Jupiter Asset Management Ltd. Cuts Stock Holdings in Docusign Inc. $DOCU

Key Points

• Jupiter Asset Management cut its Docusign stake by 19.1% in the fourth quarter, selling 230,281 shares and ending with 973,967 shares worth about $66.6 million.
• Docusign’s latest quarterly results beat expectations, with EPS of $1.01 versus $0.95 estimated and revenue of $836.9 million, up 7.8% year over year.
• The company also announced a $2 billion share buyback, while several analysts recently trimmed price targets and Citigroup downgraded the stock to neutral; the consensus rating is now Hold.

Jupiter Asset Management Ltd. decreased its stake in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) by 19.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 973,967 shares of the company's stock after selling 230,281 shares during the period. Jupiter Asset Management Ltd. owned about 0.49% of Docusign worth $66,619,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Central Pacific Bank Trust Division purchased a new position in Docusign in the fourth quarter worth $25,000. Torren Management LLC purchased a new position in Docusign in the fourth quarter worth $28,000. True Wealth Design LLC grew its position in Docusign by 105.2% during the fourth quarter. True Wealth Design LLC now owns 433 shares of the company's stock valued at $30,000 after buying an additional 222 shares during the period. Aventura Private Wealth LLC bought a new position in Docusign during the fourth quarter valued at about $30,000. Finally, Cary Street Partners Investment Advisory LLC grew its position in Docusign by 309.5% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 561 shares of the company's stock valued at $38,000 after buying an additional 424 shares during the period. Hedge funds and other institutional investors own 77.64% of the company's stock.

Docusign Stock Performance

Shares of Docusign stock opened at $49.58 on Friday. Docusign Inc. has a 52-week low of $40.16 and a 52-week high of $94.67. The stock's 50-day simple moving average is $47.16 and its 200 day simple moving average is $54.74. The stock has a market capitalization of $9.63 billion, a P/E ratio of 33.50, a P/E/G ratio of 1.85 and a beta of 0.88.

Docusign (NASDAQ:DOCU - Get Free Report) last announced its quarterly earnings data on Tuesday, March 17th. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.95 by $0.06. Docusign had a return on equity of 16.86% and a net margin of 9.60%.The business had revenue of $836.86 million for the quarter, compared to analysts' expectations of $828.23 million. During the same period in the previous year, the business posted $0.86 EPS. The firm's quarterly revenue was up 7.8% compared to the same quarter last year. Equities research analysts forecast that Docusign Inc. will post 1.76 EPS for the current fiscal year.

Docusign declared that its board has approved a share repurchase plan on Tuesday, March 17th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to purchase up to 21% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider Robert Chatwani sold 16,696 shares of the business's stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $48.10, for a total value of $803,077.60. Following the sale, the insider directly owned 72,458 shares in the company, valued at approximately $3,485,229.80. The trade was a 18.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Mary Agnes Wilderotter sold 3,000 shares of the business's stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $48.15, for a total value of $144,450.00. Following the completion of the sale, the director owned 59,803 shares in the company, valued at $2,879,514.45. This represents a 4.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 64,309 shares of company stock worth $3,061,570 in the last ninety days. 0.59% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently weighed in on DOCU. Citigroup lowered shares of Docusign from a "buy" rating to a "neutral" rating and reduced their price target for the company from $99.00 to $50.00 in a research report on Friday, April 10th. HSBC set a $53.00 price target on shares of Docusign in a research report on Friday, February 13th. Morgan Stanley dropped their price objective on Docusign from $90.00 to $69.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 18th. Wells Fargo & Company reduced their price objective on Docusign from $75.00 to $60.00 and set an "equal weight" rating for the company in a report on Wednesday, March 18th. Finally, Robert W. Baird decreased their target price on Docusign from $75.00 to $55.00 and set a "neutral" rating for the company in a research report on Wednesday, March 18th. Three research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $61.40.

About Docusign

DocuSign, Inc NASDAQ: DOCU is a leading provider of electronic signature and digital transaction management solutions. The company's flagship offering, DocuSign eSignature, enables organizations to send, sign and manage legally binding electronic agreements securely in the cloud. Beyond eSignature, DocuSign's Agreement Cloud combines contract lifecycle management, document generation, and workflow automation to streamline agreement processes from initiation through execution and storage.

DocuSign's platform serves a diverse customer base spanning industries such as finance, real estate, healthcare, technology, and government.

Want to see what other hedge funds are holding DOCU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Docusign Inc. (NASDAQ:DOCU - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.