Claret Asset Management Corp has reduced its stake in Docusign Inc. (NASDAQ: DOCU) by 21.4% during the second quarter of 2023. This decision is documented in the firm’s most recent Form 13F filing with the Securities and Exchange Commission (SEC). Following the sale of 826 shares, Claret Asset Management now holds 3,042 shares of the e-signature company, valued at approximately $237,000 at the end of the reporting period.
Several other institutional investors have also adjusted their positions in Docusign recently. Notably, Banque Transatlantique SA acquired a new stake in the first quarter valued at around $26,000. Hemington Wealth Management increased its holdings by an impressive 318.1%, now owning 347 shares worth $28,000 after purchasing an additional 264 shares. Additionally, Summit Securities Group LLC and Rise Advisors LLC made significant acquisitions, with the latter increasing its position by 864.6% to 463 shares, valued at $38,000. Collectively, hedge funds and institutional investors own 77.64% of Docusign’s stock.
Stock Performance and Insider Activity
Docusign’s stock opened at $68.33 on Tuesday, reflecting a market capitalization of $13.74 billion. The company’s price-to-earnings ratio stands at 51.38, with a PEG ratio of 3.45 and a beta of 0.98. Over the past year, the stock has fluctuated between a low of $63.50 and a high of $107.86.
In recent insider trading news, Chief Revenue Officer Paula Hansen sold 6,000 shares on October 7 at an average price of $71.33, totaling $427,980. This sale decreased her holdings by 9.24%, leaving her with 58,968 shares valued at approximately $4.21 million. Similarly, insider James P. Shaughnessy sold 7,500 shares on October 1 for about $533,925, a 11.92% reduction in his position. Over the past 90 days, insiders have sold a total of 102,533 shares, valued at over $7.7 million. Currently, insiders hold 1.66% of the stock.
Analyst Ratings and Price Targets
Docusign has attracted attention from various analysts, with differing perspectives on its stock. Bank of America recently raised its target price from $85.00 to $102.00, maintaining a “neutral” rating. JMP Securities reiterated a “market outperform” rating and issued a target of $124.00. Meanwhile, Robert W. Baird adjusted its target from $85.00 to $90.00, also keeping a “neutral” stance. Wells Fargo & Company revised its price target from $80.00 to $85.00, assigning an “equal weight” rating.
According to data from MarketBeat, the consensus rating for Docusign is “Hold,” with a consensus target price of $94.14. As of now, four analysts have rated the stock as a Buy, while sixteen have issued Hold ratings.
Docusign continues to be a significant player in the electronic signature and contract lifecycle management sectors, providing solutions that enable seamless agreement processes across various devices and platforms.
