DocuSign, Inc. (NASDAQ:DOCU) Position Trimmed by Select Equity Group L.P.

Select Equity Group L.P. decreased its holdings in DocuSign, Inc. (NASDAQ:DOCU) by 4.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 659,432 shares of the company’s stock after selling 30,830 shares during the period. Select Equity Group L.P. owned about 0.32% of DocuSign worth $35,280,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in DOCU. Mackenzie Financial Corp lifted its position in DocuSign by 25.4% in the 2nd quarter. Mackenzie Financial Corp now owns 68,833 shares of the company’s stock worth $3,683,000 after buying an additional 13,944 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of DocuSign by 3.2% in the second quarter. The Manufacturers Life Insurance Company now owns 52,260 shares of the company’s stock worth $2,796,000 after acquiring an additional 1,628 shares during the last quarter. Maverick Capital Ltd. purchased a new stake in shares of DocuSign during the second quarter worth $1,571,000. MBB Public Markets I LLC acquired a new stake in DocuSign during the second quarter valued at $781,000. Finally, Dark Forest Capital Management LP grew its stake in DocuSign by 108.9% in the second quarter. Dark Forest Capital Management LP now owns 74,808 shares of the company’s stock valued at $4,002,000 after purchasing an additional 38,999 shares in the last quarter. 77.64% of the stock is owned by hedge funds and other institutional investors.

DocuSign Stock Performance

DocuSign stock opened at $62.53 on Friday. DocuSign, Inc. has a 52 week low of $38.11 and a 52 week high of $64.76. The firm has a market capitalization of $12.69 billion, a PE ratio of 120.25, a PEG ratio of 6.37 and a beta of 0.93. The business’s 50-day simple moving average is $56.03 and its 200-day simple moving average is $56.31.

DocuSign (NASDAQ:DOCU) last announced its earnings results on Thursday, September 5th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.17. DocuSign had a net margin of 34.56% and a return on equity of 16.18%. The business had revenue of $736.03 million for the quarter, compared to analyst estimates of $727.20 million. DocuSign’s revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.09 earnings per share. Research analysts forecast that DocuSign, Inc. will post 0.99 earnings per share for the current year.

Analysts Set New Price Targets

DOCU has been the subject of several research reports. Robert W. Baird lifted their price target on DocuSign from $55.00 to $59.00 and gave the company a “neutral” rating in a report on Friday, September 6th. Needham & Company LLC reissued a “hold” rating on shares of DocuSign in a research report on Friday, September 6th. Morgan Stanley cut their price target on shares of DocuSign from $65.00 to $62.00 and set an “equal weight” rating on the stock in a report on Friday, June 7th. Citigroup upped their price objective on shares of DocuSign from $86.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, Bank of America raised their target price on DocuSign from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, September 6th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $61.45.

Insider Buying and Selling

In other DocuSign news, CFO Blake Jeffrey Grayson sold 14,036 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $55.47, for a total value of $778,576.92. Following the completion of the transaction, the chief financial officer now owns 87,611 shares of the company’s stock, valued at approximately $4,859,782.17. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Stephen Shute sold 35,300 shares of the firm’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $52.87, for a total transaction of $1,866,311.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Blake Jeffrey Grayson sold 14,036 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $55.47, for a total transaction of $778,576.92. Following the completion of the sale, the chief financial officer now directly owns 87,611 shares in the company, valued at approximately $4,859,782.17. The disclosure for this sale can be found here. Insiders have sold a total of 446,065 shares of company stock valued at $23,777,163 over the last three months. 1.66% of the stock is owned by corporate insiders.

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.