Baker Avenue Asset Management LP Sells 11,248 Shares of Docusign Inc. $DOCU

Baker Avenue Asset Management LP reduced its stake in shares of Docusign Inc. (NASDAQ:DOCU) by 46.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 12,823 shares of the company’s stock after selling 11,248 shares during the period. Baker Avenue Asset Management LP’s holdings in Docusign were worth $877,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in DOCU. Vanguard Group Inc. increased its position in shares of Docusign by 1.1% during the third quarter. Vanguard Group Inc. now owns 21,625,551 shares of the company’s stock valued at $1,558,986,000 after acquiring an additional 225,525 shares during the last quarter. State Street Corp raised its position in Docusign by 0.5% in the third quarter. State Street Corp now owns 8,116,797 shares of the company’s stock worth $585,140,000 after acquiring an additional 41,821 shares during the period. Geode Capital Management LLC raised its position in Docusign by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 4,084,463 shares of the company’s stock worth $278,665,000 after acquiring an additional 18,873 shares during the period. Invesco Ltd. raised its position in Docusign by 4.5% in the third quarter. Invesco Ltd. now owns 2,690,121 shares of the company’s stock worth $193,931,000 after acquiring an additional 116,047 shares during the period. Finally, Northern Trust Corp raised its position in Docusign by 2.0% in the third quarter. Northern Trust Corp now owns 1,994,004 shares of the company’s stock worth $143,748,000 after acquiring an additional 39,140 shares during the period. 77.64% of the stock is owned by institutional investors.

Docusign Price Performance

DOCU opened at $52.52 on Friday. The firm has a market cap of $10.20 billion, a price-to-earnings ratio of 35.49, a PEG ratio of 1.89 and a beta of 0.88. The stock’s 50 day simple moving average is $47.23 and its 200 day simple moving average is $54.72. Docusign Inc. has a 1 year low of $40.16 and a 1 year high of $94.67.

Docusign (NASDAQ:DOCU) last announced its quarterly earnings results on Tuesday, March 17th. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. The business had revenue of $836.86 million for the quarter, compared to analyst estimates of $828.23 million. Docusign had a net margin of 9.60% and a return on equity of 16.86%. The company’s revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.86 EPS. As a group, sell-side analysts anticipate that Docusign Inc. will post 1.76 EPS for the current year.

Docusign declared that its Board of Directors has initiated a stock repurchase program on Tuesday, March 17th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to purchase up to 21% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages have commented on DOCU. Citigroup lowered shares of Docusign from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $99.00 to $50.00 in a research report on Friday, April 10th. Weiss Ratings lowered shares of Docusign from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, April 15th. Morgan Stanley lowered their price target on shares of Docusign from $90.00 to $69.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 18th. Jefferies Financial Group lowered shares of Docusign from a “buy” rating to a “hold” rating and lowered their price target for the company from $105.00 to $45.00 in a research report on Monday, February 23rd. Finally, Royal Bank Of Canada decreased their target price on shares of Docusign from $70.00 to $55.00 and set a “sector perform” rating on the stock in a report on Wednesday, March 18th. Three equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $61.40.

Insider Transactions at Docusign

In related news, CRO Paula Hansen sold 6,000 shares of Docusign stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $46.84, for a total transaction of $281,040.00. Following the completion of the transaction, the executive directly owned 79,233 shares of the company’s stock, valued at $3,711,273.72. This trade represents a 7.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider James P. Shaughnessy sold 12,000 shares of Docusign stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $46.83, for a total transaction of $561,960.00. Following the transaction, the insider directly owned 53,631 shares of the company’s stock, valued at approximately $2,511,539.73. This trade represents a 18.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 64,309 shares of company stock worth $3,061,570. 0.59% of the stock is owned by corporate insiders.

Docusign 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.