Inspire Advisors LLC Cuts Stock Holdings in Docusign Inc. (NASDAQ:DOCU)

Key Points

• Inspire Advisors LLC decreased its stake in Docusign Inc. by 19.4% in the first quarter, now holding 19,667 shares worth approximately $1.6 million.
• Docusign's CEO, Allan C. Thygesen, sold 40,000 shares of the stock for a total value of $3.1 million, reducing his ownership by 21.74%.
• The company initiated a $1 billion stock repurchase plan, which represents 6.6% of its stock, indicating management's belief that shares are undervalued.

Inspire Advisors LLC decreased its stake in Docusign Inc. (NASDAQ:DOCU - Free Report) by 19.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,667 shares of the company's stock after selling 4,743 shares during the quarter. Inspire Advisors LLC's holdings in Docusign were worth $1,601,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of DOCU. Foundry Partners LLC boosted its stake in shares of Docusign by 1.5% in the first quarter. Foundry Partners LLC now owns 8,491 shares of the company's stock worth $691,000 after acquiring an additional 125 shares during the period. Bessemer Group Inc. boosted its stake in shares of Docusign by 27.5% in the first quarter. Bessemer Group Inc. now owns 602 shares of the company's stock worth $49,000 after acquiring an additional 130 shares during the period. Kingsview Wealth Management LLC boosted its stake in shares of Docusign by 5.6% in the first quarter. Kingsview Wealth Management LLC now owns 2,655 shares of the company's stock worth $216,000 after acquiring an additional 141 shares during the period. TD Waterhouse Canada Inc. boosted its stake in shares of Docusign by 34.5% in the fourth quarter. TD Waterhouse Canada Inc. now owns 557 shares of the company's stock worth $50,000 after acquiring an additional 143 shares during the period. Finally, Westbourne Investment Advisors Inc. boosted its stake in shares of Docusign by 0.4% in the first quarter. Westbourne Investment Advisors Inc. now owns 45,996 shares of the company's stock worth $3,744,000 after acquiring an additional 161 shares during the period. Hedge funds and other institutional investors own 77.64% of the company's stock.

Insiders Place Their Bets

In related news, Director Teresa Briggs sold 534 shares of the company's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $74.37, for a total value of $39,713.58. Following the completion of the transaction, the director owned 8,805 shares of the company's stock, valued at approximately $654,827.85. This represents a 5.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Allan C. Thygesen sold 40,000 shares of the business's stock in a transaction that occurred 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 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 78,552 shares of company stock worth $5,983,631. 1.66% of the stock is owned by company insiders.

Docusign Trading Down 0.9%

Shares of NASDAQ DOCU traded down $0.69 during trading on Wednesday, reaching $79.20. 481,671 shares of the company traded hands, compared to its average volume of 2,603,124. The firm's fifty day simple moving average is $79.77 and its 200 day simple moving average is $82.90. The stock has a market cap of $16.00 billion, a P/E ratio of 14.98, a PEG ratio of 30.00 and a beta of 1.08. Docusign Inc. has a 12-month low of $48.80 and a 12-month high of $107.86.

Docusign (NASDAQ:DOCU - Get Free Report) last released its quarterly earnings results 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. The company had revenue of $763.65 million during the quarter, compared to analysts' expectations of $748.79 million. Docusign had a return on equity of 14.27% and a net margin of 36.50%. Docusign's quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.82 EPS. As a group, research analysts expect that Docusign Inc. will post 1.17 EPS for the current year.

Docusign announced that its board has approved a stock buyback program on Thursday, June 5th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the company to repurchase up to 6.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts recently commented on DOCU shares. JMP Securities reissued a "market outperform" rating and set a $124.00 price target on shares of Docusign in a research note on Tuesday, June 3rd. Citigroup reduced 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. William Blair reiterated an "outperform" rating on shares of Docusign in a report on Monday, April 21st. Wells Fargo & Company upgraded Docusign from an "underweight" rating to an "equal weight" rating and raised their price objective for the stock from $67.00 to $80.00 in a report on Friday, June 13th. Finally, HSBC upgraded Docusign from a "reduce" rating to a "hold" rating and set a $70.00 price target on the stock in a report on Friday, April 11th. Twelve research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Docusign presently has a consensus rating of "Hold" and a consensus target price of $89.77.

Docusign 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.