Illinois Municipal Retirement Fund Reduces Holdings in Docusign Inc. (NASDAQ:DOCU)

Illinois Municipal Retirement Fund lessened its holdings in Docusign Inc. (NASDAQ:DOCU - Free Report) by 17.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 88,215 shares of the company's stock after selling 18,480 shares during the period. Illinois Municipal Retirement Fund's holdings in Docusign were worth $7,181,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Golden State Wealth Management LLC increased its holdings in shares of Docusign by 519.4% in the 1st quarter. Golden State Wealth Management LLC now owns 384 shares of the company's stock valued at $31,000 after acquiring an additional 322 shares during the last quarter. Wood Tarver Financial Group LLC purchased a new stake in Docusign in the 4th quarter worth approximately $37,000. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Docusign by 153.1% in 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. McIlrath & Eck LLC boosted its stake in shares of Docusign by 476.0% in the fourth quarter. McIlrath & Eck LLC now owns 432 shares of the company's stock valued at $39,000 after purchasing an additional 357 shares during the period. Finally, Bessemer Group Inc. boosted its stake in Docusign by 490.0% during the 4th quarter. Bessemer Group Inc. now owns 472 shares of the company's stock valued at $42,000 after acquiring an additional 392 shares during the last quarter. Institutional investors and hedge funds own 77.64% of the company's stock.

Docusign Price Performance

NASDAQ DOCU traded down $0.44 during trading hours on Wednesday, reaching $76.92. 1,232,421 shares of the company's stock traded hands, compared to its average volume of 2,857,106. Docusign Inc. has a 52-week low of $48.80 and a 52-week high of $107.86. The firm has a 50-day simple moving average of $82.35 and a 200 day simple moving average of $84.87. The firm has a market cap of $15.54 billion, a PE ratio of 14.53, a PEG ratio of 29.07 and a beta of 1.08.

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

Docusign declared that its Board of Directors has approved a stock buyback plan on Thursday, June 5th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 6.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on DOCU. Jefferies Financial Group dropped their target price on Docusign from $115.00 to $105.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Wedbush dropped their target price on shares of Docusign from $100.00 to $85.00 and set a "neutral" rating on the stock in a research report on Thursday, June 12th. Wells Fargo & Company raised shares of Docusign from an "underweight" rating to an "equal weight" rating and upped their price objective for the stock from $67.00 to $80.00 in a research note on Friday, June 13th. Needham & Company LLC reiterated a "hold" rating on shares of Docusign in a research report on Friday, June 6th. Finally, Bank of America decreased their price objective on Docusign from $88.00 to $85.00 and set a "neutral" rating for the company in a research report on Friday, June 6th. Twelve 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 an average price target of $89.77.

Insider Activity at Docusign

In other news, Director Teresa Briggs sold 534 shares of Docusign 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 completion of the transaction, the director directly owned 8,805 shares of the company's stock, valued at $654,827.85. The trade was a 5.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Blake Jeffrey Grayson sold 15,143 shares of Docusign stock in a transaction on Wednesday, June 18th. The shares were 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 in the company, valued at $8,282,080.40. This represents a 12.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,552 shares of company stock worth $3,491,951 in the last 90 days. 1.66% of the stock is owned by corporate insiders.

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.