Alliancebernstein L.P. Purchases 156,518 Shares of DocuSign, Inc. (NASDAQ:DOCU)

Alliancebernstein L.P. increased its stake in shares of DocuSign, Inc. (NASDAQ:DOCU - Free Report) by 70.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 378,780 shares of the company's stock after acquiring an additional 156,518 shares during the quarter. Alliancebernstein L.P. owned about 0.19% of DocuSign worth $34,067,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Kestra Investment Management LLC purchased a new stake in DocuSign during the fourth quarter valued at $30,000. Modus Advisors LLC purchased a new stake in DocuSign during the fourth quarter valued at $36,000. First Horizon Advisors Inc. raised its stake in DocuSign by 102.6% during the fourth quarter. First Horizon Advisors Inc. now owns 397 shares of the company's stock valued at $36,000 after purchasing an additional 201 shares in the last quarter. Avion Wealth raised its stake in DocuSign by 309.2% during the fourth quarter. Avion Wealth now owns 487 shares of the company's stock valued at $43,000 after purchasing an additional 368 shares in the last quarter. Finally, Avior Wealth Management LLC raised its stake in DocuSign by 36.5% during the fourth quarter. Avior Wealth Management LLC now owns 542 shares of the company's stock valued at $49,000 after purchasing an additional 145 shares in the last quarter. Institutional investors own 77.64% of the company's stock.

Insiders Place Their Bets

In other news, insider James P. Shaughnessy sold 7,500 shares of the firm's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $81.31, for a total value of $609,825.00. Following the sale, the insider now directly owns 45,875 shares in the company, valued at approximately $3,730,096.25. This trade represents a 14.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Peter Solvik sold 10,000 shares of the firm's stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $91.26, for a total transaction of $912,600.00. Following the completion of the sale, the director now owns 150,253 shares in the company, valued at $13,712,088.78. This represents a 6.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 57,851 shares of company stock worth $4,911,319 in the last three months. Corporate insiders own 1.66% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on DOCU. Citigroup upped their price target on shares of DocuSign from $113.00 to $115.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Robert W. Baird set a $93.00 target price on shares of DocuSign in a research note on Friday, March 14th. Bank of America reduced their target price on shares of DocuSign from $112.00 to $98.00 and set a "neutral" rating on the stock in a research note on Friday, March 14th. Wells Fargo & Company increased their target price on shares of DocuSign from $70.00 to $73.00 and gave the company an "underweight" rating in a research note on Friday, March 14th. Finally, Wedbush reissued a "neutral" rating and issued a $100.00 target price on shares of DocuSign in a research note on Friday, March 14th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $95.83.

DocuSign Stock Performance

DocuSign stock traded down $5.48 during midday trading on Thursday, hitting $73.12. 314,297 shares of the company's stock were exchanged, compared to its average volume of 2,710,067. DocuSign, Inc. has a 12 month low of $48.70 and a 12 month high of $107.86. The firm has a 50-day moving average of $83.86 and a two-hundred day moving average of $82.56. The company has a market cap of $14.81 billion, a PE ratio of 15.22, a P/E/G ratio of 6.94 and a beta of 1.20.

DocuSign (NASDAQ:DOCU - Get Free Report) last issued its earnings results on Thursday, March 13th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.02. DocuSign had a net margin of 34.73% and a return on equity of 14.90%. The company had revenue of $776.25 million for the quarter, compared to analysts' expectations of $760.94 million. During the same period in the prior year, the business earned $0.76 EPS. The firm's quarterly revenue was up 9.0% on a year-over-year basis. As a group, equities analysts expect that DocuSign, Inc. will post 1.17 earnings per share for the current year.

About DocuSign

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.