DocuSign, Inc. (NASDAQ:DOCU) Sees Significant Decrease in Short Interest

DocuSign, Inc. (NASDAQ:DOCU - Get Free Report) saw a significant drop in short interest in March. As of March 15th, there was short interest totalling 6,790,000 shares, a drop of 13.5% from the February 28th total of 7,850,000 shares. Currently, 3.4% of the company's stock are short sold. Based on an average daily volume of 2,650,000 shares, the days-to-cover ratio is currently 2.6 days.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Needham & Company LLC reissued a "hold" rating on shares of DocuSign in a report on Friday, March 14th. Morgan Stanley boosted their target price on DocuSign from $62.00 to $97.00 and gave the company an "equal weight" rating in a report on Friday, December 6th. Bank of America dropped their price objective 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. Robert W. Baird set a $93.00 target price on shares of DocuSign in a research note on Friday, March 14th. Finally, Wells Fargo & Company boosted their price target on shares of DocuSign from $70.00 to $73.00 and gave the stock an "underweight" rating in a research note on Friday, March 14th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $95.83.

Insiders Place Their Bets

In other DocuSign news, insider Robert Chatwani sold 15,706 shares of the business's stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $83.19, for a total value of $1,306,582.14. Following the completion of the sale, the insider now owns 76,842 shares in the company, valued at approximately $6,392,485.98. The trade was a 16.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Blake Jeffrey Grayson sold 16,111 shares of DocuSign stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $83.20, for a total transaction of $1,340,435.20. Following the completion of the transaction, the chief financial officer now directly owns 93,960 shares in the company, valued at $7,817,472. The trade was a 14.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 57,851 shares of company stock valued at $4,911,319. 1.66% of the stock is owned by corporate insiders.

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Institutional Trading of DocuSign

Institutional investors and hedge funds have recently made changes to their positions in the stock. Kestra Investment Management LLC acquired a new stake in shares of DocuSign during the 4th quarter worth about $30,000. First Horizon Advisors Inc. boosted its position in DocuSign by 102.6% during the fourth quarter. First Horizon Advisors Inc. now owns 397 shares of the company's stock worth $36,000 after acquiring an additional 201 shares during the last quarter. Modus Advisors LLC acquired a new stake in DocuSign during the fourth quarter worth approximately $36,000. Wood Tarver Financial Group LLC purchased a new stake in DocuSign in the 4th quarter worth approximately $37,000. Finally, McIlrath & Eck LLC raised its holdings in DocuSign by 476.0% in the 4th quarter. McIlrath & Eck LLC now owns 432 shares of the company's stock valued at $39,000 after acquiring an additional 357 shares during the last quarter. 77.64% of the stock is currently owned by hedge funds and other institutional investors.

DocuSign Stock Performance

NASDAQ DOCU traded down $5.16 during trading hours on Friday, reaching $72.21. The company's stock had a trading volume of 2,881,620 shares, compared to its average volume of 2,700,521. The company's 50-day moving average is $86.02 and its two-hundred day moving average is $82.17. DocuSign has a fifty-two week low of $48.70 and a fifty-two week high of $107.86. The stock has a market cap of $14.62 billion, a PE ratio of 14.89, a PEG ratio of 6.94 and a beta of 1.20.

DocuSign (NASDAQ:DOCU - Get Free Report) last issued its quarterly earnings data 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. DocuSign had a net margin of 34.73% and a return on equity of 14.90%. The business had revenue of $776.25 million during the quarter, compared to analysts' expectations of $760.94 million. During the same period last year, the company posted $0.76 EPS. The company's revenue was up 9.0% on a year-over-year basis. Equities analysts expect that DocuSign will post 1.17 earnings per share for the current fiscal 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.