Moran Wealth Management LLC Sells 974 Shares of Docusign Inc. (NASDAQ:DOCU)

Moran Wealth Management LLC lessened its position in shares of Docusign Inc. (NASDAQ:DOCU) by 6.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,842 shares of the company’s stock after selling 974 shares during the period. Moran Wealth Management LLC’s holdings in Docusign were worth $1,127,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Truist Financial Corp increased its stake in Docusign by 57.8% in the fourth quarter. Truist Financial Corp now owns 7,318 shares of the company’s stock valued at $658,000 after purchasing an additional 2,680 shares in the last quarter. Sigma Planning Corp increased its stake in Docusign by 48.4% in the fourth quarter. Sigma Planning Corp now owns 6,978 shares of the company’s stock valued at $628,000 after purchasing an additional 2,275 shares in the last quarter. First Horizon Advisors Inc. increased its stake in Docusign by 102.6% in the fourth quarter. First Horizon Advisors Inc. now owns 397 shares of the company’s stock valued at $36,000 after purchasing an additional 201 shares in the last quarter. Wealthspire Advisors LLC increased its stake in Docusign by 6.5% in the fourth quarter. Wealthspire Advisors LLC now owns 6,457 shares of the company’s stock valued at $581,000 after purchasing an additional 394 shares in the last quarter. Finally, IFP Advisors Inc increased its stake in Docusign by 249.3% in the fourth quarter. IFP Advisors Inc now owns 2,798 shares of the company’s stock valued at $252,000 after purchasing an additional 1,997 shares in the last quarter. Institutional investors own 77.64% of the company’s stock.

Docusign Trading Up 0.7%

NASDAQ:DOCU opened at $75.55 on Friday. The company has a 50-day moving average price of $82.15 and a 200-day moving average price of $85.31. Docusign Inc. has a 12 month low of $48.80 and a 12 month high of $107.86. The stock has a market cap of $15.27 billion, a price-to-earnings ratio of 14.28, a P/E/G ratio of 28.45 and a beta of 1.14.

Docusign (NASDAQ:DOCU) last posted its earnings results on Thursday, June 5th. The company reported $0.90 EPS for the quarter, topping the consensus estimate of $0.81 by $0.09. The firm had revenue of $763.65 million during the quarter, compared to analysts’ expectations of $748.79 million. Docusign had a net margin of 36.50% and a return on equity of 14.27%. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period last year, the company posted $0.82 EPS. Equities analysts forecast that Docusign Inc. will post 1.17 EPS for the current fiscal year.

Docusign declared that its Board of Directors has authorized a stock repurchase plan on Thursday, June 5th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 6.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Docusign news, insider James P. Shaughnessy sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $81.31, for a total transaction of $609,825.00. Following the completion of the sale, the insider now directly owns 45,875 shares in the company, valued at approximately $3,730,096.25. This trade represents a 14.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Blake Jeffrey Grayson sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $76.09, for a total transaction of $608,720.00. Following the sale, the chief financial officer now directly owns 86,156 shares in the company, valued at approximately $6,555,610.04. The trade was a 8.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 54,052 shares of company stock worth $4,101,776 in the last three months. 1.01% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

DOCU has been the subject of several research analyst reports. Morgan Stanley decreased their price target on shares of Docusign from $92.00 to $86.00 and set an “equal weight” rating for the company in a research note on Friday, June 6th. William Blair reissued an “outperform” rating on shares of Docusign in a research report on Monday, April 21st. Hsbc Global Res raised shares of Docusign from a “moderate sell” rating to a “hold” rating in a research report on Friday, April 11th. UBS Group decreased their target price on shares of Docusign from $85.00 to $80.00 and set a “neutral” rating for the company in a research report on Friday, June 6th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Docusign in a research report on Friday, June 6th. Twelve equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $89.77.

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.