Sumitomo Mitsui Trust Group Inc. Sells 5,857 Shares of Docusign Inc. (NASDAQ:DOCU)

Sumitomo Mitsui Trust Group Inc. lowered its stake in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) by 1.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 451,662 shares of the company's stock after selling 5,857 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.22% of Docusign worth $36,765,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Golden State Wealth Management LLC boosted its stake in Docusign by 519.4% during the first quarter. Golden State Wealth Management LLC now owns 384 shares of the company's stock worth $31,000 after buying an additional 322 shares during the period. Wood Tarver Financial Group LLC bought a new stake in shares of Docusign in the 4th quarter worth about $37,000. McIlrath & Eck LLC lifted its holdings in shares of Docusign by 476.0% in the 4th quarter. McIlrath & Eck LLC now owns 432 shares of the company's stock worth $39,000 after acquiring an additional 357 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Docusign by 153.1% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 453 shares of the company's stock worth $37,000 after purchasing an additional 274 shares during the period. Finally, Bessemer Group Inc. boosted its stake in shares of Docusign by 490.0% during the 4th quarter. Bessemer Group Inc. now owns 472 shares of the company's stock worth $42,000 after purchasing an additional 392 shares during the period. Hedge funds and other institutional investors own 77.64% of the company's stock.

Insider Buying and Selling at Docusign

In other news, CFO Blake Jeffrey Grayson sold 15,143 shares of the business's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $74.80, for a total value of $1,132,696.40. Following the completion of the sale, the chief financial officer 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Teresa Briggs sold 534 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $74.37, for a total transaction of $39,713.58. Following the transaction, the director owned 8,805 shares in the company, valued at approximately $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 have sold 46,552 shares of company stock valued at $3,491,951. Company insiders own 1.01% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Morgan Stanley reduced 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. Wells Fargo & Company raised Docusign from an "underweight" rating to an "equal weight" rating and upped their target price for the company from $67.00 to $80.00 in a research note on Friday, June 13th. William Blair reiterated an "outperform" rating on shares of Docusign in a report on Monday, April 21st. UBS Group dropped their price objective on Docusign from $85.00 to $80.00 and set a "neutral" rating for the company in a report on Friday, June 6th. Finally, Bank of America cut their price objective on Docusign from $88.00 to $85.00 and set a "neutral" rating on the stock in a research report on Friday, June 6th. Twelve equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $89.77.

Docusign Stock Performance

DOCU traded up $1.82 during trading on Friday, hitting $78.97. 1,921,166 shares of the stock were exchanged, compared to its average volume of 2,862,845. The firm has a 50 day simple moving average of $82.20 and a 200 day simple moving average of $84.56. The firm has a market cap of $15.96 billion, a price-to-earnings ratio of 14.93, a P/E/G ratio of 29.49 and a beta of 1.08. Docusign Inc. has a 1 year low of $48.80 and a 1 year high of $107.86.

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

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