Envestnet Asset Management Inc. Buys 27,775 Shares of DocuSign, Inc. (NASDAQ:DOCU)

Posted by Defense World Staff on Sep 4th, 2023

Envestnet Asset Management Inc. grew its stake in shares of DocuSign, Inc. (NASDAQ:DOCU – Free Report) by 13.7% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 230,531 shares of the company’s stock after buying an additional 27,775 shares during the period. Envestnet Asset Management Inc. owned approximately 0.11% of DocuSign worth $13,440,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Rhumbline Advisers increased its stake in DocuSign by 5.3% during the first quarter. Rhumbline Advisers now owns 237,753 shares of the company’s stock valued at $13,861,000 after acquiring an additional 11,913 shares during the period. Icon Wealth Partners LLC acquired a new position in shares of DocuSign in the first quarter valued at $1,300,000. Left Brain Wealth Management LLC acquired a new position in shares of DocuSign in the first quarter valued at $521,000. Wallace Advisory Group LLC bought a new position in DocuSign in the first quarter worth $284,000. Finally, Skandinaviska Enskilda Banken AB publ boosted its stake in DocuSign by 5.7% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 36,800 shares of the company’s stock worth $2,145,000 after buying an additional 1,983 shares in the last quarter. Institutional investors own 77.96% of the company’s stock.

DocuSign Stock Performance

Shares of DOCU opened at $51.67 on Monday. The business’s fifty day moving average price is $50.76 and its two-hundred day moving average price is $53.78. The firm has a market capitalization of $10.46 billion, a price-to-earnings ratio of -147.63, a PEG ratio of 9.98 and a beta of 0.90. DocuSign, Inc. has a 52 week low of $39.57 and a 52 week high of $69.45.

DocuSign (NASDAQ:DOCU – Get Free Report) last posted its quarterly earnings results on Thursday, June 8th. The company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.16. The business had revenue of $661.39 million for the quarter, compared to analysts’ expectations of $641.69 million. DocuSign had a positive return on equity of 3.70% and a negative net margin of 2.69%. The firm’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.12) earnings per share. As a group, research analysts forecast that DocuSign, Inc. will post 0.36 EPS for the current year.

Insider Activity at DocuSign

In related news, Director Enrique T. Salem sold 2,500 shares of the company’s stock in a transaction dated Friday, July 7th. The stock was sold at an average price of $50.02, for a total value of $125,050.00. Following the completion of the sale, the director now owns 156,140 shares in the company, valued at $7,810,122.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Enrique T. Salem sold 2,500 shares of DocuSign stock in a transaction on Friday, July 7th. The shares were sold at an average price of $50.02, for a total transaction of $125,050.00. Following the transaction, the director now directly owns 156,140 shares of the company’s stock, valued at $7,810,122.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Stephen Shute sold 100,315 shares of the company’s stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $49.20, for a total transaction of $4,935,498.00. The disclosure for this sale can be found here. 17.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on DOCU shares. Citigroup reduced their price objective on shares of DocuSign from $80.00 to $73.00 in a report on Wednesday, June 7th. Wedbush lifted their price objective on DocuSign from $60.00 to $67.00 in a report on Friday, June 9th. Bank of America increased their target price on DocuSign from $68.00 to $72.00 in a report on Friday, June 9th. UBS Group decreased their price target on DocuSign from $48.00 to $44.00 and set a “sell” rating on the stock in a research note on Monday, August 28th. Finally, 22nd Century Group reiterated a “maintains” rating on shares of DocuSign in a research note on Friday, June 9th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $62.86.

Get Our Latest Stock Analysis on DocuSign

About DocuSign

(Free Report)

DocuSign, Inc provides electronic signature solution in the United States and internationally. The company provides DocuSign 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; and Gen for Salesforce, which allows sales representatives to automatically generate agreements with a few clicks from within Salesforce.