DocuSign, Inc. (NASDAQ:DOCU) Sees Large Drop in Short Interest

( ) saw a dramatic drop in short interest during the month of march. On March 31, there were 9,260,000 short shares, which is a 9.9% drop from the 10,280,000 total shares on March 15. The days-to-cover is currently 2.2 days based on an average daily share volume of 4,300,000.

Insider Activities

Teresa Briggs, the director of the company, sold 1,988 stock shares in a deal that took place on Thursday 16th March. The shares were purchased at an average of $58.53, resulting in a value of $116 357.64. After the completion of this transaction, the director owns 3,763 of the company's shares, valued at approximately $220,248.39. Recently, hedge funds and other institutions have bought and sold the shares of this company. Westpac Banking Corp increased its DocuSign position by 188.6% during the third quarter. Westpac Banking Corp owns 55,632 of the company stock, valued at $2.975,000, after purchasing 36,353 additional shares in the last quarter. Veriti Management LLC acquired a new stake of shares in DocuSign worth $239,000. UBS Asset Management Americas Inc. increased its holdings in DocuSign shares by 39.3% over the third quarter. UBS Asset Management Americas Inc. owns now 1,427.937 shares worth $76,352,000 of the company stock after purchasing 402,661 additional shares in the last quarterly. Vanguard Group Inc. increased its holdings in DocuSign shares by 1.1% in the third quarter. Vanguard Group Inc. owns 18,481,405 of the company’s stock, worth $988.201,000, after buying 207,808 additional shares during the last quarter. Avantax Advisory Services Inc. increased its holdings in DocuSign shares by 9.6% over the third quarter. Avantax Advisory Services Inc. owns 14,710 of the company stock, worth $787,000. This is after buying an additional 1,287 in the last quarter. 76.18% of shares are owned by hedge fund and institutional investors.

Analyst Ratings Changes

DOCU was the subject of several recent research reports. Piper Sandler reduced their price target for shares of DocuSign on Friday, 10th March from $65.00 down to $60.00. Wells Fargo & Company reduced their price target for shares of DocuSign on Friday, march 10th from $65.00 down to $60.00. UBS Group downgraded DocuSign shares from a "neutral" rating to a "sell" rating, and set a price target of $52.00 for the company. In a research report published on February 21st, UBS Group downgraded shares of DocuSign from 'neutral' to'sell. Royal Bank of Canada increased their price target on shares of DocuSign to $59.00 in a Friday, March 10, report. They also gave the stock an'sector-perform' rating. Jefferies Financial raised its price target on shares of DocuSign to $80.00 in a report published on Tuesday, 7th March. Three analysts have assigned the stock a sell recommendation, nine others have given it a hold recommendation and three more have given the stock a buy recommendation. MarketBeat.com data shows that the stock has an average rating 'Hold' with a consensus target price of $62.93.

DocuSign stock down 2.4 %

The stock fell $1.24 in midday trading Friday to reach $51.05. Stock traded 3,048,102 times its average of 4,244,941. The company has a simple moving 50-day average of $58.45, and a simple moving 200-day average of $54.28. DocuSign's 12-month low is $39.57, and its 12-month high is $92.04. The market cap is $10.31 billion. It has a P/E of -104.18 and a P/E/G of 15.49.

DocuSign Company profile

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DocuSign, Inc. provides cloud-based solutions for electronic signatures. The cloud-based electronic signature platform allows companies and individuals to collect data, automate workflows, and sign anything. The company automates paper-based manual processes, allowing users manage all aspects documented business transactions, including identity management and authentication, digital signatures, forms and data collections, collaboration, workflow automation, and storage.

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