Retirement Systems of Alabama Cuts Stake in Docusign Inc. (NASDAQ:DOCU)

Retirement Systems of Alabama reduced its position in Docusign Inc. (NASDAQ:DOCU) by 0.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 465,567 shares of the company’s stock after selling 911 shares during the quarter. Retirement Systems of Alabama owned about 0.23% of Docusign worth $37,897,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Blue Trust Inc. grew its holdings in Docusign by 61.1% in the first quarter. Blue Trust Inc. now owns 1,128 shares of the company’s stock worth $92,000 after purchasing an additional 428 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new position in Docusign in the first quarter worth $230,000. United Advisor Group LLC grew its holdings in Docusign by 11.6% in the first quarter. United Advisor Group LLC now owns 3,883 shares of the company’s stock worth $316,000 after purchasing an additional 403 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in shares of Docusign by 23.9% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 4,132 shares of the company’s stock valued at $336,000 after buying an additional 798 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in shares of Docusign by 2.3% during the first quarter. State of Alaska Department of Revenue now owns 23,675 shares of the company’s stock valued at $1,927,000 after buying an additional 530 shares during the last quarter. 77.64% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Docusign

In other news, insider James P. Shaughnessy sold 7,500 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $81.31, for a total transaction of $609,825.00. Following the sale, the insider now directly owns 45,875 shares of the company’s stock, valued at $3,730,096.25. This represents a 14.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Blake Jeffrey Grayson sold 15,143 shares of the stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $74.80, for a total transaction of $1,132,696.40. Following the sale, the chief financial officer now directly owns 110,723 shares in the company, valued at approximately $8,282,080.40. The trade was a 12.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 54,052 shares of company stock valued at $4,101,776 in the last ninety days. 1.01% of the stock is currently owned by corporate insiders.

Docusign Price Performance

NASDAQ DOCU opened at $75.13 on Friday. The company has a market capitalization of $15.18 billion, a PE ratio of 14.20, a P/E/G ratio of 28.54 and a beta of 1.14. The company has a fifty day moving average of $82.23 and a 200 day moving average of $85.84. Docusign Inc. has a 1 year low of $48.80 and a 1 year high of $107.86.

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

Docusign declared that its board has authorized a stock repurchase program on Thursday, June 5th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 6.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on DOCU. Robert W. Baird dropped their price objective on shares of Docusign from $93.00 to $85.00 and set a “neutral” rating on the stock in a report on Friday, June 6th. JPMorgan Chase & Co. dropped their price objective on shares of Docusign from $81.00 to $77.00 and set a “neutral” rating on the stock in a report on Friday, June 6th. Hsbc Global Res raised shares of Docusign from a “moderate sell” rating to a “hold” rating in a report on Friday, April 11th. UBS Group dropped their price objective on shares of Docusign from $85.00 to $80.00 and set a “neutral” rating on the stock in a report on Friday, June 6th. Finally, HSBC raised shares of Docusign from a “reduce” rating to a “hold” rating and set a $70.00 price objective on the stock in a report on Friday, April 11th. Twelve research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Docusign presently has an average rating of “Hold” and an average target price 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.