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

Sumitomo Mitsui Trust Group Inc. lessened its stake in Docusign Inc. (NASDAQ:DOCU) by 90.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,100 shares of the company’s stock after selling 402,458 shares during the quarter. 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 (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Central Pacific Bank Trust Division purchased a new position in Docusign in the fourth quarter worth about $25,000. Modus Advisors LLC purchased a new stake in shares of Docusign during the fourth quarter valued at approximately $27,000. Torren Management LLC bought a new stake in shares of Docusign during the fourth quarter valued at approximately $28,000. True Wealth Design LLC increased its position in shares of Docusign by 105.2% during the fourth quarter. True Wealth Design LLC now owns 433 shares of the company’s stock valued at $30,000 after acquiring an additional 222 shares in the last quarter. Finally, Aventura Private Wealth LLC purchased a new position in Docusign in the 4th quarter worth approximately $30,000. Institutional investors own 77.64% of the company’s stock.

Insider Transactions at Docusign

In other Docusign news, CEO Allan C. Thygesen sold 26,250 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $46.02, for a total transaction of $1,208,025.00. Following the completion of the sale, the chief executive officer directly owned 159,038 shares of the company’s stock, valued at approximately $7,318,928.76. This represents a 14.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Blake Jeffrey Grayson sold 15,000 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $45.55, for a total transaction of $683,250.00. Following the completion of the transaction, the chief financial officer owned 141,429 shares in the company, valued at $6,442,090.95. The trade was a 9.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 76,695 shares of company stock worth $3,476,002. 0.59% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have commented on DOCU. Robert W. Baird cut their target price on Docusign from $75.00 to $55.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 18th. UBS Group set a $60.00 price target on Docusign in a research note on Friday, June 5th. Wall Street Zen downgraded Docusign from a “strong-buy” rating to a “buy” rating in a report on Sunday. JPMorgan Chase & Co. dropped their price objective on Docusign from $78.00 to $65.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 18th. Finally, Piper Sandler reduced their price objective on Docusign from $75.00 to $52.00 and set a “neutral” rating for the company in a report 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $60.27.

Docusign Price Performance

Shares of DOCU opened at $51.16 on Thursday. The firm has a market capitalization of $9.77 billion, a P/E ratio of 33.22, a PEG ratio of 1.46 and a beta of 0.90. Docusign Inc. has a one year low of $40.16 and a one year high of $86.65. The business has a fifty day moving average of $47.24 and a 200 day moving average of $49.62.

Docusign (NASDAQ:DOCU) last posted its earnings results on Thursday, June 4th. The company reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.10. The company had revenue of $830.24 million for the quarter, compared to the consensus estimate of $824.71 million. Docusign had a return on equity of 17.48% and a net margin of 9.59%.Docusign’s revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 earnings per share. Analysts expect that Docusign Inc. will post 2.03 EPS for the current fiscal year.

Docusign Company 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.