Cullen Frost Bankers Inc. Raises Stock Holdings in Docusign Inc. (NASDAQ:DOCU)

Cullen Frost Bankers Inc. lifted its holdings in shares of Docusign Inc. (NASDAQ:DOCU) by 485.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 978 shares of the company’s stock after acquiring an additional 811 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Docusign were worth $80,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Golden State Wealth Management LLC increased 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 worth $31,000 after buying an additional 322 shares during the last quarter. Wood Tarver Financial Group LLC purchased a new position in shares of Docusign in the fourth quarter valued at $37,000. MassMutual Private Wealth & Trust FSB grew its position in shares of 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 in the last quarter. McIlrath & Eck LLC grew its position in shares of 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 in the last quarter. Finally, Bessemer Group Inc. grew its position in shares of 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 in the last quarter. 77.64% of the stock is owned by hedge funds and other institutional investors.

Docusign Stock Up 2.3%

Docusign stock opened at $79.37 on Friday. The company has a market capitalization of $16.04 billion, a P/E ratio of 15.00, a PEG ratio of 29.62 and a beta of 1.08. The stock’s 50 day moving average is $81.16 and its 200 day moving average is $83.37. Docusign Inc. has a twelve month low of $48.80 and a twelve month high of $107.86.

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

Docusign announced that its Board of Directors has initiated a stock buyback program on Thursday, June 5th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to reacquire up to 6.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Teresa Briggs sold 534 shares of the firm’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $74.37, for a total transaction of $39,713.58. Following the completion of the transaction, the director owned 8,805 shares in the company, valued at $654,827.85. This trade represents a 5.72% 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, CEO Allan C. Thygesen sold 40,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer owned 143,983 shares of the company’s stock, valued at approximately $11,160,122.33. The trade was a 21.74% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 78,552 shares of company stock worth $5,983,631. 1.01% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Hsbc Global Res upgraded Docusign from a “moderate sell” rating to a “hold” rating in a research report on Friday, April 11th. Jefferies Financial Group reduced their target price on Docusign from $115.00 to $105.00 and set a “buy” rating for the company in a research report on Monday, March 31st. JMP Securities restated a “market outperform” rating and set a $124.00 target price on shares of Docusign in a research report on Tuesday, June 3rd. William Blair reaffirmed an “outperform” rating on shares of Docusign in a research note on Monday, April 21st. Finally, Robert W. Baird dropped their price target on Docusign from $93.00 to $85.00 and set a “neutral” rating for the company in a research note on Friday, June 6th. Twelve research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target 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.