Meridian Investment Counsel Inc. Sells 250 Shares of Docusign Inc. (NASDAQ:DOCU)

Meridian Investment Counsel Inc. trimmed its stake in shares of Docusign Inc. (NASDAQ:DOCU) by 0.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,924 shares of the company’s stock after selling 250 shares during the period. Meridian Investment Counsel Inc.’s holdings in Docusign were worth $2,354,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Golden State Wealth Management LLC raised its stake in shares of Docusign by 519.4% in the first quarter. Golden State Wealth Management LLC now owns 384 shares of the company’s stock worth $31,000 after purchasing an additional 322 shares during the last quarter. Wood Tarver Financial Group LLC acquired a new position in Docusign during the fourth quarter worth $37,000. MassMutual Private Wealth & Trust FSB raised its position in Docusign by 153.1% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 453 shares of the company’s stock worth $37,000 after acquiring an additional 274 shares during the period. McIlrath & Eck LLC raised its position in Docusign by 476.0% during the fourth quarter. McIlrath & Eck LLC now owns 432 shares of the company’s stock worth $39,000 after acquiring an additional 357 shares during the period. Finally, Bessemer Group Inc. raised its position in Docusign by 490.0% during the fourth quarter. Bessemer Group Inc. now owns 472 shares of the company’s stock worth $42,000 after acquiring an additional 392 shares during the period. 77.64% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Allan C. Thygesen sold 40,000 shares of the company’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $77.51, for a total transaction of $3,100,400.00. Following the completion of the transaction, the chief executive officer owned 143,983 shares of the company’s stock, valued at $11,160,122.33. This represents a 21.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Blake Jeffrey Grayson sold 15,143 shares of the company’s stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $74.80, for a total value of $1,132,696.40. Following the completion of the transaction, the chief financial officer owned 110,723 shares of the company’s stock, valued at approximately $8,282,080.40. This represents a 12.03% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 86,552 shares of company stock valued at $6,592,351. Corporate insiders own 1.01% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on DOCU. UBS Group cut their price objective on shares of Docusign from $85.00 to $80.00 and set a “neutral” rating for the company in a research report on Friday, June 6th. Wedbush cut their price objective on shares of Docusign from $100.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, June 12th. Jefferies Financial Group cut their price objective on shares of Docusign from $115.00 to $105.00 and set a “buy” rating for the company in a research report on Monday, March 31st. JPMorgan Chase & Co. lowered their target price on shares of Docusign from $81.00 to $77.00 and set a “neutral” rating for the company in a research note on Friday, June 6th. Finally, Citigroup lowered their price objective on shares of Docusign from $115.00 to $110.00 and set a “buy” rating for the company in a research note on Monday, June 9th. Twelve equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $89.77.

Docusign Trading Up 2.4%

DOCU stock opened at $78.97 on Friday. The company’s 50 day moving average is $82.20 and its two-hundred day moving average is $84.50. The stock has a market cap of $15.96 billion, a P/E ratio of 14.93, a PEG ratio of 29.49 and a beta of 1.08. Docusign Inc. has a twelve month low of $48.80 and a twelve month high of $107.86.

Docusign (NASDAQ:DOCU) last announced its earnings results on Thursday, June 5th. The company reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.09. The business had revenue of $763.65 million for the quarter, compared to analysts’ expectations of $748.79 million. Docusign had a net margin of 36.50% and a return on equity of 14.27%. The company’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.82 EPS. On average, equities research analysts predict that Docusign Inc. will post 1.17 earnings per share for the current year.

Docusign declared that its Board of Directors has approved a share repurchase plan on Thursday, June 5th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 6.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

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.