Envestnet Expands Docusign Holdings with Significant Share Purchase

Envestnet Portfolio Solutions Inc. has significantly increased its investment in Docusign Inc. (NASDAQ:DOCU), acquiring an additional 4,378 shares during the second quarter of 2023. This move boosted Envestnet’s stake in the electronic signature and document management company by a remarkable 106.0%, bringing its total holdings to 8,510 shares. As of the end of the latest reporting period, the value of Envestnet’s investment in Docusign was approximately $663,000.

Several other institutional investors have also adjusted their positions in Docusign recently. For instance, Banque Transatlantique SA initiated a new investment worth around $26,000 in the first quarter, while Hemington Wealth Management increased its stake by 318.1%, now holding 347 shares valued at $28,000. Golden State Wealth Management LLC raised its position by an impressive 519.4%, with ownership of 384 shares valued at $31,000. Other notable transactions included Summit Securities Group LLC acquiring a new stake worth $34,000 and Rise Advisors LLC increasing its stake by 864.6%.

Analysts Forecast Growth for Docusign

Wall Street analysts have provided a range of predictions for Docusign, reflecting a generally positive outlook. On September 5, 2023, Wells Fargo & Company raised its price target for Docusign from $80.00 to $85.00 while maintaining an “equal weight” rating. Similarly, Morgan Stanley adjusted its price target from $86.00 to $90.00, also assigning an “equal weight” rating.

Analysts from Zacks Research upgraded Docusign from a “hold” rating to a “strong buy” designation. JMP Securities reaffirmed a “market outperform” rating with a target price of $124.00. Overall, the stock has received one “strong buy” rating, four “buy” ratings, and fifteen “hold” ratings, leading to a consensus rating of “hold” and a consensus target price of $94.14, according to data from MarketBeat.com.

Insider transactions have also attracted attention. On September 17, 2023, Docusign insider Robert Chatwani sold 13,817 shares at an average price of $83.10, totaling approximately $1,148,192.70. Following this sale, Chatwani retained 71,162 shares, valued at about $5,913,562.20, marking a 16.26% reduction in his position. Additionally, Chief Financial Officer Blake Jeffrey Grayson sold 6,500 shares on October 1, 2023, for $462,800.00, reducing his ownership by 5.80%.

Docusign Performance and Financial Overview

As of October 3, 2023, shares of Docusign opened at $70.68 on the NASDAQ. The company has seen a one-year low of $66.35 and a high of $107.86. Its market capitalization stands at $14.21 billion, with a price-to-earnings (P/E) ratio of 53.14 and a P/E/G ratio of 3.38.

Docusign recently reported earnings for the quarter ending September 4, 2023, revealing an earnings per share (EPS) of $0.92, surpassing analysts’ expectations of $0.84 by $0.08. The company reported revenues of $800.64 million, exceeding the consensus estimate of $780.35 million and reflecting an 8.8% increase compared to the same quarter last year.

Looking ahead, Docusign has set guidance for the third quarter of 2026 at an EPS of $1.17. This projection aligns with analysts’ expectations for the current fiscal year.

Founded to provide electronic signature solutions globally, Docusign has established itself as a leader in the industry. It offers a range of services, including Contract Lifecycle Management, Document Generation, and integrations with platforms like Salesforce, allowing users to efficiently send and sign agreements.

For those interested in Docusign’s market movements and institutional holdings, further insights can be found on financial platforms such as HoldingsChannel.com and MarketBeat.com, which provide regular updates on insider trades and analyst ratings.