Gries Financial LLC Cuts Stock Holdings in DocuSign, Inc. (NASDAQ:DOCU)

Gries Financial LLC trimmed its position in shares of DocuSign, Inc. (NASDAQ:DOCU) by 9.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,907 shares of the company’s stock after selling 594 shares during the quarter. Gries Financial LLC’s holdings in DocuSign were worth $316,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in DOCU. Cannon Global Investment Management LLC purchased a new stake in DocuSign in the 2nd quarter worth $765,000. Pzena Investment Management LLC increased its holdings in DocuSign by 45.6% in the 2nd quarter. Pzena Investment Management LLC now owns 8,114 shares of the company’s stock worth $434,000 after acquiring an additional 2,541 shares in the last quarter. Rhumbline Advisers increased its holdings in DocuSign by 1.0% in the 2nd quarter. Rhumbline Advisers now owns 276,815 shares of the company’s stock worth $14,810,000 after acquiring an additional 2,747 shares in the last quarter. CIBC Asset Management Inc increased its holdings in DocuSign by 5.8% in the 2nd quarter. CIBC Asset Management Inc now owns 6,921 shares of the company’s stock worth $370,000 after acquiring an additional 380 shares in the last quarter. Finally, Convergence Investment Partners LLC increased its holdings in DocuSign by 263.9% in the 2nd quarter. Convergence Investment Partners LLC now owns 26,156 shares of the company’s stock worth $1,399,000 after acquiring an additional 18,969 shares in the last quarter. 77.64% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other DocuSign news, insider James P. Shaughnessy sold 1,800 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $50.98, for a total value of $91,764.00. Following the transaction, the insider now owns 35,703 shares of the company’s stock, valued at $1,820,138.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other DocuSign news, CEO Allan C. Thygesen sold 7,725 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $54.89, for a total value of $424,025.25. Following the transaction, the chief executive officer now owns 109,918 shares of the company’s stock, valued at $6,033,399.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider James P. Shaughnessy sold 1,800 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $50.98, for a total transaction of $91,764.00. Following the completion of the transaction, the insider now directly owns 35,703 shares in the company, valued at approximately $1,820,138.94. The disclosure for this sale can be found here. In the last quarter, insiders have sold 474,693 shares of company stock valued at $25,067,629. 1.66% of the stock is currently owned by insiders.

DocuSign Trading Down 0.8 %

Shares of DOCU stock opened at $57.42 on Thursday. The company’s 50-day moving average price is $55.24 and its 200-day moving average price is $55.79. The stock has a market cap of $11.75 billion, a price-to-earnings ratio of 110.42, a PEG ratio of 9.74 and a beta of 0.93. DocuSign, Inc. has a twelve month low of $38.11 and a twelve month high of $64.76.

DocuSign (NASDAQ:DOCU) last announced its quarterly earnings results on Thursday, June 6th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.09. The firm had revenue of $709.64 million for the quarter, compared to analysts’ expectations of $706.07 million. DocuSign had a net margin of 3.81% and a return on equity of 15.44%. As a group, equities research analysts predict that DocuSign, Inc. will post 0.83 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on DOCU. Morgan Stanley cut their price target on shares of DocuSign from $65.00 to $62.00 and set an “equal weight” rating for the company in a report on Friday, June 7th. Citigroup dropped their target price on shares of DocuSign from $93.00 to $86.00 and set a “buy” rating for the company in a report on Wednesday, June 5th. Needham & Company LLC reaffirmed a “hold” rating on shares of DocuSign in a report on Friday, August 16th. Piper Sandler dropped their target price on shares of DocuSign from $65.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, June 7th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $84.00 target price on shares of DocuSign in a report on Wednesday, July 10th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $59.36.

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.