Docusign Inc. (NASDAQ:DOCU) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank increased its position in Docusign Inc. by 24.0% in the first quarter, holding approximately $19.21 million worth of shares.
• A share buyback program of $1 billion has been approved by Docusign's board, allowing the company to reacquire up to 6.6% of its outstanding shares.
• Analysts have mixed ratings on Docusign, with a consensus price target of $89.77, indicating a general outlook of "Hold" despite varied individual opinions on the stock's potential.

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Docusign Inc. (NASDAQ:DOCU - Free Report) by 24.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 235,983 shares of the company's stock after acquiring an additional 45,625 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.12% of Docusign worth $19,209,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Sei Investments Co. grew its position in Docusign by 14.5% in the 4th quarter. Sei Investments Co. now owns 56,807 shares of the company's stock valued at $5,109,000 after buying an additional 7,215 shares during the last quarter. LPL Financial LLC grew its position in Docusign by 12.4% in the 4th quarter. LPL Financial LLC now owns 209,927 shares of the company's stock valued at $18,881,000 after buying an additional 23,181 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Docusign by 10.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 149,797 shares of the company's stock valued at $13,513,000 after buying an additional 14,216 shares during the last quarter. Norges Bank purchased a new position in Docusign in the 4th quarter valued at $223,196,000. Finally, New Age Alpha Advisors LLC purchased a new position in Docusign in the 4th quarter valued at $442,000. 77.64% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Robert Chatwani sold 22,875 shares of the business's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $74.79, for a total transaction of $1,710,821.25. Following the completion of the sale, the insider owned 72,126 shares in the company, valued at approximately $5,394,303.54. The trade was a 24.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Blake Jeffrey Grayson sold 15,143 shares of the business's stock in a transaction that occurred 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 transaction, the chief financial officer directly 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. Insiders have sold 78,552 shares of company stock worth $5,983,631 over the last 90 days. Corporate insiders own 1.01% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Docusign from $81.00 to $77.00 and set a "neutral" rating on the stock in a research report on Friday, June 6th. 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. Morgan Stanley reduced their target price on Docusign from $92.00 to $86.00 and set an "equal weight" rating for the company in a report on Friday, June 6th. UBS Group reduced their target price on Docusign from $85.00 to $80.00 and set a "neutral" rating for the company in a report on Friday, June 6th. Finally, HSBC raised Docusign from a "reduce" rating to a "hold" rating and set a $70.00 target price for the company in a report on Friday, April 11th. Twelve research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $89.77.

Docusign Stock Performance

DOCU stock traded down $2.15 during trading on Friday, hitting $73.49. The stock had a trading volume of 755,390 shares, compared to its average volume of 2,593,903. The company's 50 day moving average price is $79.40 and its two-hundred day moving average price is $82.77. Docusign Inc. has a 1-year low of $48.80 and a 1-year high of $107.86. The stock has a market cap of $14.85 billion, a price-to-earnings ratio of 13.92, a price-to-earnings-growth ratio of 29.10 and a beta of 1.08.

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

Docusign declared that its Board of Directors has initiated 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 repurchase up to 6.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

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.