Pacer Advisors Inc. Sells 212,543 Shares of Docusign Inc. $DOCU

Key Points

• Pacer Advisors cut its Docusign stake by 21.8% in the fourth quarter, selling 212,543 shares and ending with 762,634 shares valued at about $52.2 million.
• Docusign beat quarterly expectations, reporting EPS of $1.09 versus $0.99 expected and revenue of $830.24 million, up 8.7% year over year.
• The company also has a $2 billion share repurchase authorization, while analysts currently rate the stock a consensus Hold with an average target price of $60.27.

Pacer Advisors Inc. lessened its holdings in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) by 21.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 762,634 shares of the company's stock after selling 212,543 shares during the period. Pacer Advisors Inc. owned about 0.38% of Docusign worth $52,164,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Central Pacific Bank Trust Division purchased a new position in Docusign during the 4th quarter valued at $25,000. Modus Advisors LLC purchased a new stake in Docusign in the fourth quarter worth $27,000. Torren Management LLC purchased a new stake in Docusign in the fourth quarter worth $28,000. True Wealth Design LLC increased its stake in Docusign by 105.2% in the fourth quarter. True Wealth Design LLC now owns 433 shares of the company's stock worth $30,000 after purchasing an additional 222 shares during the period. Finally, Aventura Private Wealth LLC bought a new stake in shares of Docusign during the fourth quarter worth $30,000. Institutional investors own 77.64% of the company's stock.

Docusign Stock Performance

NASDAQ:DOCU opened at $43.47 on Friday. Docusign Inc. has a one year low of $40.16 and a one year high of $86.65. The firm has a market cap of $8.30 billion, a P/E ratio of 28.23, a P/E/G ratio of 1.32 and a beta of 0.92. The firm has a 50-day simple moving average of $47.17 and a 200-day simple moving average of $52.61.

Docusign (NASDAQ:DOCU - Get Free Report) last released its quarterly earnings data on Thursday, June 4th. The company reported $1.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.99 by $0.10. The firm had revenue of $830.24 million for the quarter, compared to the consensus estimate of $824.71 million. Docusign had a net margin of 9.59% and a return on equity of 17.48%. The company's quarterly revenue was up 8.7% on a year-over-year basis. During the same period last year, the firm earned $0.90 earnings per share. On average, research analysts predict that Docusign Inc. will post 1.97 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on DOCU shares. Wedbush lowered their target price on shares of Docusign from $60.00 to $58.00 and set a "neutral" rating for the company in a research note on Friday, June 5th. JPMorgan Chase & Co. decreased their price objective on shares of Docusign from $78.00 to $65.00 and set a "neutral" rating for the company in a report on Wednesday, March 18th. Needham & Company LLC reissued a "hold" rating on shares of Docusign in a research report on Friday, June 5th. Wells Fargo & Company dropped their target price on shares of Docusign from $60.00 to $55.00 and set an "equal weight" rating on the stock in a research note on Friday, June 5th. Finally, BTIG Research reduced their target price on shares of Docusign from $70.00 to $60.00 and set a "buy" rating on the stock in a research report on Friday, June 5th. Three research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Docusign has a consensus rating of "Hold" and an average target price of $60.27.

Insider Buying and Selling

In other Docusign news, insider James P. Shaughnessy sold 12,000 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $46.83, for a total transaction of $561,960.00. Following the sale, the insider owned 53,631 shares of the company's stock, valued at approximately $2,511,539.73. This trade represents a 18.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Paula Hansen sold 6,000 shares of Docusign stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $46.84, for a total value of $281,040.00. Following the completion of the transaction, the executive owned 79,233 shares in the company, valued at $3,711,273.72. This represents a 7.04% decrease in their ownership of the stock. 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 48,793 shares of company stock worth $2,322,737 in the last three months. Corporate insiders own 0.59% 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.

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.