Wealth Enhancement Advisory Services LLC Acquires 91,017 Shares of Docusign Inc. (NASDAQ:DOCU)

Wealth Enhancement Advisory Services LLC increased its holdings in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) by 528.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 108,232 shares of the company's stock after purchasing an additional 91,017 shares during the period. Wealth Enhancement Advisory Services LLC owned 0.05% of Docusign worth $8,810,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in DOCU. First Horizon Advisors Inc. increased its position in shares of Docusign by 102.6% during the fourth quarter. First Horizon Advisors Inc. now owns 397 shares of the company's stock worth $36,000 after acquiring an additional 201 shares during the last quarter. Wood Tarver Financial Group LLC bought a new stake in shares of Docusign in the fourth quarter worth $37,000. MassMutual Private Wealth & Trust FSB boosted its stake in Docusign by 153.1% during the 1st 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 during the last quarter. McIlrath & Eck LLC grew its holdings in Docusign by 476.0% during the 4th quarter. McIlrath & Eck LLC now owns 432 shares of the company's stock worth $39,000 after acquiring an additional 357 shares in the last quarter. Finally, Bessemer Group Inc. increased its position in shares of Docusign by 490.0% in the 4th quarter. Bessemer Group Inc. now owns 472 shares of the company's stock worth $42,000 after purchasing an additional 392 shares during the last quarter. 77.64% of the stock is owned by hedge funds and other institutional investors.

Docusign Price Performance

Docusign stock traded up $1.74 during mid-day trading on Tuesday, hitting $75.66. The company's stock had a trading volume of 1,744,389 shares, compared to its average volume of 2,858,973. Docusign Inc. has a 52-week low of $48.80 and a 52-week high of $107.86. The company has a market cap of $15.29 billion, a PE ratio of 14.30, a price-to-earnings-growth ratio of 28.49 and a beta of 1.14. The firm's 50 day moving average is $82.21 and its 200 day moving average is $85.63.

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

Docusign announced that its board has authorized a share buyback plan 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 shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages recently weighed in on DOCU. Wells Fargo & Company raised Docusign from an "underweight" rating to an "equal weight" rating and boosted their price objective for the company from $67.00 to $80.00 in a report on Friday, June 13th. UBS Group dropped their price target on Docusign from $85.00 to $80.00 and set a "neutral" rating on the stock in a research report on Friday, June 6th. Wedbush lowered their target price on shares of Docusign from $100.00 to $85.00 and set a "neutral" rating for the company in a research note on Thursday, June 12th. HSBC raised shares of Docusign from a "reduce" rating to a "hold" rating and set a $70.00 target price on the stock in a report on Friday, April 11th. Finally, Morgan Stanley decreased their price target on shares of Docusign from $92.00 to $86.00 and set an "equal weight" rating for the company in a report on Friday, June 6th. Twelve equities research 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.com, the company has a consensus rating of "Hold" and a consensus price target of $89.77.

Insiders Place Their Bets

In other news, CFO Blake Jeffrey Grayson sold 15,143 shares of the business's stock in a transaction on Wednesday, June 18th. The shares were 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 now directly owns 110,723 shares in the company, valued at approximately $8,282,080.40. The trade was a 12.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 sale, the director now owns 8,805 shares of the company's stock, valued at approximately $654,827.85. The trade was a 5.72% decrease in their position. The disclosure for this sale can be found here. Insiders sold 54,052 shares of company stock valued at $4,101,776 over the last ninety days. Corporate insiders own 1.66% of the company's stock.

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.