Patten & Patten Inc. TN Decreases Holdings in DocuSign, Inc. (NASDAQ:DOCU)

Patten & Patten Inc. TN trimmed its holdings in shares of DocuSign, Inc. (NASDAQ:DOCU) by 12.8% in the fourth quarter, Holdings Channel reports. The firm owned 6,109 shares of the company’s stock after selling 900 shares during the period. Patten & Patten Inc. TN’s holdings in DocuSign were worth $549,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. purchased a new position in DocuSign in the 4th quarter valued at about $300,000. Natixis Advisors LLC boosted its position in DocuSign by 81.1% in the 4th quarter. Natixis Advisors LLC now owns 25,457 shares of the company’s stock valued at $2,290,000 after buying an additional 11,399 shares during the last quarter. Frank Rimerman Advisors LLC purchased a new position in DocuSign in the 4th quarter valued at about $285,000. Picton Mahoney Asset Management boosted its position in DocuSign by 13.0% in the 4th quarter. Picton Mahoney Asset Management now owns 7,223 shares of the company’s stock valued at $650,000 after buying an additional 829 shares during the last quarter. Finally, Sienna Gestion purchased a new position in DocuSign in the 4th quarter valued at about $6,244,000. 77.64% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at DocuSign

In related news, insider Robert Chatwani sold 14,800 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $97.76, for a total transaction of $1,446,848.00. Following the transaction, the insider now owns 73,414 shares in the company, valued at $7,176,952.64. This trade represents a 16.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Allan C. Thygesen sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $90.04, for a total transaction of $3,601,600.00. Following the transaction, the chief executive officer now owns 156,050 shares in the company, valued at $14,050,742. This represents a 20.40 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 95,888 shares of company stock worth $8,856,718. 1.66% of the stock is owned by company insiders.

DocuSign Stock Up 14.8 %

Shares of NASDAQ DOCU opened at $85.76 on Monday. The firm’s 50-day moving average price is $87.97 and its two-hundred day moving average price is $79.52. DocuSign, Inc. has a 52-week low of $48.70 and a 52-week high of $107.86. The stock has a market capitalization of $17.33 billion, a P/E ratio of 17.68, a P/E/G ratio of 6.94 and a beta of 1.02.

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on DOCU shares. Wedbush reissued a “neutral” rating and issued a $100.00 price objective on shares of DocuSign in a research report on Friday. Citigroup upped their price objective on shares of DocuSign from $113.00 to $115.00 and gave the company a “buy” rating in a research report on Friday. Jefferies Financial Group increased their price target on shares of DocuSign from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Morgan Stanley increased their price target on shares of DocuSign from $62.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday, December 6th. Finally, HSBC reaffirmed a “reduce” rating on shares of DocuSign in a research report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $95.58.

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.