Short Interest in Docusign Inc (DOCU) Decreases By 27.9%

Docusign Inc (NASDAQ:DOCU) was the recipient of a large decline in short interest during the month of November. As of November 15th, there was short interest totalling 6,112,540 shares, a decline of 27.9% from the October 31st total of 8,480,618 shares. Based on an average daily volume of 1,744,442 shares, the days-to-cover ratio is currently 3.5 days. Currently, 8.1% of the shares of the stock are short sold.

NASDAQ DOCU opened at $41.76 on Friday. Docusign has a 12 month low of $35.06 and a 12 month high of $68.35.

Docusign (NASDAQ:DOCU) last posted its earnings results on Wednesday, September 5th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.02. The business had revenue of $167.04 million for the quarter, compared to analyst estimates of $158.70 million. Docusign’s revenue was up 33.1% on a year-over-year basis. As a group, sell-side analysts expect that Docusign will post -2.46 earnings per share for the current fiscal year.

In related news, Director Peter Solvik sold 1,304,348 shares of the business’s stock in a transaction dated Tuesday, September 18th. The shares were sold at an average price of $55.00, for a total value of $71,739,140.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Opera Trading Capital acquired a new stake in Docusign during the 3rd quarter worth approximately $101,000. Bank of Montreal Can acquired a new stake in shares of Docusign during the 2nd quarter valued at approximately $145,000. Valeo Financial Advisors LLC raised its position in shares of Docusign by 914.5% during the 3rd quarter. Valeo Financial Advisors LLC now owns 2,790 shares of the company’s stock valued at $117,000 after acquiring an additional 2,515 shares in the last quarter. State of Alaska Department of Revenue acquired a new stake in shares of Docusign during the 2nd quarter valued at approximately $160,000. Finally, BKS Advisors LLC acquired a new stake in shares of Docusign during the 3rd quarter valued at approximately $236,000. 38.90% of the stock is owned by hedge funds and other institutional investors.

A number of research analysts have recently commented on DOCU shares. JMP Securities upped their price objective on shares of Docusign from $63.00 to $68.00 and gave the company a “market outperform” rating in a research note on Thursday, September 6th. Zacks Investment Research downgraded shares of Docusign from a “hold” rating to a “sell” rating in a research note on Tuesday, October 9th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $88.00 price objective on shares of Docusign in a research note on Thursday, September 6th. Morgan Stanley upped their price objective on shares of Docusign from $46.00 to $50.00 and gave the company an “equal weight” rating in a research note on Thursday, September 6th. Finally, Bank of America upped their price objective on shares of Docusign from $63.00 to $64.00 and gave the company a “neutral” rating in a research note on Thursday, September 6th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Docusign presently has a consensus rating of “Hold” and an average target price of $60.60.

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Docusign Company Profile

DocuSign, Inc provides cloud based transaction products and services in the United States. The company offers e-signature solution that enables businesses to digitally prepare, execute, and act on agreements. It serves large enterprises, sole proprietorships, small- to medium-sized businesses, professionals, and individuals.

Further Reading: Buyback

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