M&T Bank Corp Sells 964 Shares of Docusign Inc. (NASDAQ:DOCU)

M&T Bank Corp decreased its stake in shares of Docusign Inc. (NASDAQ:DOCU) by 8.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,876 shares of the company’s stock after selling 964 shares during the period. M&T Bank Corp’s holdings in Docusign were worth $804,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Bessemer Group Inc. lifted its position in Docusign by 27.5% during the first quarter. Bessemer Group Inc. now owns 602 shares of the company’s stock valued at $49,000 after purchasing an additional 130 shares during the period. TD Waterhouse Canada Inc. lifted its position in Docusign by 34.5% during the fourth quarter. TD Waterhouse Canada Inc. now owns 557 shares of the company’s stock valued at $50,000 after purchasing an additional 143 shares during the period. Private Trust Co. NA lifted its position in Docusign by 31.5% during the first quarter. Private Trust Co. NA now owns 677 shares of the company’s stock valued at $55,000 after purchasing an additional 162 shares during the period. Miracle Mile Advisors LLC lifted its position in Docusign by 5.8% during the first quarter. Miracle Mile Advisors LLC now owns 3,026 shares of the company’s stock valued at $246,000 after purchasing an additional 165 shares during the period. Finally, Signaturefd LLC lifted its position in Docusign by 12.2% during the fourth quarter. Signaturefd LLC now owns 1,686 shares of the company’s stock valued at $152,000 after purchasing an additional 183 shares during the period. Institutional investors own 77.64% of the company’s stock.

Insider Activity at Docusign

In other Docusign news, CEO Allan C. Thygesen sold 40,000 shares of Docusign stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $77.51, for a total value of $3,100,400.00. Following the completion of the transaction, the chief executive officer directly owned 143,983 shares of the company’s stock, valued at $11,160,122.33. This trade represents a 21.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Blake Jeffrey Grayson sold 15,143 shares of Docusign stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $74.80, for a total transaction of $1,132,696.40. Following the completion of the transaction, the chief financial officer directly owned 110,723 shares of the company’s stock, valued at $8,282,080.40. The trade was a 12.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 78,552 shares of company stock valued at $5,983,631. Insiders own 1.66% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on DOCU. William Blair reiterated an “outperform” rating on shares of Docusign in a research report on Monday, April 21st. Needham & Company LLC reiterated a “hold” rating on shares of Docusign in a research report on Friday, June 6th. Bank of America decreased their price target on shares of Docusign from $88.00 to $85.00 and set a “neutral” rating on the stock in a research report on Friday, June 6th. Jefferies Financial Group decreased their price target on shares of Docusign from $115.00 to $105.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Finally, Morgan Stanley decreased their price target on shares of Docusign from $92.00 to $86.00 and set an “equal weight” rating on the stock in a research report on Friday, June 6th. Twelve analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $89.77.

Docusign Price Performance

Shares of NASDAQ DOCU opened at $76.21 on Tuesday. The stock has a market cap of $15.40 billion, a PE ratio of 14.41, a price-to-earnings-growth ratio of 27.45 and a beta of 1.08. The firm has a fifty day moving average price of $81.60 and a 200-day moving average price of $83.68. Docusign Inc. has a 1 year low of $48.80 and a 1 year high of $107.86.

Docusign (NASDAQ:DOCU) last posted its 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 net margin of 36.50% and a return on equity of 14.27%. Docusign’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period last year, the company posted $0.82 earnings per share. On average, research analysts expect that Docusign Inc. will post 1.17 EPS for the current year.

Docusign declared that its Board of Directors has approved a share repurchase program 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 shares through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

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.