Swedbank AB has reduced its holdings in DocuSign Inc. (NASDAQ: DOCU) by 19.7% in the third quarter of 2023. This decision, outlined in a report by Holdings Channel, leaves the institutional investor with 131,359 shares after selling 32,200 shares during the period. As of the latest filing with the Securities and Exchange Commission (SEC), Swedbank’s stake in DocuSign is valued at approximately $9.47 million.
The movements in DocuSign’s stock are indicative of broader trends among institutional investors. Recent activity includes Banque Transatlantique SA acquiring a new stake in DocuSign worth around $26,000 in the first quarter. Rise Advisors LLC notably increased its stake by 864.6%, now holding 463 shares valued at $38,000 after purchasing an additional 415 shares last quarter. Other new stakes were established by WPG Advisers LLC, valued at approximately $39,000, and Twin Peaks Wealth Advisors LLC, which invested about $43,000 in the second quarter. Additionally, MassMutual Private Wealth & Trust FSB raised its stake by 31.3%, owning 595 shares worth around $46,000.
Insider Transactions and Market Response
In related news, insider trading has also been active at DocuSign. On October 1, 2023, insider James P. Shaughnessy sold 7,500 shares at an average price of $71.19, totaling $533,925. Post-transaction, Shaughnessy holds 55,442 shares valued at approximately $3.95 million, reflecting an 11.92% decrease in his position.
Chief Financial Officer Blake Jeffrey Grayson also participated in stock sales, offloading 9,515 shares on December 17, 2023, at an average price of $68.33, resulting in a total of $650,159.95. Following this sale, Grayson retained 118,213 shares valued at approximately $8.08 million, marking a 7.45% reduction in his holdings. In total, insiders sold 87,542 shares valued at around $6.1 million in the last quarter, with insiders currently owning 1.01% of the company’s stock.
Market Outlook for DocuSign
Despite these changes, DocuSign’s stock has shown resilience, recently increasing by 0.5%. Analysts have weighed in on the stock’s potential, with Evercore ISI reducing its target price from $92.00 to $80.00, maintaining an “in-line” rating. Similarly, Robert W. Baird adjusted its price target from $90.00 to $75.00, while JMP Securities continues to support the stock with a “market outperform” rating and a target price of $124.00.
Zacks Research has shifted its stance on DocuSign, lowering the rating from “strong-buy” to “hold”. Overall, the stock is currently rated with six “buy” ratings and sixteen “hold” ratings, resulting in an average target price of $86.80 according to MarketBeat.com.
DocuSign, Inc., headquartered in San Francisco, California, is a leading provider of electronic signature and digital transaction management solutions. Its flagship product, DocuSign eSignature, allows organizations to send, sign, and manage legally binding electronic agreements securely in the cloud. The company serves a wide range of industries, including finance, real estate, healthcare, technology, and government, highlighting its diverse customer base.
