Cerity Partners LLC Grows Stock Position in Docusign Inc. (NASDAQ:DOCU)

Cerity Partners LLC increased its position in shares of Docusign Inc. (NASDAQ:DOCU) by 10.6% during the 1st quarter, Holdings Channel reports. The institutional investor owned 111,507 shares of the company’s stock after purchasing an additional 10,696 shares during the quarter. Cerity Partners LLC’s holdings in Docusign were worth $9,077,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Golden State Wealth Management LLC raised its position in Docusign by 519.4% in the first quarter. Golden State Wealth Management LLC now owns 384 shares of the company’s stock valued at $31,000 after purchasing an additional 322 shares during the period. Wood Tarver Financial Group LLC purchased a new stake in Docusign in the fourth quarter valued at approximately $37,000. MassMutual Private Wealth & Trust FSB raised its position in Docusign by 153.1% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 453 shares of the company’s stock valued at $37,000 after purchasing an additional 274 shares during the period. McIlrath & Eck LLC raised its position in Docusign by 476.0% in the fourth quarter. McIlrath & Eck LLC now owns 432 shares of the company’s stock valued at $39,000 after purchasing an additional 357 shares during the period. Finally, Bessemer Group Inc. raised its position in Docusign by 490.0% in the fourth quarter. Bessemer Group Inc. now owns 472 shares of the company’s stock valued at $42,000 after purchasing an additional 392 shares during the period. Hedge funds and other institutional investors own 77.64% of the company’s stock.

Docusign Trading Up 3.6%

Shares of DOCU stock opened at $76.21 on Tuesday. The firm has a fifty day moving average price of $81.60 and a 200 day moving average price of $83.68. The company has a market cap of $15.40 billion, a P/E ratio of 14.41, a PEG ratio of 27.45 and a beta of 1.08. Docusign Inc. has a 12 month low of $48.80 and a 12 month high of $107.86.

Docusign (NASDAQ:DOCU) last issued its earnings results on Thursday, June 5th. The company reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.09. The firm had revenue of $763.65 million during the quarter, compared to the consensus estimate of $748.79 million. Docusign had a net margin of 36.50% and a return on equity of 14.27%. The company’s revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.82 earnings per share. On average, equities analysts forecast that Docusign Inc. will post 1.17 EPS for the current year.

Docusign declared that its board has initiated a stock repurchase plan on Thursday, June 5th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 6.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Docusign

In other Docusign news, CEO Allan C. Thygesen sold 40,000 shares of the company’s 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 owned 143,983 shares in the company, valued at $11,160,122.33. This represents a 21.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Robert Chatwani sold 22,875 shares of the company’s stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $74.79, for a total transaction of $1,710,821.25. Following the completion of the transaction, the insider owned 72,126 shares of the company’s stock, valued at $5,394,303.54. This represents a 24.08% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 78,552 shares of company stock worth $5,983,631. Insiders own 1.66% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on DOCU. Citigroup cut their target price on Docusign from $115.00 to $110.00 and set a “buy” rating on the stock in a research report on Monday, June 9th. Hsbc Global Res raised Docusign from a “moderate sell” rating to a “hold” rating in a research report on Friday, April 11th. Wells Fargo & Company raised Docusign from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $67.00 to $80.00 in a research report on Friday, June 13th. William Blair restated an “outperform” rating on shares of Docusign in a research note on Monday, April 21st. Finally, Bank of America dropped their price target on shares of Docusign from $88.00 to $85.00 and set a “neutral” rating for the company in a research note 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 data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $89.77.

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.