Sienna Gestion Decreases Stake in Docusign Inc. (NASDAQ:DOCU)

Key Points

• Sienna Gestion reduced its position in Docusign Inc. by 6.1%, now holding 65,181 shares worth approximately $5.16 million after selling 4,253 shares in the first quarter.
• Several institutional investors, including New Age Alpha Advisors LLC and Pinpoint Asset Management Ltd, significantly increased their stakes in Docusign during the same period, indicating varied investor confidence.
• Docusign's board initiated a $1.00 billion share buyback program, underscoring the belief that its shares may be undervalued amidst a backdrop of recent price target adjustments by various financial institutions.

Sienna Gestion trimmed its holdings in Docusign Inc. (NASDAQ:DOCU - Free Report) by 6.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 65,181 shares of the company's stock after selling 4,253 shares during the period. Sienna Gestion's holdings in Docusign were worth $5,157,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the company. Jericho Capital Asset Management L.P. increased its stake in Docusign by 34.0% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 4,754,753 shares of the company's stock valued at $427,642,000 after acquiring an additional 1,205,500 shares during the last quarter. Northern Trust Corp increased its stake in Docusign by 77.2% in the fourth quarter. Northern Trust Corp now owns 1,984,378 shares of the company's stock valued at $178,475,000 after acquiring an additional 864,408 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Docusign by 3.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,709,807 shares of the company's stock valued at $153,780,000 after acquiring an additional 50,440 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Docusign by 6.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,431,901 shares of the company's stock valued at $116,557,000 after acquiring an additional 89,948 shares during the last quarter. Finally, First Trust Advisors LP increased its stake in Docusign by 31.8% in the fourth quarter. First Trust Advisors LP now owns 1,324,689 shares of the company's stock valued at $119,142,000 after acquiring an additional 319,956 shares during the last quarter. 77.64% of the stock is owned by institutional investors.

Insider Buying and Selling at Docusign

In other news, CEO Allan C. Thygesen sold 40,000 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $77.51, for a total transaction of $3,100,400.00. Following the transaction, the chief executive officer owned 143,983 shares of the company's stock, valued at approximately $11,160,122.33. The trade was a 21.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Blake Jeffrey Grayson sold 15,143 shares of the business's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $74.80, for a total transaction of $1,132,696.40. Following the sale, the chief financial officer owned 110,723 shares in the company, valued at $8,282,080.40. This trade represents a 12.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 78,552 shares of company stock worth $5,983,631. Company insiders own 1.01% of the company's stock.

Docusign Price Performance

Shares of DOCU traded up $1.90 during midday trading on Friday, hitting $70.90. The stock had a trading volume of 2,107,877 shares, compared to its average volume of 2,234,166. The firm has a market cap of $14.33 billion, a PE ratio of 13.40, a price-to-earnings-growth ratio of 26.46 and a beta of 1.01. Docusign Inc. has a 1 year low of $54.31 and a 1 year high of $107.86. The stock's 50 day moving average is $75.92 and its 200 day moving average is $81.13.

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

Docusign announced that its board has approved 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 buy up to 6.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

DOCU has been the topic of a number of research reports. Robert W. Baird decreased their target price on shares of Docusign from $93.00 to $85.00 and set a "neutral" rating on the stock in a research note on Friday, June 6th. Needham & Company LLC reaffirmed a "hold" rating on shares of Docusign in a research note on Friday, June 6th. Bank of America decreased their target price on shares of Docusign from $88.00 to $85.00 and set a "neutral" rating on the stock in a research note on Friday, June 6th. Wedbush cut their price target on shares of Docusign from $100.00 to $85.00 and set a "neutral" rating on the stock in a report on Thursday, June 12th. Finally, JMP Securities reiterated a "market outperform" rating and set a $124.00 price target on shares of Docusign in a report on Tuesday, June 3rd. Thirteen analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $89.77.

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.