Teacher Retirement System of Texas Lowers Stock Holdings in Docusign Inc. (NASDAQ:DOCU)

Teacher Retirement System of Texas cut its stake in Docusign Inc. (NASDAQ:DOCU - Free Report) by 59.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 263,956 shares of the company's stock after selling 384,253 shares during the quarter. Teacher Retirement System of Texas owned 0.13% of Docusign worth $21,486,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of DOCU. Golden State Wealth Management LLC grew its holdings in shares of Docusign by 519.4% in the first quarter. Golden State Wealth Management LLC now owns 384 shares of the company's stock valued at $31,000 after acquiring an additional 322 shares in the last quarter. Wood Tarver Financial Group LLC bought a new position in shares of Docusign in the fourth quarter valued at approximately $37,000. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Docusign by 153.1% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 453 shares of the company's stock valued at $37,000 after acquiring an additional 274 shares in the last quarter. McIlrath & Eck LLC grew its holdings in shares of Docusign by 476.0% in the fourth quarter. McIlrath & Eck LLC now owns 432 shares of the company's stock valued at $39,000 after acquiring an additional 357 shares in the last quarter. Finally, Bessemer Group Inc. grew its holdings in shares of Docusign by 490.0% in the fourth quarter. Bessemer Group Inc. now owns 472 shares of the company's stock valued at $42,000 after acquiring an additional 392 shares in the last quarter. 77.64% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Teresa Briggs sold 534 shares of the 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 approximately $654,827.85. This trade represents a 5.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Blake Jeffrey Grayson sold 15,143 shares of the stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $74.80, for a total value of $1,132,696.40. Following the completion of 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 86,552 shares of company stock worth $6,592,351. 1.66% of the stock is currently owned by corporate insiders.

Docusign Price Performance

Shares of NASDAQ:DOCU traded up $1.82 during trading on Friday, hitting $78.97. 1,921,166 shares of the company were exchanged, compared to its average volume of 2,867,831. The company has a market cap of $15.96 billion, a PE ratio of 14.93, a P/E/G ratio of 29.49 and a beta of 1.08. The stock has a 50 day moving average of $82.20 and a 200 day moving average of $84.50. Docusign Inc. has a 52-week low of $48.80 and a 52-week high of $107.86.

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

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

Wall Street Analysts Forecast Growth

DOCU has been the subject of several recent analyst reports. Citigroup reduced their target price on Docusign from $115.00 to $110.00 and set a "buy" rating for the company in a report on Monday, June 9th. Needham & Company LLC reissued a "hold" rating on shares of Docusign in a report on Friday, June 6th. Wedbush reduced their price objective on Docusign from $100.00 to $85.00 and set a "neutral" rating for the company in a report on Thursday, June 12th. William Blair reissued an "outperform" rating on shares of Docusign in a report on Monday, April 21st. Finally, Wells Fargo & Company raised Docusign from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $67.00 to $80.00 in a report on Friday, June 13th. Twelve analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, Docusign has an average rating of "Hold" and a consensus price target 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.