Docusign Inc. (NASDAQ:DOCU) Shares Sold by Prudential PLC

Key Points

• Prudential PLC has significantly reduced its stake in Docusign Inc. by 58.8%, now holding 2,922 shares valued at approximately $238,000.
• Docusign's shares are currently trading at $70.90, with a market cap of $14.33 billion, reflecting a TE ratio of 13.40.
• The company announced a $1 billion stock repurchase plan to buy back up to 6.6% of its shares, indicating the board's belief that shares may be undervalued.

Prudential PLC decreased its position in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) by 58.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,922 shares of the company's stock after selling 4,162 shares during the period. Prudential PLC's holdings in Docusign were worth $238,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of DOCU. Jericho Capital Asset Management L.P. increased 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 worth $427,642,000 after purchasing an additional 1,205,500 shares during the period. Pacer Advisors Inc. increased its holdings in Docusign by 809.6% during the 1st quarter. Pacer Advisors Inc. now owns 1,167,290 shares of the company's stock worth $95,017,000 after purchasing an additional 1,038,962 shares during the period. Northern Trust Corp increased its holdings in Docusign by 77.2% during the 4th quarter. Northern Trust Corp now owns 1,984,378 shares of the company's stock worth $178,475,000 after purchasing an additional 864,408 shares during the period. Nuveen LLC purchased a new stake in Docusign during the 1st quarter worth about $50,459,000. Finally, Victory Capital Management Inc. increased its holdings in Docusign by 251.0% during the 1st quarter. Victory Capital Management Inc. now owns 734,588 shares of the company's stock worth $59,795,000 after purchasing an additional 525,294 shares during the period. Institutional investors and hedge funds own 77.64% of the company's stock.

Docusign Stock Up 2.8%

Shares of NASDAQ DOCU opened at $70.90 on Friday. The stock has a market cap of $14.33 billion, a PE ratio of 13.40, a price-to-earnings-growth ratio of 26.46 and a beta of 1.01. Docusign Inc. has a 52-week low of $54.31 and a 52-week high of $107.86. The business has a 50-day moving average price of $75.92 and a 200 day moving average price of $81.13.

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, 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 analysts' expectations of $748.79 million. During the same period last year, the firm earned $0.82 EPS. The firm's revenue for the quarter was up 7.6% on a year-over-year basis. Sell-side analysts anticipate that Docusign Inc. will post 1.17 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

DOCU has been the topic of several recent research reports. Citigroup cut their price target on Docusign from $115.00 to $110.00 and set a "buy" rating on the stock in a report on Monday, June 9th. UBS Group dropped their price objective on Docusign from $85.00 to $80.00 and set a "neutral" rating on the stock in a report on Friday, June 6th. Robert W. Baird dropped their price objective on Docusign from $93.00 to $85.00 and set a "neutral" rating on the stock in a report on Friday, June 6th. Wells Fargo & Company upgraded Docusign from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $67.00 to $80.00 in a report on Friday, June 13th. Finally, Wedbush dropped their price objective on Docusign from $100.00 to $85.00 and set a "neutral" rating on the stock in a report on Thursday, June 12th. Thirteen equities research 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 company currently has a consensus rating of "Hold" and a consensus target price of $89.77.

Insider Buying and Selling

In other Docusign news, CEO Allan C. Thygesen sold 40,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $77.51, for a total transaction of $3,100,400.00. Following the completion of the sale, the chief executive officer directly owned 143,983 shares of the company's stock, valued at approximately $11,160,122.33. This trade represents a 21.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert Chatwani sold 22,875 shares of the stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $74.79, for a total value of $1,710,821.25. Following the sale, the insider directly 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. Insiders sold a total of 78,552 shares of company stock valued at $5,983,631 over the last 90 days. Insiders own 1.01% of the company's stock.

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.

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