Munich Reinsurance Co Stock Corp in Munich Reduces Stock Position in Docusign Inc. $DOCU

Key Points

• Munich Reinsurance Co Stock Corp cut its stake in DocuSign by 70.1% in Q4, selling 171,156 shares and retaining 73,171 shares valued at about $5.06 million at the end of the period.
• DocuSign beat quarterly expectations (EPS $1.01 vs. $0.95; revenue $836.9M vs. $828.2M, up 7.8% YoY) and its board authorized a $2.00 billion share buyback—up to 21% of outstanding shares.
• Research firms have trimmed price targets (average target ~$61.40) and the consensus rating is Hold, while institutional investors own roughly 77.6% of the stock.

Munich Reinsurance Co Stock Corp in Munich cut its stake in Docusign Inc. (NASDAQ:DOCU - Free Report) by 70.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 73,171 shares of the company's stock after selling 171,156 shares during the period. Munich Reinsurance Co Stock Corp in Munich's holdings in Docusign were worth $5,055,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of DOCU. NewEdge Advisors LLC increased its stake in shares of Docusign by 36.4% during the 1st quarter. NewEdge Advisors LLC now owns 9,202 shares of the company's stock worth $749,000 after purchasing an additional 2,457 shares in the last quarter. Guggenheim Capital LLC increased its stake in shares of Docusign by 6.7% during the 2nd quarter. Guggenheim Capital LLC now owns 11,543 shares of the company's stock worth $899,000 after purchasing an additional 729 shares in the last quarter. State Street Corp increased its stake in shares of Docusign by 3.0% during the 2nd quarter. State Street Corp now owns 8,074,976 shares of the company's stock worth $628,960,000 after purchasing an additional 236,494 shares in the last quarter. Sei Investments Co. increased its stake in shares of Docusign by 60.7% during the 2nd quarter. Sei Investments Co. now owns 40,386 shares of the company's stock worth $3,146,000 after purchasing an additional 15,247 shares in the last quarter. Finally, Treasurer of the State of North Carolina increased its stake in shares of Docusign by 51.0% during the 2nd quarter. Treasurer of the State of North Carolina now owns 189,178 shares of the company's stock worth $14,735,000 after purchasing an additional 63,911 shares in the last quarter. 77.64% of the stock is owned by hedge funds and other institutional investors.

Docusign Stock Up 2.7%

Shares of DOCU opened at $46.22 on Friday. The firm has a market cap of $8.98 billion, a PE ratio of 31.23, a price-to-earnings-growth ratio of 1.72 and a beta of 0.99. The company's fifty day moving average is $46.43 and its two-hundred day moving average is $58.42. Docusign Inc. has a fifty-two week low of $40.16 and a fifty-two week high of $94.67.

Docusign (NASDAQ:DOCU - Get Free Report) last announced its quarterly earnings results on Tuesday, March 17th. The company reported $1.01 earnings per share for the quarter, beating analysts' consensus estimates of $0.95 by $0.06. The company 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%. Docusign's revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the business earned $0.86 EPS. As a group, equities research analysts anticipate that Docusign Inc. will post 1.76 earnings per share for the current year.

Docusign declared that its board has authorized a stock buyback plan on Tuesday, March 17th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 21% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on DOCU shares. Robert W. Baird dropped their price objective on shares of Docusign from $75.00 to $55.00 and set a "neutral" rating for the company in a research note on Wednesday, March 18th. HSBC set a $53.00 price objective on shares of Docusign in a research note on Friday, February 13th. Royal Bank Of Canada dropped their price objective on shares of Docusign from $70.00 to $55.00 and set a "sector perform" rating for the company in a research note on Wednesday, March 18th. Wells Fargo & Company decreased their target price on shares of Docusign from $75.00 to $60.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 18th. Finally, Weiss Ratings lowered shares of Docusign from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Wednesday, April 15th. Three investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $61.40.

Insider Buying and Selling

In related news, Director Mary Agnes Wilderotter sold 3,000 shares of Docusign stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $48.15, for a total transaction of $144,450.00. Following the transaction, the director owned 59,803 shares in the company, valued at approximately $2,879,514.45. The trade was a 4.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James P. Shaughnessy sold 12,000 shares of Docusign stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $46.83, for a total transaction of $561,960.00. Following the transaction, the insider owned 53,631 shares in the company, valued at $2,511,539.73. The trade was a 18.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 64,673 shares of company stock worth $3,077,699 over the last 90 days. Company insiders own 1.01% of the company's stock.

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.

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