Sumitomo Mitsui Trust Group Inc. Sells 402,458 Shares of Docusign Inc. $DOCU

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of Docusign Inc. (NASDAQ:DOCU) by 90.3% in the first quarter, HoldingsChannel reports. The fund owned 43,100 shares of the company’s stock after selling 402,458 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Docusign were worth $2,043,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in DOCU. Norges Bank bought a new position in shares of Docusign in the fourth quarter worth approximately $186,795,000. Capital World Investors raised its position in shares of Docusign by 38.1% during the 4th quarter. Capital World Investors now owns 5,815,804 shares of the company’s stock valued at $397,801,000 after purchasing an additional 1,603,900 shares during the period. SG Americas Securities LLC lifted its stake in shares of Docusign by 452.3% during the 1st quarter. SG Americas Securities LLC now owns 1,314,632 shares of the company’s stock valued at $62,327,000 after buying an additional 1,076,622 shares in the last quarter. Woodline Partners LP lifted its stake in shares of Docusign by 24,412.7% during the 3rd quarter. Woodline Partners LP now owns 958,938 shares of the company’s stock valued at $69,130,000 after buying an additional 955,026 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in Docusign by 46.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,001,132 shares of the company’s stock worth $205,277,000 after buying an additional 946,512 shares during the period. Hedge funds and other institutional investors own 77.64% of the company’s stock.

Docusign Trading Up 3.6%

NASDAQ:DOCU opened at $51.16 on Thursday. The company has a market capitalization of $9.77 billion, a P/E ratio of 33.22, a P/E/G ratio of 1.46 and a beta of 0.90. Docusign Inc. has a 12 month low of $40.16 and a 12 month high of $86.65. The business’s 50-day moving average is $47.24 and its 200 day moving average is $49.62.

Docusign (NASDAQ:DOCU) last released its quarterly earnings results on Thursday, June 4th. The company reported $1.09 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.10. Docusign had a return on equity of 17.48% and a net margin of 9.59%.The business had revenue of $830.24 million during the quarter, compared to analysts’ expectations of $824.71 million. During the same quarter last year, the business posted $0.90 EPS. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, research analysts forecast that Docusign Inc. will post 2.03 earnings per share for the current year.

Insider Transactions at Docusign

In related news, insider James P. Shaughnessy sold 12,000 shares of the business’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $45.54, for a total value of $546,480.00. Following the sale, the insider owned 52,815 shares in the company, valued at approximately $2,405,195.10. The trade was a 18.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Blake Jeffrey Grayson sold 15,000 shares of the company’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $45.55, for a total transaction of $683,250.00. Following the sale, the chief financial officer directly owned 141,429 shares in the company, valued at approximately $6,442,090.95. The trade was a 9.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 76,695 shares of company stock valued at $3,476,002 in the last 90 days. Company insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on DOCU shares. Bank of America started coverage on Docusign in a report on Tuesday, March 31st. They set an “underperform” rating and a $52.00 price target on the stock. BTIG Research dropped their price objective on Docusign from $70.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, June 5th. Royal Bank Of Canada cut their target price on Docusign from $70.00 to $55.00 and set a “sector perform” rating for the company in a research report on Wednesday, March 18th. Wedbush lowered their price target on Docusign from $60.00 to $58.00 and set a “neutral” rating on the stock in a report on Friday, June 5th. Finally, Piper Sandler dropped their price target on Docusign from $75.00 to $52.00 and set a “neutral” rating for the company in a research note on Wednesday, March 18th. Three equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Docusign has a consensus rating of “Hold” and a consensus price target of $60.27.

Docusign Profile

DocuSign, Inc (NASDAQ: DOCU) is a leading provider of electronic signature and digital transaction management solutions. The company’s flagship offering, DocuSign eSignature, enables organizations to send, sign and manage legally binding electronic agreements securely in the cloud. Beyond eSignature, DocuSign’s Agreement Cloud combines contract lifecycle management, document generation, and workflow automation to streamline agreement processes from initiation through execution and storage.

DocuSign’s platform serves a diverse customer base spanning industries such as finance, real estate, healthcare, technology, and government.