Kentucky Retirement Systems Makes New Investment in Docusign Inc. (NASDAQ:DOCU)

Kentucky Retirement Systems purchased a new position in Docusign Inc. (NASDAQ:DOCU) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 13,684 shares of the company’s stock, valued at approximately $1,114,000.

Several other institutional investors have also added to or reduced their stakes in DOCU. Allworth Financial LP boosted its holdings in Docusign by 31.5% in the fourth quarter. Allworth Financial LP now owns 977 shares of the company’s stock worth $90,000 after acquiring an additional 234 shares in the last quarter. Truist Financial Corp boosted its holdings in Docusign by 57.8% in the fourth quarter. Truist Financial Corp now owns 7,318 shares of the company’s stock worth $658,000 after acquiring an additional 2,680 shares in the last quarter. Global Retirement Partners LLC boosted its holdings in Docusign by 113.6% in the fourth quarter. Global Retirement Partners LLC now owns 2,253 shares of the company’s stock worth $203,000 after acquiring an additional 1,198 shares in the last quarter. Private Advisor Group LLC boosted its holdings in Docusign by 3.5% in the fourth quarter. Private Advisor Group LLC now owns 29,811 shares of the company’s stock worth $2,681,000 after acquiring an additional 995 shares in the last quarter. Finally, Sigma Planning Corp boosted its holdings in Docusign by 48.4% in the fourth quarter. Sigma Planning Corp now owns 6,978 shares of the company’s stock worth $628,000 after acquiring an additional 2,275 shares in the last quarter. Institutional investors and hedge funds own 77.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on DOCU shares. Bank of America decreased their target price on Docusign from $88.00 to $85.00 and set a “neutral” rating for the company in a report on Friday, June 6th. JMP Securities reaffirmed a “market outperform” rating and set a $124.00 target price on shares of Docusign in a report on Tuesday, June 3rd. Wedbush decreased their target price on Docusign from $100.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, June 12th. Jefferies Financial Group decreased their target price on Docusign from $115.00 to $105.00 and set a “buy” rating for the company in a report on Monday, March 31st. Finally, JPMorgan Chase & Co. decreased their target price on Docusign from $81.00 to $77.00 and set a “neutral” rating for the company in a report on Friday, June 6th. Twelve investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $89.77.

Insider Activity

In other news, insider Robert Chatwani sold 22,875 shares of the business’s stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $74.79, for a total value of $1,710,821.25. Following the completion of the sale, the insider now directly owns 72,126 shares in the company, valued at $5,394,303.54. The trade was a 24.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 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 owns 110,723 shares of the company’s stock, 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 sold 54,052 shares of company stock worth $4,101,776 over the last three months. 1.66% of the stock is currently owned by corporate insiders.

Docusign Trading Up 2.3%

Shares of DOCU stock opened at $75.64 on Wednesday. The stock has a 50 day moving average of $82.17 and a 200 day moving average of $85.56. The stock has a market cap of $15.28 billion, a P/E ratio of 14.30, a P/E/G ratio of 28.03 and a beta of 1.14. Docusign Inc. has a twelve month low of $48.80 and a twelve month high of $107.86.

Docusign (NASDAQ:DOCU) last announced its quarterly earnings results on Thursday, June 5th. The company reported $0.90 earnings per share 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%. Docusign’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period last year, the business earned $0.82 earnings per share. On average, research analysts predict that Docusign Inc. will post 1.17 earnings per share for the current fiscal year.

Docusign announced that its board has approved a share buyback plan on Thursday, June 5th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to repurchase up to 6.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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.