Docusign Inc. (NASDAQ:DOCU) Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. has reduced its stake in Docusign Inc. by 1.6%, now holding approximately 10.56% of the company, equating to about $1.74 billion.
• Docusign also announced a $1.00 billion stock repurchase program, indicating the board's belief that the stock is undervalued.
• Following a recent quarterly earnings report, Docusign beat earnings expectations with $0.90 EPS, surpassing the consensus estimate of $0.81.

Vanguard Group Inc. lessened its stake in Docusign Inc. (NASDAQ:DOCU - Free Report) by 1.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 21,381,955 shares of the company's stock after selling 347,923 shares during the quarter. Vanguard Group Inc. owned approximately 10.56% of Docusign worth $1,740,491,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of DOCU. Wealthspire Advisors LLC increased its position in Docusign by 1.9% during the first quarter. Wealthspire Advisors LLC now owns 6,579 shares of the company's stock valued at $536,000 after acquiring an additional 122 shares during the last quarter. Foundry Partners LLC grew its holdings in shares of Docusign by 1.5% in the first quarter. Foundry Partners LLC now owns 8,491 shares of the company's stock worth $691,000 after purchasing an additional 125 shares during the last quarter. Bessemer Group Inc. grew its holdings in shares of Docusign by 27.5% in the first quarter. Bessemer Group Inc. now owns 602 shares of the company's stock worth $49,000 after purchasing an additional 130 shares during the last quarter. Kingsview Wealth Management LLC grew its holdings in shares of Docusign by 5.6% in the first quarter. Kingsview Wealth Management LLC now owns 2,655 shares of the company's stock worth $216,000 after purchasing an additional 141 shares during the last quarter. Finally, TD Waterhouse Canada Inc. grew its holdings in shares of Docusign by 34.5% in the fourth quarter. TD Waterhouse Canada Inc. now owns 557 shares of the company's stock worth $50,000 after purchasing an additional 143 shares during the last quarter. Hedge funds and other institutional investors own 77.64% of the company's stock.

Insider Activity at Docusign

In related news, Director Teresa Briggs sold 534 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $74.37, for a total value of $39,713.58. Following the completion of the transaction, the director directly owned 8,805 shares of the company's stock, valued at $654,827.85. This trade represents a 5.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Robert Chatwani sold 22,875 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $74.79, for a total transaction of $1,710,821.25. Following the completion of the transaction, the insider directly owned 72,126 shares of the company's stock, valued at $5,394,303.54. The trade was a 24.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 78,552 shares of company stock valued at $5,983,631. Company insiders own 1.01% of the company's stock.

Docusign Price Performance

Shares of DOCU stock traded down $1.39 during mid-day trading on Thursday, hitting $69.32. 903,851 shares of the stock traded hands, compared to its average volume of 2,599,603. The stock has a market cap of $14.01 billion, a P/E ratio of 13.10, a P/E/G ratio of 25.39 and a beta of 1.01. The stock's fifty day moving average is $76.49 and its two-hundred day moving average is $81.57. Docusign Inc. has a 52-week low of $54.31 and a 52-week high of $107.86.

Docusign (NASDAQ:DOCU - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.81 by $0.09. The firm 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 was up 7.6% on a year-over-year basis. During the same period last year, the firm posted $0.82 EPS. As a group, equities analysts forecast that Docusign Inc. will post 1.17 EPS for the current fiscal year.

Docusign declared that its Board of Directors has authorized a stock buyback program on Thursday, June 5th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 6.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Robert W. Baird cut their price target 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. JPMorgan Chase & Co. cut their price target on shares of Docusign from $81.00 to $77.00 and set a "neutral" rating on the stock in a report on Friday, June 6th. UBS Group cut their price target on shares of Docusign from $85.00 to $80.00 and set a "neutral" rating on the stock in a report on Friday, June 6th. Morgan Stanley cut their price target on shares of Docusign from $92.00 to $86.00 and set an "equal weight" rating on the stock in a report on Friday, June 6th. Finally, 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. Thirteen equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Docusign currently has a consensus rating of "Hold" and a consensus target price 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.