Readystate Asset Management LP Makes New $10.31 Million Investment in Docusign Inc. $DOCU

Readystate Asset Management LP purchased a new stake in shares of Docusign Inc. (NASDAQ:DOCU) in the first quarter, HoldingsChannel reports. The institutional investor purchased 217,464 shares of the company’s stock, valued at approximately $10,310,000.

A number of other hedge funds have also recently bought and sold shares of DOCU. Modus Advisors LLC bought a new position in shares of Docusign during the 4th quarter valued at about $27,000. Torren Management LLC acquired a new stake in Docusign during the fourth quarter valued at approximately $28,000. Cary Street Partners Investment Advisory LLC lifted its stake in Docusign by 309.5% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 561 shares of the company’s stock valued at $38,000 after purchasing an additional 424 shares during the last quarter. Basepoint Wealth LLC bought a new stake in Docusign during the fourth quarter worth approximately $39,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in Docusign during the fourth quarter worth approximately $44,000. 77.64% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Wells Fargo & Company decreased their price target on shares of Docusign from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Friday, June 5th. Weiss Ratings raised Docusign from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, July 14th. Citigroup boosted their target price on Docusign from $50.00 to $54.00 and gave the stock a “neutral” rating in a research report on Friday, June 5th. Bank of America started coverage on Docusign in a report on Tuesday, March 31st. They set an “underperform” rating and a $52.00 target price for the company. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Docusign in a research report on Friday, June 5th. Three equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Docusign presently has an average rating of “Hold” and an average price target of $60.27.

Docusign Stock Up 5.8%

Shares of Docusign stock opened at $55.97 on Wednesday. The stock has a market cap of $10.69 billion, a PE ratio of 36.34, a price-to-earnings-growth ratio of 1.56 and a beta of 0.90. The business has a fifty day simple moving average of $48.04 and a 200-day simple moving average of $48.59. Docusign Inc. has a 12 month low of $40.16 and a 12 month high of $86.65.

Docusign (NASDAQ:DOCU) last posted its quarterly earnings results on Thursday, June 4th. The company reported $1.09 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.10. The firm had revenue of $830.24 million for the quarter, compared to analyst estimates of $824.71 million. Docusign had a return on equity of 17.48% and a net margin of 9.59%.Docusign’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.90 earnings per share. Analysts expect that Docusign Inc. will post 2.03 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider James P. Shaughnessy sold 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $45.54, for a total transaction of $546,480.00. Following the completion of the sale, the insider directly owned 52,815 shares in the company, valued at approximately $2,405,195.10. This trade represents a 18.51% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Paula Hansen sold 6,000 shares of the business’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $45.54, for a total transaction of $273,240.00. Following the transaction, the executive owned 89,972 shares in the company, valued at approximately $4,097,324.88. This represents a 6.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 76,695 shares of company stock worth $3,476,002 over the last ninety days. 0.59% of the stock is currently owned by corporate insiders.

Docusign Profile

DocuSign, Inc (NASDAQ: DOCU) is a leading provider of electronic signature and digital transaction management solutions. The company’s flagship offering, DocuSign eSignature, enables organizations to send, sign and manage legally binding electronic agreements securely in the cloud. Beyond eSignature, DocuSign’s Agreement Cloud combines contract lifecycle management, document generation, and workflow automation to streamline agreement processes from initiation through execution and storage.

DocuSign’s platform serves a diverse customer base spanning industries such as finance, real estate, healthcare, technology, and government.