Prudential Financial Inc. Lowers Position in DocuSign, Inc. (NASDAQ:DOCU)

Prudential Financial Inc. lessened its holdings in shares of DocuSign, Inc. (NASDAQ:DOCU - Free Report) by 54.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 37,285 shares of the company's stock after selling 44,320 shares during the period. Prudential Financial Inc.'s holdings in DocuSign were worth $3,353,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Corebridge Financial Inc. increased its stake in shares of DocuSign by 5,847.3% during the fourth quarter. Corebridge Financial Inc. now owns 232,005 shares of the company's stock valued at $20,867,000 after buying an additional 228,104 shares during the period. United Services Automobile Association purchased a new position in DocuSign during the 4th quarter valued at $1,193,000. Stevens Capital Management LP bought a new position in DocuSign in the 4th quarter worth $253,000. LPL Financial LLC lifted its position in shares of DocuSign by 12.4% in the 4th quarter. LPL Financial LLC now owns 209,927 shares of the company's stock worth $18,881,000 after purchasing an additional 23,181 shares during the period. Finally, Optimum Investment Advisors boosted its stake in shares of DocuSign by 200.0% during the 4th quarter. Optimum Investment Advisors now owns 600 shares of the company's stock valued at $54,000 after purchasing an additional 400 shares in the last quarter. Institutional investors own 77.64% of the company's stock.

DocuSign Stock Down 6.7 %

Shares of DocuSign stock traded down $5.16 on Friday, reaching $72.21. The company's stock had a trading volume of 2,881,620 shares, compared to its average volume of 2,695,162. DocuSign, Inc. has a 52 week low of $48.70 and a 52 week high of $107.86. The firm's fifty day simple moving average is $86.02 and its two-hundred day simple moving average is $81.98. The company has a market capitalization of $14.62 billion, a price-to-earnings ratio of 14.89, a P/E/G ratio of 6.94 and a beta of 1.20.

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

Insider Buying and Selling

In related news, Director Peter Solvik sold 10,000 shares of DocuSign stock in a transaction on Friday, January 10th. The stock was sold at an average price of $91.26, for a total value of $912,600.00. Following the completion of the sale, the director now owns 150,253 shares of the company's stock, valued at $13,712,088.78. The trade was a 6.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Blake Jeffrey Grayson sold 8,000 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $86.90, for a total value of $695,200.00. Following the completion of the transaction, the chief financial officer now directly owns 77,851 shares in the company, valued at approximately $6,765,251.90. This represents a 9.32 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 57,851 shares of company stock worth $4,911,319. 1.66% of the stock is owned by insiders.

Analysts Set New Price Targets

DOCU has been the subject of several research analyst reports. Bank of America lowered their price objective on shares of DocuSign from $112.00 to $98.00 and set a "neutral" rating for the company in a report on Friday, March 14th. Morgan Stanley raised their target price on DocuSign from $62.00 to $97.00 and gave the company an "equal weight" rating in a research note on Friday, December 6th. Wells Fargo & Company lifted their price target on DocuSign from $70.00 to $73.00 and gave the company an "underweight" rating in a research report on Friday, March 14th. Piper Sandler increased their price objective on DocuSign from $60.00 to $90.00 and gave the stock a "neutral" rating in a report on Friday, December 6th. Finally, JMP Securities restated a "market outperform" rating and set a $124.00 target price on shares of DocuSign in a report on Tuesday, January 7th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $95.83.

DocuSign 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.