Principal Financial Group Inc. Cuts Stock Position in Docusign Inc. (NASDAQ:DOCU)

Principal Financial Group Inc. reduced its position in Docusign Inc. (NASDAQ:DOCU - Free Report) by 3.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 528,523 shares of the company's stock after selling 18,273 shares during the period. Principal Financial Group Inc. owned about 0.26% of Docusign worth $43,022,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC raised its position in shares of Docusign by 178.2% in the fourth quarter. FMR LLC now owns 6,101,024 shares of the company's stock worth $548,726,000 after acquiring an additional 3,908,139 shares during the period. American Century Companies Inc. raised its holdings in Docusign by 18.5% in the 4th quarter. American Century Companies Inc. now owns 5,315,459 shares of the company's stock worth $478,072,000 after purchasing an additional 831,611 shares during the period. Jericho Capital Asset Management L.P. raised its holdings in Docusign by 34.0% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 4,754,753 shares of the company's stock worth $427,642,000 after purchasing an additional 1,205,500 shares during the period. Renaissance Technologies LLC boosted its position in Docusign by 4.9% during the fourth quarter. Renaissance Technologies LLC now owns 4,363,292 shares of the company's stock worth $392,434,000 after purchasing an additional 205,304 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Docusign by 7.2% in the fourth quarter. Geode Capital Management LLC now owns 3,732,363 shares of the company's stock valued at $335,147,000 after purchasing an additional 249,179 shares during the period. 77.64% of the stock is owned by hedge funds and other institutional investors.

Docusign Trading Up 1.2%

NASDAQ:DOCU traded up $0.92 during trading hours on Wednesday, hitting $78.87. The company had a trading volume of 417,512 shares, compared to its average volume of 2,857,079. Docusign Inc. has a 1 year low of $48.80 and a 1 year high of $107.86. The company has a market cap of $15.94 billion, a P/E ratio of 14.92, a P/E/G ratio of 28.98 and a beta of 1.08. The company has a 50-day moving average of $82.03 and a 200 day moving average of $84.27.

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

Docusign declared that its board has approved a share buyback plan on Thursday, June 5th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 6.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on DOCU. Morgan Stanley decreased their target price on Docusign from $92.00 to $86.00 and set an "equal weight" rating on the stock in a research report on Friday, June 6th. Robert W. Baird decreased their price objective on shares of Docusign from $93.00 to $85.00 and set a "neutral" rating on the stock in a report on Friday, June 6th. HSBC upgraded shares of Docusign from a "reduce" rating to a "hold" rating and set a $70.00 target price on the stock in a research report on Friday, April 11th. JPMorgan Chase & Co. reduced their price target on shares of Docusign from $81.00 to $77.00 and set a "neutral" rating for the company in a research report on Friday, June 6th. Finally, William Blair reiterated an "outperform" rating on shares of Docusign in a report on Monday, April 21st. Twelve analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $89.77.

Insider Activity

In other Docusign news, Director Teresa Briggs sold 534 shares of Docusign stock in a transaction on Monday, June 16th. The stock was sold at an average price of $74.37, for a total value of $39,713.58. Following the sale, the director owned 8,805 shares in the company, valued at $654,827.85. The trade was a 5.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert Chatwani sold 22,875 shares of the company's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $74.79, for a total value of $1,710,821.25. Following the completion of the transaction, the insider directly owned 72,126 shares in the company, valued at approximately $5,394,303.54. This trade represents a 24.08% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 86,552 shares of company stock worth $6,592,351 over the last quarter. 1.66% of the stock is currently owned by corporate insiders.

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.