Shannon River Fund Management LLC Decreases Position in Docusign Inc. $DOCU

Key Points

• Shannon River Fund cut its stake in DocuSign by 13.0% in Q3, selling 42,400 shares to hold 283,515 shares (about 0.14% of the company) worth roughly $20.44 million and representing ~3.3% of the fund’s portfolio.
• Several large institutions (Vanguard, State Street, American Century, Geode) added to positions while Norges Bank initiated a new ~ $141 million stake, leaving institutional investors with about 77.64% of the stock.
• Wall Street sentiment is muted—the consensus rating is "Hold" with an average target of $78.80 after multiple price-target cuts—and insiders sold 76,493 shares (~$5.24M) in the last quarter as the stock trades near $48 (52-week range $40.16–$94.67; market cap ~$9.61B).

Shannon River Fund Management LLC trimmed its holdings in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) by 13.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 283,515 shares of the company's stock after selling 42,400 shares during the period. Docusign makes up about 3.3% of Shannon River Fund Management LLC's investment portfolio, making the stock its 12th largest holding. Shannon River Fund Management LLC owned 0.14% of Docusign worth $20,439,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Docusign by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 21,625,551 shares of the company's stock valued at $1,558,986,000 after purchasing an additional 225,525 shares during the last quarter. State Street Corp raised its holdings in Docusign by 3.0% in 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 during the period. American Century Companies Inc. lifted its position in Docusign by 1.6% during the second quarter. American Century Companies Inc. now owns 5,564,318 shares of the company's stock valued at $433,405,000 after purchasing an additional 86,560 shares in the last quarter. Geode Capital Management LLC grew its holdings in Docusign by 1.5% during the second quarter. Geode Capital Management LLC now owns 3,985,808 shares of the company's stock valued at $309,910,000 after purchasing an additional 59,941 shares during the period. Finally, Norges Bank purchased a new stake in Docusign in the second quarter worth about $140,987,000. Hedge funds and other institutional investors own 77.64% of the company's stock.

Docusign Stock Performance

Shares of NASDAQ DOCU opened at $48.00 on Thursday. Docusign Inc. has a 52-week low of $40.16 and a 52-week high of $94.67. The stock has a 50 day moving average price of $52.60 and a 200 day moving average price of $65.31. The firm has a market capitalization of $9.61 billion, a price-to-earnings ratio of 33.57, a PEG ratio of 2.11 and a beta of 1.03.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on DOCU. JPMorgan Chase & Co. lowered their price objective on Docusign from $80.00 to $78.00 and set a "neutral" rating on the stock in a research report on Friday, December 5th. HSBC set a $53.00 target price on Docusign in a research note on Friday, February 13th. Wells Fargo & Company dropped their price target on Docusign from $85.00 to $75.00 and set an "equal weight" rating for the company in a research note on Friday, December 5th. Evercore cut their price objective on shares of Docusign from $92.00 to $80.00 and set an "in-line" rating for the company in a report on Friday, December 5th. Finally, Robert W. Baird reduced their price objective on shares of Docusign from $90.00 to $75.00 and set a "neutral" rating on the stock in a research report on Friday, December 5th. Five equities research analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $78.80.

Insider Activity

In related news, insider Robert Chatwani sold 13,818 shares of Docusign stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $68.33, for a total transaction of $944,183.94. Following the transaction, the insider directly owned 70,197 shares of the company's stock, valued at $4,796,561.01. This trade represents a 16.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CRO Paula Hansen sold 6,000 shares of the business's stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $67.05, for a total transaction of $402,300.00. Following the completion of the transaction, the executive directly owned 68,970 shares of the company's stock, valued at $4,624,438.50. This trade represents a 8.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 76,493 shares of company stock valued at $5,235,225. 1.01% of the stock is currently owned by corporate insiders.

Docusign Profile

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.