Summit Trail Advisors LLC Sells 1,633 Shares of DocuSign, Inc. (NASDAQ:DOCU)

Summit Trail Advisors LLC reduced its stake in shares of DocuSign, Inc. (NASDAQ:DOCU) by 13.1% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 10,812 shares of the company’s stock after selling 1,633 shares during the period. Summit Trail Advisors LLC’s holdings in DocuSign were worth $671,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Massmutual Trust Co. FSB ADV grew its holdings in DocuSign by 5,000.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 510 shares of the company’s stock worth $27,000 after buying an additional 500 shares in the last quarter. Mather Group LLC. boosted its holdings in DocuSign by 4,338.5% during the 2nd quarter. Mather Group LLC. now owns 577 shares of the company’s stock worth $31,000 after acquiring an additional 564 shares during the last quarter. Reston Wealth Management LLC bought a new stake in shares of DocuSign in the 3rd quarter worth $47,000. nVerses Capital LLC purchased a new stake in shares of DocuSign in the second quarter valued at about $48,000. Finally, Quarry LP bought a new position in shares of DocuSign during the second quarter valued at about $53,000. 77.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on DOCU. Wells Fargo & Company upped their price objective on shares of DocuSign from $48.00 to $50.00 and gave the stock an “underweight” rating in a research report on Friday, September 6th. Bank of America upped their target price on DocuSign from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, September 6th. JMP Securities lifted their price target on DocuSign from $84.00 to $108.00 and gave the stock a “market outperform” rating in a report on Friday. Royal Bank of Canada boosted their price objective on DocuSign from $52.00 to $57.00 and gave the stock a “sector perform” rating in a research report on Friday, September 6th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of DocuSign in a research report on Friday, September 6th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $65.80.

DocuSign Stock Performance

Shares of DOCU opened at $85.51 on Tuesday. The firm has a market cap of $17.36 billion, a P/E ratio of 18.04, a price-to-earnings-growth ratio of 8.79 and a beta of 0.90. DocuSign, Inc. has a fifty-two week low of $42.13 and a fifty-two week high of $86.50. The business has a 50-day moving average of $70.04 and a 200 day moving average of $60.46.

DocuSign (NASDAQ:DOCU) last posted its quarterly earnings results on Thursday, September 5th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.17. The company had revenue of $736.03 million for the quarter, compared to analyst estimates of $727.20 million. DocuSign had a net margin of 34.56% and a return on equity of 16.18%. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.09 earnings per share. As a group, research analysts predict that DocuSign, Inc. will post 1.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Blake Jeffrey Grayson sold 14,036 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $55.47, for a total value of $778,576.92. Following the transaction, the chief financial officer now owns 87,611 shares of the company’s stock, valued at approximately $4,859,782.17. This represents a 13.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Allan C. Thygesen sold 7,764 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $69.95, for a total value of $543,091.80. Following the completion of the sale, the chief executive officer now owns 107,825 shares in the company, valued at $7,542,358.75. This trade represents a 6.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 69,558 shares of company stock worth $4,272,768 over the last 90 days. Corporate insiders own 1.66% of the company’s stock.

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.