Cresset Asset Management LLC Sells 35,573 Shares of DocuSign, Inc. (NASDAQ:DOCU)

Cresset Asset Management LLC cut its position in shares of DocuSign, Inc. (NASDAQ:DOCU) by 75.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,520 shares of the company’s stock after selling 35,573 shares during the quarter. Cresset Asset Management LLC’s holdings in DocuSign were worth $1,036,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. FMR LLC grew its holdings in shares of DocuSign by 178.2% during the fourth quarter. FMR LLC now owns 6,101,024 shares of the company’s stock worth $548,726,000 after buying an additional 3,908,139 shares in the last quarter. American Century Companies Inc. grew its stake in DocuSign by 18.5% in the fourth quarter. American Century Companies Inc. now owns 5,315,459 shares of the company’s stock valued at $478,072,000 after purchasing an additional 831,611 shares in the last quarter. Jericho Capital Asset Management L.P. grew its stake in DocuSign by 34.0% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 4,754,753 shares of the company’s stock valued at $427,642,000 after purchasing an additional 1,205,500 shares in the last quarter. Renaissance Technologies LLC grew its stake in DocuSign by 4.9% in the fourth quarter. Renaissance Technologies LLC now owns 4,363,292 shares of the company’s stock valued at $392,434,000 after purchasing an additional 205,304 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in DocuSign by 7.2% in the fourth quarter. Geode Capital Management LLC now owns 3,732,363 shares of the company’s stock valued at $335,147,000 after purchasing an additional 249,179 shares in the last quarter. 77.64% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

DOCU has been the subject of a number of analyst reports. JMP Securities restated a “market outperform” rating and issued a $124.00 price target on shares of DocuSign in a research note on Thursday, April 17th. HSBC upgraded DocuSign from a “reduce” rating to a “hold” rating and set a $70.00 price target for the company in a research note on Friday, April 11th. Citigroup raised their price objective on DocuSign from $113.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, March 14th. William Blair reaffirmed an “outperform” rating on shares of DocuSign in a research report on Monday, April 21st. Finally, JPMorgan Chase & Co. raised DocuSign from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $70.00 to $75.00 in a research report on Monday, March 10th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $92.46.

DocuSign Trading Down 1.0%

NASDAQ:DOCU opened at $83.29 on Monday. The stock has a market cap of $16.87 billion, a P/E ratio of 17.17, a PEG ratio of 6.94 and a beta of 1.21. The stock has a 50 day simple moving average of $80.15 and a 200 day simple moving average of $84.58. DocuSign, Inc. has a 1-year low of $48.70 and a 1-year high of $107.86.

DocuSign (NASDAQ:DOCU) last released its quarterly earnings results on Thursday, March 13th. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.02. The business had revenue of $776.25 million during the quarter, compared to analysts’ expectations of $760.94 million. DocuSign had a return on equity of 14.90% and a net margin of 34.73%. The firm’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same period last year, the firm posted $0.76 EPS. As a group, sell-side analysts forecast that DocuSign, Inc. will post 1.17 EPS for the current year.

Insider Buying and Selling

In other DocuSign news, CFO Blake Jeffrey Grayson sold 8,000 shares of DocuSign stock in a transaction on Friday, February 14th. The stock was sold at an average price of $86.90, for a total value of $695,200.00. Following the completion of the transaction, the chief financial officer now directly owns 77,851 shares of the company’s stock, valued at $6,765,251.90. The trade was a 9.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Teresa Briggs sold 534 shares of DocuSign stock in a transaction on Monday, March 17th. The shares were sold at an average price of $87.41, for a total value of $46,676.94. Following the completion of the transaction, the director now directly owns 8,270 shares of the company’s stock, valued at $722,880.70. This represents a 6.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,851 shares of company stock valued at $4,607,439. Insiders own 1.01% of the company’s stock.

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.