Harvest Fund Management Co. Ltd Sells 16,118 Shares of Docusign Inc. (NASDAQ:DOCU)

Key Points

• Harvest Fund Management Co. Ltd significantly reduced its position in Docusign by 80.3%, holding 3,957 shares, valued at $322,000, after selling 16,118 shares in the first quarter.
• Various other institutional investors also increased their stakes in Docusign, with Golden State Wealth Management LLC growing its position by 519.4% during the same period.
• Research analysts have issued new price targets for Docusign, with UBS Group lowering its target from $85 to $80, while HSBC upgraded it from "reduce" to "hold" with a target of $70.

Harvest Fund Management Co. Ltd decreased its holdings in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) by 80.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,957 shares of the company's stock after selling 16,118 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Docusign were worth $322,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Banque Cantonale Vaudoise purchased a new position in shares of Docusign during the first quarter valued at $526,000. Mackenzie Financial Corp grew its holdings in shares of Docusign by 9.9% during the first quarter. Mackenzie Financial Corp now owns 3,455 shares of the company's stock valued at $281,000 after buying an additional 311 shares in the last quarter. Sheaff Brock Investment Advisors LLC purchased a new position in shares of Docusign during the first quarter valued at $566,000. Carrera Capital Advisors boosted its position in Docusign by 3.0% during the first quarter. Carrera Capital Advisors now owns 12,531 shares of the company's stock valued at $1,020,000 after purchasing an additional 366 shares during the last quarter. Finally, MRP Capital Investments LLC acquired a new stake in Docusign during the first quarter valued at $114,000. Hedge funds and other institutional investors own 77.64% of the company's stock.

Insider Buying and Selling

In other news, Director Teresa Briggs sold 534 shares of the firm's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $74.37, for a total value of $39,713.58. Following the transaction, the director directly owned 8,805 shares in the company, valued at $654,827.85. This trade represents a 5.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Allan C. Thygesen sold 40,000 shares of the firm's stock in a transaction on 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 sale, the chief executive officer directly owned 143,983 shares in the company, valued at $11,160,122.33. The trade was a 21.74% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 78,552 shares of company stock valued at $5,983,631. 1.01% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on DOCU shares. UBS Group reduced their price objective on Docusign from $85.00 to $80.00 and set a "neutral" rating for the company in a research report on Friday, June 6th. Wedbush reduced their price objective on Docusign from $100.00 to $85.00 and set a "neutral" rating for the company in a research report on Thursday, June 12th. JMP Securities reaffirmed a "market outperform" rating and issued a $124.00 price target on shares of Docusign in a research report on Tuesday, June 3rd. Morgan Stanley lowered their price objective on Docusign from $92.00 to $86.00 and set an "equal weight" rating on the stock in a report on Friday, June 6th. Finally, Citigroup cut their price objective on Docusign from $115.00 to $110.00 and set a "buy" rating on the stock in a research note on Monday, June 9th. Thirteen analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $89.77.

Docusign Price Performance

Shares of NASDAQ DOCU traded down $1.80 during trading hours on Friday, hitting $73.84. 1,871,136 shares of the company's stock were exchanged, compared to its average volume of 2,088,222. Docusign Inc. has a 1-year low of $48.80 and a 1-year high of $107.86. The stock has a market capitalization of $14.92 billion, a price-to-earnings ratio of 54.70, a PEG ratio of 27.56 and a beta of 1.01. The company's 50-day moving average price is $79.18 and its 200-day moving average price is $82.66.

Docusign (NASDAQ:DOCU - Get Free Report) last posted 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. 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 analysts' expectations of $748.79 million. During the same quarter in the prior year, the firm posted $0.82 EPS. The company's revenue for the quarter was up 7.6% on a year-over-year basis. On average, 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 buyback plan on Thursday, June 5th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 6.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

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.