Redwood Financial Network Corp Buys Shares of 2,242 DocuSign, Inc. (NASDAQ:DOCU)

Redwood Financial Network Corp bought a new position in DocuSign, Inc. (NASDAQ:DOCU) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 2,242 shares of the company’s stock, valued at approximately $202,000.

Several other hedge funds also recently made changes to their positions in DOCU. FMR LLC lifted its position in shares of DocuSign by 178.2% in the 4th quarter. FMR LLC now owns 6,101,024 shares of the company’s stock valued at $548,726,000 after acquiring an additional 3,908,139 shares in the last quarter. Invesco Ltd. boosted its position in DocuSign by 283.9% during the fourth quarter. Invesco Ltd. now owns 3,447,275 shares of the company’s stock worth $310,048,000 after purchasing an additional 2,549,310 shares during the period. Norges Bank acquired a new position in DocuSign during the 4th quarter worth $223,196,000. Arrowstreet Capital Limited Partnership increased its position in DocuSign by 201.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,158,311 shares of the company’s stock worth $194,118,000 after buying an additional 1,442,639 shares during the period. Finally, Jericho Capital Asset Management L.P. grew its position in DocuSign by 34.0% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 4,754,753 shares of the company’s stock worth $427,642,000 after purchasing an additional 1,205,500 shares during the last quarter. Institutional investors and hedge funds own 77.64% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $90.00 price objective on shares of DocuSign in a research note on Friday, March 14th. JMP Securities reissued a “market outperform” rating and set a $124.00 price target on shares of DocuSign in a research note on Thursday, April 17th. Hsbc Global Res raised DocuSign from a “moderate sell” rating to a “hold” rating in a research note on Friday, April 11th. Morgan Stanley dropped their price target on shares of DocuSign from $97.00 to $92.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 16th. Finally, William Blair reissued an “outperform” rating on shares of DocuSign in a research note on Monday, April 21st. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $92.46.

DocuSign Stock Performance

Shares of DOCU opened at $90.55 on Friday. The firm has a market capitalization of $18.34 billion, a P/E ratio of 18.67, a P/E/G ratio of 6.94 and a beta of 1.21. The stock has a 50 day moving average price of $80.93 and a two-hundred day moving average price of $84.93. DocuSign, Inc. has a 52 week low of $48.70 and a 52 week high of $107.86.

DocuSign (NASDAQ:DOCU) last released its earnings results on Thursday, March 13th. The company reported $0.86 earnings per share for the quarter, beating 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 firm had revenue of $776.25 million during the quarter, compared to the consensus estimate of $760.94 million. During the same period in the prior year, the firm earned $0.76 EPS. The company’s revenue was up 9.0% compared to the same quarter last year. On average, equities analysts forecast that DocuSign, Inc. will post 1.17 earnings per share for the current year.

Insider Activity

In related news, insider Robert Chatwani sold 15,706 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $83.19, for a total value of $1,306,582.14. Following the transaction, the insider now directly owns 76,842 shares in the company, valued at approximately $6,392,485.98. This represents a 16.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Blake Jeffrey Grayson sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $76.09, for a total value of $608,720.00. Following the completion of the sale, the chief financial officer now owns 86,156 shares of the company’s stock, valued at $6,555,610.04. The trade was a 8.50% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 47,851 shares of company stock worth $3,912,239. 1.66% of the stock is owned by company insiders.

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.