Legal & General Group Plc Has $97.19 Million Stock Position in Docusign Inc. $DOCU

Key Points

• Legal & General Group Plc trimmed its Docusign stake by 7.0% in the fourth quarter, but still held 1,420,944 shares valued at about $97.2 million at the end of the period.
• Docusign posted a solid quarterly beat, reporting $1.01 EPS versus the $0.95 estimate and revenue of $836.86 million, up 7.8% year over year.
• The company’s board authorized a $2 billion share repurchase program, while analysts remain cautious overall with a consensus rating of Hold and an average price target of $61.40.

Legal & General Group Plc reduced its holdings in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) by 7.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,420,944 shares of the company's stock after selling 106,221 shares during the quarter. Legal & General Group Plc owned 0.71% of Docusign worth $97,193,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Central Pacific Bank Trust Division acquired a new position in shares of Docusign during the fourth quarter valued at about $25,000. Torren Management LLC acquired a new position in shares of Docusign during the fourth quarter valued at about $28,000. True Wealth Design LLC grew its holdings in shares of 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 last quarter. Aventura Private Wealth LLC acquired a new position in shares of Docusign during the fourth quarter valued at about $30,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Docusign during the fourth quarter valued at about $44,000. 77.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Weiss Ratings lowered shares of Docusign from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Wednesday, April 15th. Royal Bank Of Canada dropped their price target on shares of Docusign from $70.00 to $55.00 and set a "sector perform" rating on the stock in a research report on Wednesday, March 18th. Piper Sandler dropped their price target on shares of Docusign from $75.00 to $52.00 and set a "neutral" rating on the stock in a research report on Wednesday, March 18th. Needham & Company LLC reissued a "hold" rating on shares of Docusign in a research report on Tuesday, March 10th. Finally, Morgan Stanley dropped their price target on shares of Docusign from $90.00 to $69.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 18th. Three equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $61.40.

Docusign Price Performance

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

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

Docusign announced that its Board of Directors has approved a stock repurchase program on Tuesday, March 17th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 21% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In other Docusign news, CRO Paula Hansen sold 6,000 shares of Docusign stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $46.84, for a total value of $281,040.00. Following the sale, the executive owned 79,233 shares of the company's stock, valued at approximately $3,711,273.72. The trade was a 7.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Allan C. Thygesen sold 26,250 shares of Docusign stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $47.78, for a total transaction of $1,254,225.00. Following the completion of the sale, the chief executive officer directly owned 152,237 shares in the company, valued at approximately $7,273,883.86. This represents a 14.71% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 64,309 shares of company stock valued at $3,061,570. Company insiders own 0.59% of the company's stock.

Docusign Company Profile

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.

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