Short Interest in DocuSign, Inc. (NASDAQ:DOCU) Decreases By 5.8%

DocuSign, Inc. (NASDAQ:DOCU) saw a large decrease in short interest in December. As of December 15th, there was short interest totalling 11,050,000 shares, a decrease of 5.8% from the November 30th total of 11,730,000 shares. Based on an average daily volume of 4,030,000 shares, the short-interest ratio is currently 2.7 days.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on DOCU. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $90.00 price target (up from $57.00) on shares of DocuSign in a research note on Friday, December 6th. Bank of America upped their target price on shares of DocuSign from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, September 6th. Wells Fargo & Company lifted their price target on shares of DocuSign from $50.00 to $70.00 and gave the company an “underweight” rating in a research report on Friday, December 6th. HSBC restated a “reduce” rating on shares of DocuSign in a report on Friday, December 6th. Finally, Jefferies Financial Group lifted their target price on shares of DocuSign from $80.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $92.45.

DocuSign Stock Performance

Shares of DOCU stock traded down $1.76 during mid-day trading on Wednesday, reaching $89.94. 1,759,190 shares of the company’s stock traded hands, compared to its average volume of 3,016,365. DocuSign has a 12 month low of $48.70 and a 12 month high of $107.86. The firm has a 50 day moving average price of $84.37 and a two-hundred day moving average price of $67.10. The firm has a market capitalization of $18.17 billion, a PE ratio of 18.54, a price-to-earnings-growth ratio of 8.72 and a beta of 0.92.

Insider Activity

In other news, Director Teresa Briggs sold 534 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $94.60, for a total value of $50,516.40. Following the transaction, the director now owns 7,736 shares in the company, valued at approximately $731,825.60. This trade represents a 6.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert Chatwani sold 14,800 shares of the stock in a transaction 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 sale, the insider now directly owns 73,414 shares of the company’s stock, valued at $7,176,952.64. The trade was a 16.78 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 653,089 shares of company stock valued at $62,551,245. Corporate insiders own 1.66% of the company’s stock.

Hedge Funds Weigh In On DocuSign

Several large investors have recently added to or reduced their stakes in the company. Picton Mahoney Asset Management bought a new position in shares of DocuSign in the second quarter worth about $150,000. nVerses Capital LLC purchased a new stake in DocuSign during the 2nd quarter valued at approximately $48,000. Essex Financial Services Inc. grew its holdings in DocuSign by 90.7% during the 2nd quarter. Essex Financial Services Inc. now owns 6,873 shares of the company’s stock valued at $368,000 after buying an additional 3,269 shares in the last quarter. Resonant Capital Advisors LLC raised its position in shares of DocuSign by 3.2% during the second quarter. Resonant Capital Advisors LLC now owns 17,359 shares of the company’s stock valued at $929,000 after buying an additional 541 shares during the last quarter. Finally, Convergence Investment Partners LLC lifted its holdings in shares of DocuSign by 263.9% in the second quarter. Convergence Investment Partners LLC now owns 26,156 shares of the company’s stock worth $1,399,000 after buying an additional 18,969 shares in the last quarter. Hedge funds and other institutional investors own 77.64% of the company’s stock.

DocuSign Company Profile

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.