Horizon Investment Services LLC Acquires New Position in DocuSign, Inc. (NASDAQ:DOCU)

Horizon Investment Services LLC bought a new position in shares of DocuSign, Inc. (NASDAQ:DOCU) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 5,323 shares of the company’s stock, valued at approximately $479,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Itau Unibanco Holding S.A. acquired a new stake in shares of DocuSign in the third quarter valued at $28,000. Kestra Investment Management LLC purchased a new stake in DocuSign during the 4th quarter worth about $30,000. Brooklyn Investment Group acquired a new stake in DocuSign in the 3rd quarter valued at about $33,000. Modus Advisors LLC purchased a new position in shares of DocuSign in the 4th quarter valued at about $36,000. Finally, First Horizon Advisors Inc. grew its position in shares of 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 buying an additional 201 shares in the last quarter. Hedge funds and other institutional investors own 77.64% of the company’s stock.

Wall Street Analysts Forecast Growth

DOCU has been the subject of several analyst reports. Piper Sandler boosted their price target on shares of DocuSign from $60.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. HSBC reiterated a “reduce” rating on shares of DocuSign in a research note on Friday, December 6th. JPMorgan Chase & Co. upgraded DocuSign from an “underweight” rating to a “neutral” rating and raised their price target for the company from $70.00 to $75.00 in a research note on Monday, March 10th. JMP Securities reaffirmed a “market outperform” rating and set a $124.00 price target on shares of DocuSign in a report on Tuesday, January 7th. Finally, Robert W. Baird set a $93.00 price objective on DocuSign in a report on Friday, March 14th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $95.00.

DocuSign Price Performance

Shares of DocuSign stock opened at $83.18 on Friday. The stock has a market capitalization of $16.84 billion, a price-to-earnings ratio of 17.15, a PEG ratio of 6.94 and a beta of 1.02. The firm’s fifty day simple moving average is $87.18 and its 200-day simple moving average is $81.17. DocuSign, Inc. has a 12 month low of $48.70 and a 12 month high of $107.86.

DocuSign (NASDAQ:DOCU) last announced its earnings results on Thursday, March 13th. The company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.02. The business had revenue of $776.25 million during the quarter, compared to analysts’ expectations of $760.94 million. DocuSign had a net margin of 34.73% and a return on equity of 14.90%. The business’s revenue was up 9.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.76 earnings per share. Analysts anticipate that DocuSign, Inc. will post 1.17 earnings per share for the current year.

Insider Buying and Selling at DocuSign

In related news, Director Teresa Briggs sold 534 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $87.41, for a total value of $46,676.94. Following the completion of the sale, the director now owns 8,270 shares in the company, valued at $722,880.70. This trade represents a 6.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Robert Chatwani sold 15,706 shares of the company’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $83.19, for a total transaction of $1,306,582.14. Following the transaction, the insider now owns 76,842 shares in the company, valued at $6,392,485.98. The trade was a 16.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 97,851 shares of company stock worth $8,579,369. 1.66% of the stock is currently owned by 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.