Financial Advocates Investment Management Sells 569 Shares of DocuSign, Inc. (NASDAQ:DOCU)

Financial Advocates Investment Management cut its holdings in DocuSign, Inc. (NASDAQ:DOCU) by 6.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,968 shares of the company’s stock after selling 569 shares during the quarter. Financial Advocates Investment Management’s holdings in DocuSign were worth $717,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in DOCU. State of Alaska Department of Revenue increased its position in DocuSign by 494.2% in the 4th quarter. State of Alaska Department of Revenue now owns 23,145 shares of the company’s stock valued at $2,081,000 after acquiring an additional 19,250 shares in the last quarter. Adero Partners LLC acquired a new stake in shares of DocuSign in the fourth quarter valued at approximately $272,000. Choreo LLC raised its position in DocuSign by 15.3% in the 4th quarter. Choreo LLC now owns 5,973 shares of the company’s stock worth $547,000 after purchasing an additional 791 shares during the last quarter. WT Asset Management Ltd acquired a new position in DocuSign during the 4th quarter worth $1,533,000. Finally, Stratos Wealth Advisors LLC bought a new position in DocuSign in the 4th quarter valued at $1,116,000. 77.64% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. JMP Securities reaffirmed a “market outperform” rating and set a $124.00 price target on shares of DocuSign in a research note on Tuesday, January 7th. Hsbc Global Res upgraded shares of DocuSign to a “moderate sell” rating in a research report on Friday, December 6th. HSBC reaffirmed a “reduce” rating on shares of DocuSign in a research note on Friday, December 6th. Needham & Company LLC reissued a “hold” rating on shares of DocuSign in a research note on Tuesday. Finally, UBS Group raised their price target on DocuSign from $60.00 to $100.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $92.45.

Insider Activity at DocuSign

In other news, insider James P. Shaughnessy sold 7,500 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $90.17, for a total value of $676,275.00. Following the sale, the insider now directly owns 43,781 shares of the company’s stock, valued at approximately $3,947,732.77. This represents a 14.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Allan C. Thygesen sold 7,763 shares of DocuSign stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $80.54, for a total value of $625,232.02. Following the completion of the transaction, the chief executive officer now directly owns 100,062 shares of the company’s stock, valued at approximately $8,058,993.48. This trade represents a 7.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 685,773 shares of company stock valued at $66,032,726 in the last quarter. Insiders own 1.66% of the company’s stock.

DocuSign Trading Down 3.6 %

Shares of DocuSign stock opened at $90.48 on Friday. The company has a 50 day moving average of $92.36 and a 200-day moving average of $73.96. The company has a market cap of $18.28 billion, a PE ratio of 18.66, a price-to-earnings-growth ratio of 8.74 and a beta of 0.89. DocuSign, Inc. has a 1-year low of $48.70 and a 1-year high of $107.86.

DocuSign 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.