DocuSign, Inc. (NASDAQ:DOCU) Sees Large Decline in Short Interest

DocuSign, Inc. (NASDAQ:DOCU) was the recipient of a significant decline in short interest during the month of March. As of March 15th, there was short interest totalling 6,790,000 shares, a decline of 13.5% from the February 28th total of 7,850,000 shares. Based on an average daily volume of 2,650,000 shares, the days-to-cover ratio is presently 2.6 days. Approximately 3.4% of the shares of the stock are sold short.

Insider Transactions at DocuSign

In other DocuSign news, Director Peter Solvik sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $91.26, for a total transaction of $912,600.00. Following the completion of the transaction, the director now owns 150,253 shares in the company, valued at $13,712,088.78. This trade represents a 6.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Blake Jeffrey Grayson sold 8,000 shares of DocuSign stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 77,851 shares in the company, valued at approximately $6,765,251.90. The trade was a 9.32 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 57,851 shares of company stock valued at $4,911,319. 1.66% of the stock is currently owned by insiders.

Institutional Investors Weigh In On DocuSign

Institutional investors and hedge funds have recently bought and sold shares of the company. Citizens Financial Group Inc. RI grew its position in shares of DocuSign by 2.3% during the 4th quarter. Citizens Financial Group Inc. RI now owns 5,990 shares of the company’s stock worth $539,000 after buying an additional 133 shares in the last quarter. Rakuten Securities Inc. grew its holdings in DocuSign by 20.9% during the 4th quarter. Rakuten Securities Inc. now owns 797 shares of the company’s stock worth $72,000 after acquiring an additional 138 shares in the last quarter. Synergy Financial Group LTD raised its holdings in shares of DocuSign by 3.4% in the 4th quarter. Synergy Financial Group LTD now owns 4,241 shares of the company’s stock valued at $381,000 after purchasing an additional 140 shares in the last quarter. M&T Bank Corp lifted its position in shares of DocuSign by 1.3% in the 4th quarter. M&T Bank Corp now owns 10,840 shares of the company’s stock worth $975,000 after purchasing an additional 143 shares during the period. Finally, TD Waterhouse Canada Inc. boosted its stake in shares of DocuSign by 34.5% during the fourth quarter. TD Waterhouse Canada Inc. now owns 557 shares of the company’s stock valued at $50,000 after purchasing an additional 143 shares in the last quarter. 77.64% of the stock is owned by institutional investors.

DocuSign Trading Down 6.8 %

Shares of NASDAQ DOCU traded down $5.66 during mid-day trading on Thursday, reaching $77.74. The company had a trading volume of 268,900 shares, compared to its average volume of 2,681,604. DocuSign has a 52 week low of $48.70 and a 52 week high of $107.86. The business’s 50-day moving average is $86.67 and its 200-day moving average is $81.91. The stock has a market cap of $15.74 billion, a price-to-earnings ratio of 16.06, a price-to-earnings-growth ratio of 6.94 and a beta of 1.02.

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

Analysts Set New Price Targets

A number of equities analysts have commented on DOCU shares. Piper Sandler lifted their price objective on shares of DocuSign from $60.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Wells Fargo & Company lifted their price target on DocuSign from $70.00 to $73.00 and gave the stock an “underweight” rating in a research report on Friday, March 14th. William Blair upgraded DocuSign from a “market perform” rating to an “outperform” rating in a research report on Monday, March 17th. JMP Securities reiterated a “market outperform” rating and issued a $124.00 target price on shares of DocuSign in a report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. upgraded DocuSign from an “underweight” rating to a “neutral” rating and increased their price target for the company from $70.00 to $75.00 in a report on Monday, March 10th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $95.83.

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.