the company, valued at $5,394,303.54. This trade represents a 24.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Blake Jeffrey Grayson sold 15,143 shares of the company'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 transaction of $1,132,696.40. Following the completion of the sale, the chief financial officer directly owned 110,723 shares of the company's stock, valued at $8,282,080.40. The trade was a 12.03% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 78,552 shares of company stock valued at $5,983,631. Corporate insiders own 1.66% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on DOCU. Hsbc Global Res raised shares of Docusign from a "moderate sell" rating to a "hold" rating in a research report on Friday, April 11th. Citigroup dropped their target price on shares of Docusign from $115.00 to $110.00 and set a "buy" rating on the stock in a research report on Monday, June 9th. Needham & Company LLC reaffirmed a "hold" rating on shares of Docusign in a report on Friday, June 6th. Wells Fargo & Company upgraded shares of Docusign from an "underweight" rating to an "equal weight" rating and boosted their target price for the company from $67.00 to $80.00 in a research note on Friday, June 13th. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $124.00 target price on shares of Docusign in a report on Tuesday, June 3rd. Twelve analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock 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.