MFG Wealth Management Inc. Sells 7,348 Shares of Docusign Inc. (NASDAQ:DOCU)

MFG Wealth Management Inc. reduced its stake in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) by 23.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,729 shares of the company's stock after selling 7,348 shares during the quarter. Docusign comprises about 1.8% of MFG Wealth Management Inc.'s investment portfolio, making the stock its 26th largest holding. MFG Wealth Management Inc.'s holdings in Docusign were worth $1,932,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of DOCU. Gilman Hill Asset Management LLC boosted its stake in Docusign by 4.9% during the 1st quarter. Gilman Hill Asset Management LLC now owns 84,326 shares of the company's stock valued at $6,864,000 after purchasing an additional 3,904 shares in the last quarter. Amundi lifted its holdings in shares of Docusign by 565.8% in the fourth quarter. Amundi now owns 1,379,575 shares of the company's stock valued at $123,486,000 after buying an additional 1,172,368 shares during the period. Paradiem LLC bought a new position in Docusign during the first quarter valued at about $4,357,000. SBI Securities Co. Ltd. acquired a new position in Docusign during the fourth quarter worth about $882,000. Finally, Massachusetts Financial Services Co. MA grew its holdings in Docusign by 633.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 237,442 shares of the company's stock worth $21,356,000 after acquiring an additional 205,051 shares during the period. Institutional investors and hedge funds own 77.64% of the company's stock.

Insiders Place Their Bets

In related news, insider Robert Chatwani sold 22,875 shares of the stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $74.79, for a total value of $1,710,821.25. Following the transaction, the insider now owns 72,126 shares in the company, valued at approximately $5,394,303.54. This represents a 24.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Blake Jeffrey Grayson sold 15,143 shares of the firm's stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 110,723 shares in the company, valued at approximately $8,282,080.40. The trade was a 12.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 54,052 shares of company stock worth $4,101,776 in the last quarter. 1.01% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

DOCU has been the subject of a number of research analyst reports. UBS Group cut their price target on shares of Docusign from $85.00 to $80.00 and set a "neutral" rating for the company in a report on Friday, June 6th. Jefferies Financial Group cut their target price on shares of Docusign from $115.00 to $105.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Hsbc Global Res upgraded shares of Docusign from a "moderate sell" rating to a "hold" rating in a research report on Friday, April 11th. William Blair reiterated an "outperform" rating on shares of Docusign in a research report on Monday, April 21st. Finally, Needham & Company LLC reissued a "hold" rating on shares of Docusign in a research note on Friday, June 6th. Twelve research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Docusign currently has an average rating of "Hold" and a consensus target price of $89.77.

Docusign Price Performance

Docusign stock traded up $0.54 during mid-day trading on Thursday, hitting $75.55. The company's stock had a trading volume of 2,025,190 shares, compared to its average volume of 2,858,720. Docusign Inc. has a 52-week low of $48.80 and a 52-week high of $107.86. The company has a market cap of $15.27 billion, a PE ratio of 14.28, a price-to-earnings-growth ratio of 28.69 and a beta of 1.14. The firm's 50 day moving average is $82.14 and its 200 day moving average is $85.49.

Docusign (NASDAQ:DOCU - Get Free Report) last issued its earnings results on Thursday, June 5th. The company reported $0.90 earnings per share for the quarter, beating analysts' consensus estimates of $0.81 by $0.09. The company had revenue of $763.65 million for 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 firm's quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.82 EPS. As a group, analysts forecast that Docusign Inc. will post 1.17 EPS for the current year.

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

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.