Short Interest in Docusign Inc (NASDAQ:DOCU) Drops By 9.0%

Docusign Inc (NASDAQ:DOCU) saw a significant decline in short interest in the month of January. As of January 31st, there was short interest totalling 8,950,000 shares, a decline of 9.0% from the January 15th total of 9,830,000 shares. Based on an average trading volume of 1,880,000 shares, the days-to-cover ratio is currently 4.8 days. Approximately 6.0% of the company’s shares are sold short.

In related news, COO Scott V. Olrich sold 2,000 shares of Docusign stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $85.27, for a total value of $170,540.00. Following the transaction, the chief operating officer now directly owns 478,788 shares of the company’s stock, valued at $40,826,252.76. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John M. Hinshaw sold 40,000 shares of Docusign stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $74.39, for a total value of $2,975,600.00. Following the completion of the transaction, the director now directly owns 111,053 shares in the company, valued at $8,261,232.67. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,585,805 shares of company stock worth $119,062,552. 13.60% of the stock is owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. ProShare Advisors LLC increased its holdings in shares of Docusign by 2.8% during the fourth quarter. ProShare Advisors LLC now owns 5,961 shares of the company’s stock valued at $442,000 after acquiring an additional 163 shares in the last quarter. Patten & Patten Inc. TN increased its holdings in shares of Docusign by 0.7% during the fourth quarter. Patten & Patten Inc. TN now owns 25,830 shares of the company’s stock valued at $1,914,000 after acquiring an additional 187 shares in the last quarter. Financial Advocates Investment Management increased its holdings in shares of Docusign by 2.5% during the fourth quarter. Financial Advocates Investment Management now owns 11,874 shares of the company’s stock valued at $880,000 after acquiring an additional 295 shares in the last quarter. Oppenheimer Asset Management Inc. increased its holdings in shares of Docusign by 6.7% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 4,818 shares of the company’s stock valued at $357,000 after acquiring an additional 301 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Docusign by 17.9% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 2,005 shares of the company’s stock valued at $149,000 after acquiring an additional 305 shares in the last quarter. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

A number of research firms recently commented on DOCU. DA Davidson lifted their price objective on Docusign from $63.00 to $79.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Piper Jaffray Companies began coverage on Docusign in a research note on Friday, November 8th. They issued a “neutral” rating and a $75.00 price objective on the stock. Evercore ISI began coverage on Docusign in a research note on Monday, November 4th. They issued an “outperform” rating and a $80.00 price objective on the stock. ValuEngine lowered Docusign from a “hold” rating to a “sell” rating in a research note on Tuesday, December 10th. Finally, Bank of America boosted their price target on Docusign from $62.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $77.33.

DOCU traded up $1.38 during trading on Friday, hitting $89.41. The company’s stock had a trading volume of 1,122,234 shares, compared to its average volume of 1,834,933. Docusign has a twelve month low of $43.13 and a twelve month high of $89.60. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 1.07. The stock’s fifty day moving average price is $77.03 and its 200-day moving average price is $65.46. The firm has a market capitalization of $15.90 billion, a P/E ratio of -67.73 and a beta of 1.43.

Docusign (NASDAQ:DOCU) last issued its quarterly earnings results on Thursday, December 5th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.08. Docusign had a negative return on equity of 26.77% and a negative net margin of 25.28%. The firm had revenue of $249.50 million for the quarter, compared to analyst estimates of $240.40 million. Docusign’s revenue for the quarter was up 39.9% on a year-over-year basis. Equities research analysts expect that Docusign will post -0.9 EPS for the current fiscal year.

About Docusign

DocuSign, Inc provides cloud based software in the United States. The company offers e-signature solution that enables businesses to digitally prepare, execute, and act on agreements. The company sells its products through direct, partner-assisted, and Web-based sales. It serves enterprise businesses, commercial businesses, and small businesses, such as professionals, sole proprietorships and individuals.

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