Short Interest in Docusign Inc. (NASDAQ:DOCU) Increases By 33.1%

Docusign Inc. (NASDAQ:DOCU) was the recipient of a large increase in short interest during the month of March. As of March 31st, there was short interest totaling 18,154,041 shares, an increase of 33.1% from the March 15th total of 13,642,829 shares. Currently, 9.4% of the company’s stock are short sold. Based on an average daily volume of 6,117,449 shares, the days-to-cover ratio is presently 3.0 days.

Docusign Stock Up 1.2%

Shares of NASDAQ:DOCU traded up $0.54 during trading on Friday, hitting $46.60. The stock had a trading volume of 270,244 shares, compared to its average volume of 4,834,660. Docusign has a 12-month low of $40.16 and a 12-month high of $94.67. The stock has a market capitalization of $9.06 billion, a price-to-earnings ratio of 31.46, a price-to-earnings-growth ratio of 1.79 and a beta of 0.99. The stock has a 50-day simple moving average of $46.34 and a two-hundred day simple moving average of $59.49.

Docusign (NASDAQ:DOCU) last announced its quarterly earnings results on Tuesday, March 17th. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.06. Docusign had a return on equity of 16.86% and a net margin of 9.60%.The company had revenue of $836.86 million during the quarter, compared to analysts’ expectations of $828.23 million. During the same period last year, the business earned $0.86 earnings per share. Docusign’s quarterly revenue was up 7.8% on a year-over-year basis. As a group, sell-side analysts forecast that Docusign will post 1.17 earnings per share for the current year.

Docusign declared that its board has authorized a share buyback program on Tuesday, March 17th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 21% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on DOCU shares. Piper Sandler decreased their price objective on Docusign from $75.00 to $52.00 and set a “neutral” rating on the stock in a report on Wednesday, March 18th. Jefferies Financial Group lowered Docusign from a “buy” rating to a “hold” rating and reduced their target price for the stock from $105.00 to $45.00 in a research note on Monday, February 23rd. Needham & Company LLC reiterated a “hold” rating on shares of Docusign in a research note on Tuesday, March 10th. Citizens Jmp reduced their target price on Docusign from $124.00 to $86.00 and set a “market outperform” rating on the stock in a research note on Wednesday, March 18th. Finally, Royal Bank Of Canada reduced their target price on Docusign from $70.00 to $55.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 18th. Four analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $61.40.

Insider Transactions at Docusign

In other news, insider James P. Shaughnessy sold 12,000 shares of Docusign stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $46.83, for a total value of $561,960.00. Following the completion of the transaction, the insider owned 53,631 shares of the company’s stock, valued at $2,511,539.73. The trade was a 18.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mary Agnes Wilderotter sold 3,000 shares of the business’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $48.15, for a total value of $144,450.00. Following the completion of the transaction, the director directly owned 59,803 shares of the company’s stock, valued at approximately $2,879,514.45. This trade represents a 4.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 64,673 shares of company stock worth $3,077,699 over the last quarter. Corporate insiders own 1.01% of the company’s stock.

Hedge Funds Weigh In On Docusign

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DOCU. Vanguard Group Inc. raised its position in Docusign by 1.1% in the third quarter. Vanguard Group Inc. now owns 21,625,551 shares of the company’s stock valued at $1,558,986,000 after purchasing an additional 225,525 shares during the period. State Street Corp raised its holdings in shares of Docusign by 0.9% in the 4th quarter. State Street Corp now owns 8,193,805 shares of the company’s stock valued at $560,456,000 after buying an additional 77,008 shares during the period. Capital World Investors raised its holdings in shares of Docusign by 38.1% in the 4th quarter. Capital World Investors now owns 5,815,804 shares of the company’s stock valued at $397,801,000 after buying an additional 1,603,900 shares during the period. Geode Capital Management LLC raised its holdings in shares of Docusign by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 4,084,463 shares of the company’s stock valued at $278,665,000 after buying an additional 18,873 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Docusign by 8.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,343,613 shares of the company’s stock worth $228,703,000 after purchasing an additional 251,639 shares during the period. Institutional investors and hedge funds own 77.64% of the company’s stock.

About Docusign

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.