Prudential Financial Inc. Sells 44,320 Shares of DocuSign, Inc. (NASDAQ:DOCU)

Prudential Financial Inc. cut its stake in DocuSign, Inc. (NASDAQ:DOCU) by 54.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 37,285 shares of the company’s stock after selling 44,320 shares during the period. Prudential Financial Inc.’s holdings in DocuSign were worth $3,353,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of the stock. The Manufacturers Life Insurance Company lifted its position in DocuSign by 2.4% during the third quarter. The Manufacturers Life Insurance Company now owns 53,508 shares of the company’s stock worth $3,322,000 after acquiring an additional 1,248 shares during the last quarter. FMR LLC lifted its holdings in DocuSign by 16.8% during the 3rd quarter. FMR LLC now owns 2,192,885 shares of the company’s stock worth $136,156,000 after purchasing an additional 315,073 shares during the last quarter. Townsquare Capital LLC boosted its stake in DocuSign by 3.7% in the 3rd quarter. Townsquare Capital LLC now owns 5,103 shares of the company’s stock valued at $317,000 after purchasing an additional 183 shares during the period. Captrust Financial Advisors boosted its stake in DocuSign by 92.3% in the 3rd quarter. Captrust Financial Advisors now owns 38,587 shares of the company’s stock valued at $2,396,000 after purchasing an additional 18,518 shares during the period. Finally, Edgestream Partners L.P. bought a new position in DocuSign during the 3rd quarter worth $1,190,000. Institutional investors and hedge funds own 77.64% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. HSBC reissued a “reduce” rating on shares of DocuSign in a research report on Friday, December 6th. Hsbc Global Res upgraded shares of DocuSign to a “moderate sell” rating in a research report on Friday, December 6th. Piper Sandler lifted their price target on shares of DocuSign from $60.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Royal Bank of Canada reissued a “sector perform” rating and set a $90.00 price target on shares of DocuSign in a research report on Friday, March 14th. Finally, Robert W. Baird set a $93.00 price objective on DocuSign in a report on Friday, March 14th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, DocuSign has a consensus rating of “Hold” and a consensus target price of $95.83.

Insider Activity

In other DocuSign news, Director Peter Solvik sold 10,000 shares of the company’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $91.26, for a total value of $912,600.00. Following the completion of the transaction, the director now owns 150,253 shares of the company’s stock, valued at $13,712,088.78. This represents a 6.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider James P. Shaughnessy sold 7,500 shares of DocuSign stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $81.31, for a total value of $609,825.00. Following the sale, the insider now directly owns 45,875 shares in the company, valued at $3,730,096.25. The trade was a 14.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 57,851 shares of company stock worth $4,911,319. Insiders own 1.66% of the company’s stock.

DocuSign Stock Up 0.9 %

NASDAQ:DOCU opened at $83.40 on Thursday. The firm has a market capitalization of $16.89 billion, a PE ratio of 17.20, a price-to-earnings-growth ratio of 6.94 and a beta of 1.02. DocuSign, Inc. has a twelve month low of $48.70 and a twelve month high of $107.86. The stock’s 50-day simple moving average is $86.67 and its 200 day simple moving average is $81.91.

DocuSign (NASDAQ:DOCU) last announced its quarterly earnings results on Thursday, March 13th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.02. The company had revenue of $776.25 million for the quarter, compared to analyst estimates of $760.94 million. DocuSign had a net margin of 34.73% and a return on equity of 14.90%. The firm’s revenue was up 9.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.76 EPS. On average, analysts anticipate that DocuSign, Inc. will post 1.17 EPS for the current fiscal year.

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.