Tidal Investments LLC Cuts Stake in DocuSign, Inc. (NASDAQ:DOCU)

Tidal Investments LLC reduced its holdings in shares of DocuSign, Inc. (NASDAQ:DOCU - Free Report) by 16.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,751 shares of the company's stock after selling 7,195 shares during the quarter. Tidal Investments LLC's holdings in DocuSign were worth $3,395,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. FMR LLC boosted its holdings in DocuSign by 178.2% during the fourth quarter. FMR LLC now owns 6,101,024 shares of the company's stock worth $548,726,000 after purchasing an additional 3,908,139 shares during the last quarter. Invesco Ltd. raised its position in DocuSign by 283.9% in the fourth quarter. Invesco Ltd. now owns 3,447,275 shares of the company's stock worth $310,048,000 after acquiring an additional 2,549,310 shares during the period. Norges Bank bought a new stake in DocuSign in the fourth quarter worth about $223,196,000. Arrowstreet Capital Limited Partnership raised its position in shares of DocuSign by 201.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,158,311 shares of the company's stock valued at $194,118,000 after purchasing an additional 1,442,639 shares during the period. Finally, Jericho Capital Asset Management L.P. raised its position in shares of 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 purchasing an additional 1,205,500 shares during the period. 77.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at DocuSign

In other news, Director Teresa Briggs sold 534 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $87.41, for a total value of $46,676.94. Following the transaction, the director now owns 8,270 shares of the company's stock, valued at $722,880.70. This represents a 6.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Blake Jeffrey Grayson sold 8,000 shares of the stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $76.09, for a total transaction of $608,720.00. Following the completion of the transaction, the chief financial officer now directly owns 86,156 shares in the company, valued at $6,555,610.04. The trade was a 8.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 47,851 shares of company stock valued at $3,912,239 in the last quarter. Insiders own 1.01% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Wedbush reissued a "neutral" rating and issued a $100.00 price target on shares of DocuSign in a research report on Friday, March 14th. Wells Fargo & Company lowered their price target on shares of DocuSign from $73.00 to $65.00 and set an "underweight" rating on the stock in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. raised shares of DocuSign from an "underweight" rating to a "neutral" rating and boosted their price target for the company from $70.00 to $75.00 in a research report on Monday, March 10th. Bank of America lowered their price target on shares of DocuSign from $112.00 to $98.00 and set a "neutral" rating on the stock in a research report on Friday, March 14th. Finally, Jefferies Financial Group lowered their price target on shares of DocuSign from $115.00 to $105.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company. According to MarketBeat, DocuSign presently has a consensus rating of "Hold" and a consensus price target of $92.46.

DocuSign Trading Up 1.3%

Shares of NASDAQ:DOCU traded up $1.14 during trading on Tuesday, reaching $85.75. The company had a trading volume of 317,917 shares, compared to its average volume of 2,759,579. The company has a fifty day moving average of $81.74 and a two-hundred day moving average of $85.85. The stock has a market capitalization of $17.36 billion, a P/E ratio of 17.67, a price-to-earnings-growth ratio of 6.94 and a beta of 1.21. DocuSign, Inc. has a 12 month low of $48.70 and a 12 month high of $107.86.

DocuSign (NASDAQ:DOCU - Get Free Report) last issued its quarterly earnings results on Thursday, March 13th. The company reported $0.86 EPS for the quarter, topping analysts' consensus estimates of $0.84 by $0.02. The firm had revenue of $776.25 million for the quarter, compared to analyst estimates of $760.94 million. DocuSign had a net margin of 34.73% and a return on equity of 14.90%. The business's revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.76 EPS. As a group, equities research analysts predict that DocuSign, Inc. will post 1.17 earnings per share for the current year.

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.