Insider Selling: Docusign (NASDAQ:DOCU) CFO Sells 30,000 Shares

Key Points

• Docusign CFO Blake Grayson sold 30,000 shares at an average price of $70, generating $2.1 million. The Rule 10b5-1 transaction reduced his holdings by 23.73% to 96,429 shares.
• Docusign shares fell 4.9% to $65.08 during Tuesday trading, despite the company exceeding quarterly earnings and revenue estimates. Quarterly revenue rose 9.4% year over year to $875.75 million.
• Wall Street maintains a generally cautious outlook: the stock has an average “Hold” rating and a $67.33 price target, while institutional investors own 77.64% of outstanding shares.

Docusign Inc. (NASDAQ:DOCU - Get Free Report) CFO Blake Grayson sold 30,000 shares of the stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $70.00, for a total transaction of $2,100,000.00. Following the sale, the chief financial officer owned 96,429 shares of the company's stock, valued at $6,750,030. This trade represents a 23.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Blake Jeffrey Grayson also recently made the following trade(s):

• On Tuesday, September 8th, Blake Grayson sold 15,000 shares of Docusign stock. The stock was sold at an average price of $65.57, for a total transaction of $983,550.00.
• On Friday, August 7th, Blake Grayson sold 15,000 shares of Docusign stock. The shares were sold at an average price of $60.00, for a total value of $900,000.00.
• On Wednesday, July 1st, Blake Grayson sold 15,000 shares of Docusign stock. The shares were sold at an average price of $45.55, for a total transaction of $683,250.00.

Docusign Stock Down 4.9%

Shares of DOCU traded down $3.33 during trading hours on Tuesday, reaching $65.08. The stock had a trading volume of 4,133,500 shares, compared to its average volume of 3,220,546. The company has a market cap of $12.43 billion, a P/E ratio of 39.68, a P/E/G ratio of 2.43 and a beta of 0.90. Docusign Inc. has a 52 week low of $40.16 and a 52 week high of $86.65. The firm has a 50-day moving average of $56.58 and a 200 day moving average of $50.21.

Docusign (NASDAQ:DOCU - Get Free Report) last posted its quarterly earnings data on Thursday, September 3rd. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.09 by $0.07. Docusign had a return on equity of 18.29% and a net margin of 9.82%.The business had revenue of $875.75 million during the quarter, compared to the consensus estimate of $867.22 million. During the same period last year, the company earned $0.30 earnings per share. Docusign's quarterly revenue was up 9.4% on a year-over-year basis. As a group, equities analysts expect that Docusign Inc. will post 2.03 earnings per share for the current year.

Hedge Funds Weigh In On Docusign

Several large investors have recently bought and sold shares of DOCU. BlackRock Inc. bought a new position in shares of Docusign during the second quarter worth about $927,059,000. California State Teachers Retirement System lifted its position in shares of Docusign by 4,016.6% in the 2nd quarter. California State Teachers Retirement System now owns 9,960,652 shares of the company's stock worth $442,452,000 after purchasing an additional 9,718,686 shares during the period. State Street Corp boosted its stake in shares of Docusign by 0.9% in the 4th quarter. State Street Corp now owns 8,193,805 shares of the company's stock valued at $560,456,000 after purchasing an additional 77,008 shares during the last quarter. Capital World Investors boosted its stake in shares of Docusign by 38.1% in the 4th quarter. Capital World Investors now owns 5,815,804 shares of the company's stock valued at $397,801,000 after purchasing an additional 1,603,900 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Docusign by 76.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 5,285,128 shares of the company's stock worth $250,568,000 after buying an additional 2,283,996 shares during the period. 77.64% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on DOCU shares. Needham & Company LLC restated a "hold" rating on shares of Docusign in a research note on Friday. Wedbush lowered their target price on shares of Docusign from $60.00 to $58.00 and set a "neutral" rating on the stock in a report on Friday, June 5th. Royal Bank Of Canada lifted their price target on shares of Docusign from $55.00 to $70.00 and gave the company a "sector perform" rating in a research report on Friday. Piper Sandler boosted their price target on Docusign from $52.00 to $75.00 and gave the company a "neutral" rating in a research note on Friday. Finally, BTIG Research increased their price target on Docusign from $60.00 to $75.00 and gave the stock a "buy" rating in a research report on Wednesday, September 2nd. Three research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $67.33.

Docusign Company Profile

Docusign, Inc NASDAQ: DOCU is a leading provider of electronic signature and digital transaction management solutions. The company’s flagship offering, Docusign eSignature, enables organizations to send, sign and manage legally binding electronic agreements securely in the cloud. Beyond eSignature, Docusign’s Agreement Cloud combines contract lifecycle management, document generation, and workflow automation to streamline agreement processes from initiation through execution and storage.

Docusign’s platform serves a diverse customer base spanning industries such as finance, real estate, healthcare, technology, and government.

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