Select Equity Group L.P. Cuts Stock Holdings in DocuSign, Inc. (NASDAQ:DOCU)

Select Equity Group L.P. reduced its holdings in DocuSign, Inc. (NASDAQ:DOCU - Free Report) by 13.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 330,678 shares of the company's stock after selling 52,006 shares during the period. Select Equity Group L.P. owned approximately 0.16% of DocuSign worth $29,741,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Snowden Capital Advisors LLC purchased a new position in shares of DocuSign in the 4th quarter worth $546,000. Siemens Fonds Invest GmbH purchased a new position in shares of DocuSign in the 4th quarter worth $772,000. Silvercrest Asset Management Group LLC purchased a new position in shares of DocuSign in the 4th quarter worth $8,012,000. Rafferty Asset Management LLC grew its stake in shares of DocuSign by 33.8% in the 4th quarter. Rafferty Asset Management LLC now owns 27,594 shares of the company's stock worth $2,482,000 after buying an additional 6,967 shares in the last quarter. Finally, Redwood Financial Network Corp purchased a new position in shares of DocuSign in the 4th quarter worth $202,000. 77.64% of the stock is owned by hedge funds and other institutional investors.

DocuSign Stock Up 2.1%

NASDAQ:DOCU opened at $92.42 on Friday. DocuSign, Inc. has a 52 week low of $48.70 and a 52 week high of $107.86. The firm has a 50 day moving average of $81.19 and a 200 day moving average of $85.09. The stock has a market capitalization of $18.72 billion, a price-to-earnings ratio of 19.06, a PEG ratio of 6.94 and a beta of 1.21.

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

Insider Buying and Selling at DocuSign

In other DocuSign news, CFO Blake Jeffrey Grayson sold 8,000 shares of the company's stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $76.09, for a total transaction of $608,720.00. Following the transaction, the chief financial officer now owns 86,156 shares in the company, valued at approximately $6,555,610.04. This represents a 8.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Teresa Briggs sold 534 shares of the company's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $87.41, for a total transaction of $46,676.94. Following the transaction, the director now owns 8,270 shares in the company, valued at $722,880.70. The trade was a 6.07% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 47,851 shares of company stock worth $3,912,239. 1.66% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on DOCU shares. Wells Fargo & Company dropped their price objective on shares of DocuSign from $73.00 to $65.00 and set an "underweight" rating for the company in a research note on Tuesday, April 22nd. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $90.00 price target on shares of DocuSign in a research note on Friday, March 14th. William Blair reaffirmed an "outperform" rating on shares of DocuSign in a research note on Monday, April 21st. Hsbc Global Res raised shares of DocuSign from a "moderate sell" rating to a "hold" rating in a research note on Friday, April 11th. Finally, JPMorgan Chase & Co. raised shares of DocuSign from an "underweight" rating to a "neutral" rating and lifted their price target for the stock from $70.00 to $75.00 in a research note on Monday, March 10th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $92.46.

About DocuSign

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.

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