Envestnet Portfolio Solutions Boosts Docusign Holdings by 106%

Envestnet Portfolio Solutions Inc. has significantly increased its investment in Docusign Inc. by acquiring an additional 4,378 shares, raising its total stake by 106.0% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, Envestnet now holds 8,510 shares in the electronic signature company, valued at approximately $663,000.

Several other institutional investors have also adjusted their positions in Docusign (NASDAQ: DOCU), reflecting growing interest in the company. Notably, Banque Transatlantique SA established a new position worth around $26,000 in the first quarter. Hemington Wealth Management increased its stake by an impressive 318.1%, now owning 347 shares valued at $28,000 after purchasing an additional 264 shares. Similarly, Golden State Wealth Management LLC raised its investment by 519.4%, while Summit Securities Group LLC and Rise Advisors LLC also added to their holdings.

The analysis of Docusign’s stock performance has drawn attention from various research firms. Wells Fargo & Company recently increased its price target from $80.00 to $85.00, maintaining an “equal weight” rating. Zacks Research upgraded Docusign from “hold” to “strong buy,” while Morgan Stanley revised its target from $86.00 to $90.00, also rating it as “equal weight.” JMP Securities has set a price objective of $124.00, indicating strong confidence in the company’s future.

As of now, Docusign has garnered a consensus rating of “Hold” from analysts, with a target price average of $94.14. Insiders have also been active; on September 17, Robert Chatwani, an insider, sold 13,817 shares at an average price of $83.10, totaling $1,148,192.70. Following this transaction, Chatwani’s ownership decreased by 16.26%. Additionally, Blake Jeffrey Grayson, the Chief Financial Officer, sold 6,500 shares for $462,800.00 on October 1, resulting in a 5.80% reduction in his stake.

Docusign’s stock opened at $70.68 on Tuesday, with the company experiencing a 1-year low of $66.35 and a 1-year high of $107.86. The firm has a market capitalization of $14.21 billion and a P/E ratio of 53.14. Recently, Docusign reported earnings of $0.92 per share for the quarter ending September 4, exceeding analysts’ estimates of $0.84. Revenue for the period totaled $800.64 million, surpassing the consensus estimate of $780.35 million and representing an 8.8% increase compared to the previous year.

As Docusign continues to expand its services, including electronic signatures and contract lifecycle management, interest from institutional investors may signal confidence in the company’s direction. With ongoing changes in investor sentiment and stock performance, Docusign remains a notable player in the technology sector, attracting both scrutiny and support from market analysts and investors alike.