Pinpoint Asset Management Ltd Buys 20,043 Shares of Docusign Inc. (NASDAQ:DOCU)

Key Points

• Pinpoint Asset Management Ltd boosted its stake in Docusign Inc. by 54.3%, acquiring an additional 20,043 shares, bringing its total holdings to 56,985 shares valued at approximately $4.64 million.
• Insider trading activity revealed that both Teresa Briggs and CFO Blake Jeffrey Grayson sold shares, with insiders collectively selling 78,552 shares worth nearly $6 million over the last three months.
• Docusign's board has initiated a $1.00 billion share repurchase plan, indicating management's belief that the company’s shares are undervalued, alongside projected earnings of $1.17 EPS for the current fiscal year.

Pinpoint Asset Management Ltd increased its stake in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) by 54.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,985 shares of the company's stock after buying an additional 20,043 shares during the quarter. Docusign accounts for about 0.8% of Pinpoint Asset Management Ltd's investment portfolio, making the stock its 19th largest position. Pinpoint Asset Management Ltd's holdings in Docusign were worth $4,639,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Concurrent Investment Advisors LLC bought a new position in Docusign in the 1st quarter valued at $618,000. Gilman Hill Asset Management LLC raised its position in Docusign by 4.9% in 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 during the last quarter. Paradiem LLC bought a new position in Docusign in the 1st quarter valued at $4,357,000. Wealth Enhancement Advisory Services LLC raised its position in Docusign by 528.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 108,232 shares of the company's stock valued at $8,810,000 after purchasing an additional 91,017 shares during the last quarter. Finally, Kentucky Retirement Systems bought a new position in Docusign in the 1st quarter valued at $1,114,000. Institutional investors own 77.64% of the company's stock.

Insider Buying and Selling

In other Docusign news, Director Teresa Briggs sold 534 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $74.37, for a total value of $39,713.58. Following the completion of the transaction, the director directly owned 8,805 shares of the company's stock, valued at approximately $654,827.85. The trade was a 5.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Blake Jeffrey Grayson sold 15,143 shares of the business's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $74.80, for a total value of $1,132,696.40. Following the completion of the transaction, the chief financial officer directly owned 110,723 shares of the company's stock, valued at approximately $8,282,080.40. The trade was a 12.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 78,552 shares of company stock valued at $5,983,631 in the last three months. 1.01% of the stock is currently owned by company insiders.

Docusign Stock Up 1.8%

Shares of Docusign stock opened at $75.14 on Thursday. Docusign Inc. has a 12 month low of $50.78 and a 12 month high of $107.86. The business has a fifty day simple moving average of $78.75 and a 200 day simple moving average of $82.38. The stock has a market cap of $15.18 billion, a PE ratio of 14.20, a price-to-earnings-growth ratio of 27.56 and a beta of 1.01.

Docusign (NASDAQ:DOCU - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The company reported $0.90 EPS for the quarter, topping analysts' consensus estimates of $0.81 by $0.09. Docusign had a return on equity of 14.27% and a net margin of 36.50%. The business had revenue of $763.65 million during the quarter, compared to analysts' expectations of $748.79 million. During the same period in the previous year, the firm earned $0.82 earnings per share. The firm's quarterly revenue was up 7.6% compared to the same quarter last year. Analysts expect that Docusign Inc. will post 1.17 EPS for the current fiscal year.

Docusign declared that its board has initiated a share repurchase plan on Thursday, June 5th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to purchase up to 6.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

DOCU has been the subject of several research analyst reports. Hsbc Global Res upgraded Docusign from a "moderate sell" rating to a "hold" rating in a research report on Friday, April 11th. Wells Fargo & Company upgraded Docusign from an "underweight" rating to an "equal weight" rating and lifted their price objective for the company from $67.00 to $80.00 in a research report on Friday, June 13th. JMP Securities reiterated a "market outperform" rating and issued a $124.00 price objective on shares of Docusign in a research report on Tuesday, June 3rd. Bank of America lowered their target price on Docusign from $88.00 to $85.00 and set a "neutral" rating for the company in a research note on Friday, June 6th. Finally, JPMorgan Chase & Co. lowered their target price on Docusign from $81.00 to $77.00 and set a "neutral" rating for the company in a research note on Friday, June 6th. Thirteen research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $89.77.

Docusign Company 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.

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