DocuSign, Inc. (NASDAQ:DOCU) Sees Large Decline in Short Interest

DocuSign, Inc. (NASDAQ:DOCU) saw a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 14,350,000 shares, a decline of 6.8% from the October 15th total of 15,390,000 shares. Based on an average trading volume of 3,210,000 shares, the short-interest ratio is presently 4.5 days.

Insider Buying and Selling at DocuSign

In related news, CEO Allan C. Thygesen sold 7,764 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $69.95, for a total value of $543,091.80. Following the sale, the chief executive officer now owns 107,825 shares of the company’s stock, valued at $7,542,358.75. This trade represents a 6.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert Chatwani sold 14,799 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $55.46, for a total transaction of $820,752.54. Following the transaction, the insider now directly owns 70,748 shares of the company’s stock, valued at $3,923,684.08. The trade was a 17.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 69,558 shares of company stock worth $4,272,768 over the last ninety days. Company insiders own 1.66% of the company’s stock.

Institutional Trading of DocuSign

Institutional investors have recently made changes to their positions in the stock. Jericho Capital Asset Management L.P. lifted its position in DocuSign by 316.6% in the 1st quarter. Jericho Capital Asset Management L.P. now owns 3,417,908 shares of the company’s stock worth $203,536,000 after buying an additional 2,597,489 shares in the last quarter. Thrivent Financial for Lutherans acquired a new stake in DocuSign during the second quarter valued at $115,795,000. Pacer Advisors Inc. grew its stake in DocuSign by 77.9% in the second quarter. Pacer Advisors Inc. now owns 3,519,969 shares of the company’s stock valued at $188,318,000 after purchasing an additional 1,541,816 shares in the last quarter. KBC Group NV increased its position in DocuSign by 209.8% in the 3rd quarter. KBC Group NV now owns 1,156,874 shares of the company’s stock worth $71,830,000 after purchasing an additional 783,419 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of DocuSign by 18.3% during the 2nd quarter. Renaissance Technologies LLC now owns 3,729,314 shares of the company’s stock worth $199,518,000 after purchasing an additional 576,414 shares in the last quarter. 77.64% of the stock is currently owned by institutional investors and hedge funds.

DocuSign Price Performance

DOCU stock opened at $78.37 on Tuesday. The firm has a market capitalization of $15.91 billion, a P/E ratio of 16.53, a P/E/G ratio of 8.37 and a beta of 0.90. DocuSign has a 52-week low of $42.12 and a 52-week high of $83.68. The company’s 50 day simple moving average is $67.50 and its 200-day simple moving average is $59.66.

DocuSign (NASDAQ:DOCU) last released its earnings results on Thursday, September 5th. The company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.17. The company had revenue of $736.03 million during the quarter, compared to analyst estimates of $727.20 million. DocuSign had a return on equity of 16.18% and a net margin of 34.56%. The company’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.09 earnings per share. Sell-side analysts predict that DocuSign will post 1.01 EPS for the current fiscal year.

Wall Street Analyst Weigh In

DOCU has been the subject of a number of recent analyst reports. Bank of America increased their price objective on DocuSign from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, September 6th. Robert W. Baird lifted their price objective on shares of DocuSign from $55.00 to $59.00 and gave the company a “neutral” rating in a research note on Friday, September 6th. Wells Fargo & Company raised their target price on shares of DocuSign from $48.00 to $50.00 and gave the company an “underweight” rating in a research note on Friday, September 6th. Royal Bank of Canada upped their price target on shares of DocuSign from $52.00 to $57.00 and gave the stock a “sector perform” rating in a research note on Friday, September 6th. Finally, JMP Securities reiterated a “market outperform” rating and set a $84.00 price objective on shares of DocuSign in a research note on Thursday, September 5th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $63.40.

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.