Point72 Asset Management L.P. Reduces Stake in DocuSign, Inc. (NASDAQ:DOCU)

Point72 Asset Management L.P. lowered its stake in shares of DocuSign, Inc. (NASDAQ:DOCU) by 73.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 236,357 shares of the company’s stock after selling 654,737 shares during the period. Point72 Asset Management L.P. owned 0.12% of DocuSign worth $12,645,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Massmutual Trust Co. FSB ADV increased its position in DocuSign by 5,000.0% in the second quarter. Massmutual Trust Co. FSB ADV now owns 510 shares of the company’s stock worth $27,000 after buying an additional 500 shares during the last quarter. Mather Group LLC. increased its holdings in DocuSign by 4,338.5% in the 2nd quarter. Mather Group LLC. now owns 577 shares of the company’s stock worth $31,000 after acquiring an additional 564 shares during the last quarter. Register Financial Advisors LLC bought a new stake in DocuSign in the 1st quarter valued at about $37,000. ICA Group Wealth Management LLC bought a new stake in DocuSign in the 4th quarter valued at about $39,000. Finally, nVerses Capital LLC purchased a new stake in DocuSign during the second quarter valued at about $48,000. Institutional investors own 77.64% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Piper Sandler lowered their price target on shares of DocuSign from $65.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, June 7th. Morgan Stanley lowered their target price 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. Bank of America raised their price target on DocuSign from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, September 6th. 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. Finally, Wells Fargo & Company lifted their target price on DocuSign from $48.00 to $50.00 and gave the company an “underweight” rating in a report on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $63.40.

DocuSign Stock Up 0.7 %

DOCU opened at $62.09 on Tuesday. The business’s fifty day simple moving average is $56.41 and its 200 day simple moving average is $56.38. DocuSign, Inc. has a 52 week low of $38.11 and a 52 week high of $64.76. The stock has a market cap of $12.71 billion, a PE ratio of 119.40, a P/E/G ratio of 6.37 and a beta of 0.93.

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

Insider Buying and Selling

In other DocuSign news, Director Daniel D. Springer sold 70,983 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $49.84, for a total transaction of $3,537,792.72. Following the completion of the sale, the director now directly owns 891,373 shares in the company, valued at $44,426,030.32. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Daniel D. Springer sold 70,983 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $49.84, for a total transaction of $3,537,792.72. Following the completion of the sale, the director now owns 891,373 shares of the company’s stock, valued at $44,426,030.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Allan C. Thygesen sold 7,725 shares of DocuSign stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $59.09, for a total transaction of $456,470.25. Following the completion of the transaction, the chief executive officer now directly owns 102,193 shares in the company, valued at $6,038,584.37. The disclosure for this sale can be found here. Insiders have sold a total of 438,154 shares of company stock worth $23,351,788 in the last 90 days. 1.66% of the stock is owned by company 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.