Philip James Wealth Mangement LLC Cuts Stock Position in Docusign Inc. (NASDAQ:DOCU)

Philip James Wealth Mangement LLC decreased its stake in shares of Docusign Inc. (NASDAQ:DOCU) by 11.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,470 shares of the company’s stock after selling 575 shares during the quarter. Philip James Wealth Mangement LLC’s holdings in Docusign were worth $364,000 at the end of the most recent quarter.

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

Insider Buying and Selling

In other news, insider James P. Shaughnessy sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $81.31, for a total transaction of $609,825.00. Following the completion of the transaction, the insider now owns 45,875 shares in the company, valued at $3,730,096.25. This trade represents a 14.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Blake Jeffrey Grayson sold 15,143 shares of the business’s stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $74.80, for a total value of $1,132,696.40. Following the completion of the sale, the chief financial officer now owns 110,723 shares in the company, valued at $8,282,080.40. This represents a 12.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,052 shares of company stock worth $4,101,776. 1.01% of the stock is owned by corporate insiders.

Docusign Trading Up 0.7%

NASDAQ DOCU opened at $75.55 on Friday. Docusign Inc. has a 12 month low of $48.80 and a 12 month high of $107.86. The stock has a market cap of $15.27 billion, a price-to-earnings ratio of 14.28, a PEG ratio of 28.45 and a beta of 1.14. The company’s 50 day moving average is $82.15 and its two-hundred day moving average is $85.31.

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

Docusign declared that its Board of Directors has approved a share repurchase program on Thursday, June 5th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to repurchase up to 6.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

DOCU has been the topic of several analyst reports. Morgan Stanley lowered their price objective on Docusign from $92.00 to $86.00 and set an “equal weight” rating on the stock in a research report on Friday, June 6th. JMP Securities reiterated a “market outperform” rating and issued a $124.00 price objective on shares of Docusign in a report on Tuesday, June 3rd. Robert W. Baird lowered their target price on shares of Docusign from $93.00 to $85.00 and set a “neutral” rating on the stock in a research note on Friday, June 6th. Wedbush dropped their price target on shares of Docusign from $100.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, June 12th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and set a $90.00 price objective on shares of Docusign in a report on Friday, March 14th. Twelve analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Docusign has a consensus rating of “Hold” and an average target price of $89.77.

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.