HighTower Advisors LLC Trims Stake in Docusign Inc. $DOCU

Key Points

• HighTower Advisors cut its Docusign stake by 82.2% in the second quarter, selling 89,082 shares and retaining 19,355 shares valued at approximately $860,000. Institutional investors overall own 77.64% of DOCU.
• Analysts maintain a largely cautious outlook: Docusign has a consensus “Hold” rating and an average price target of $67.33, despite BTIG and Piper Sandler raising their targets to $75.
• Docusign’s latest quarterly results exceeded expectations, with EPS of $1.16 versus $1.09 expected and revenue of $875.75 million, up 9.4% year over year. Shares opened at $69.76, up 6.3%.

HighTower Advisors LLC reduced its holdings in Docusign Inc. (NASDAQ:DOCU - Free Report) by 82.2% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,355 shares of the company's stock after selling 89,082 shares during the quarter. HighTower Advisors LLC's holdings in Docusign were worth $860,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Docusign in the 2nd quarter worth approximately $3,247,000. California State Teachers Retirement System grew its position in Docusign by 4,016.6% in the second quarter. California State Teachers Retirement System now owns 9,960,652 shares of the company's stock worth $442,452,000 after acquiring an additional 9,718,686 shares in the last quarter. Ameritas Advisory Services LLC grew its position in Docusign by 225.5% in the second quarter. Ameritas Advisory Services LLC now owns 25,109 shares of the company's stock worth $1,115,000 after acquiring an additional 17,395 shares in the last quarter. HB Wealth Management LLC increased its stake in Docusign by 30.0% in the second quarter. HB Wealth Management LLC now owns 11,632 shares of the company's stock valued at $517,000 after acquiring an additional 2,687 shares during the last quarter. Finally, Compass Financial Management LLC purchased a new stake in Docusign during the second quarter valued at about $61,000. Hedge funds and other institutional investors own 77.64% of the company's stock.

Wall Street Analysts Forecast Growth

DOCU has been the subject of a number of research reports. BTIG Research upped their price objective on Docusign from $60.00 to $75.00 and gave the stock a "buy" rating in a report on Wednesday, September 2nd. Wall Street Zen lowered Docusign from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 2nd. Piper Sandler increased their price target on shares of Docusign from $52.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, September 4th. Evercore set a $65.00 price target on shares of Docusign in a research note on Friday, September 4th. Finally, Weiss Ratings upgraded shares of Docusign from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. Three equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $67.33.

Insider Transactions at Docusign

In other news, CEO Allan C. Thygesen sold 26,250 shares of the firm's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $46.02, for a total value of $1,208,025.00. Following the transaction, the chief executive officer owned 159,038 shares in the company, valued at approximately $7,318,928.76. This trade represents a 14.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Teresa Briggs sold 548 shares of Docusign stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $64.60, for a total transaction of $35,400.80. Following the completion of the transaction, the director directly owned 10,811 shares in the company, valued at approximately $698,390.60. The trade was a 4.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 182,150 shares of company stock valued at $10,443,740. Insiders own 0.59% of the company's stock.

Docusign Trading Up 6.3%

Shares of NASDAQ:DOCU opened at $69.76 on Tuesday. The stock's 50-day moving average price is $58.21 and its 200-day moving average price is $50.86. Docusign Inc. has a 12-month low of $40.16 and a 12-month high of $86.65. The stock has a market capitalization of $13.04 billion, a P/E ratio of 42.54, a price-to-earnings-growth ratio of 2.47 and a beta of 0.90.

Docusign (NASDAQ:DOCU - Get Free Report) last issued its earnings results on Thursday, September 3rd. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.07. Docusign had a return on equity of 18.29% and a net margin of 9.82%.The company had revenue of $875.75 million during the quarter, compared to analysts' expectations of $867.22 million. During the same period in the prior year, the business posted $0.30 EPS. Docusign's quarterly revenue was up 9.4% compared to the same quarter last year. As a group, research analysts predict that Docusign Inc. will post 2.1 EPS for the current year.

Docusign Company Profile

DocuSign, Inc is a provider of digital agreement management and electronic signature solutions. Its platform enables individuals and organizations to prepare, send, sign, manage and store agreements electronically, helping businesses replace paper-based contracting processes with digital workflows.

The company's products and services include DocuSign eSignature, which supports electronic signing and authentication, as well as tools for contract lifecycle management, agreement preparation, identity verification, notarial services and workflow automation.

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