DocuSign Insiders Cashed Out Under $60. Now at $64.
Five DocuSign insiders sold $4.32 million in shares at prices between $42.64 and $60.00 over a 90-day window, with zero purchases recorded. The stock now trades at $64, eleven percent above the $57.52
DocuSign Insiders Cashed Out Under $60. Now at $64.
NEW YORK, August 29 —
DocuSign, Inc. (DOCU) has beaten EPS estimates four consecutive quarters by margins as wide as 10.1%, yet every C-suite executive who sold shares in the past 90 days did so below $60. The stock now trades at $64, above both their collective exit prices and the $57.52 analyst consensus, raising a pointed question about who read this company correctly.
- Five insiders sold $4.32 million in open-market shares June 22 to August 7; zero insider purchases in the window.
- Trailing revenue $3.29 billion, up 8.7% year-over-year; gross margin 79.5%; free cash flow $1.25 billion; net cash $630 million.
- DOCU at $64 trades 11% above the $57.52 analyst consensus target; the CFO's most recent sale cleared at $60.00.
The Selling Pattern
On June 22, President and GM of Growth Robert Chatwani opened the window with approximately $684,000 in shares at $42.64 to $43.52. Nine days later, the CEO, CFO, CRO, and CLO transacted on the same day: Allan Thygesen sold roughly $1.21 million, Blake Grayson $683,226, Paula Hansen $273,240, and James Shaughnessy approximately $547,000, all in open-market transactions at $45.53 to $46.11, per SEC filings. Grayson returned August 7 at $60.00, bringing his 90-day total to $1.58 million. Director James Beer sold 450 shares at $64.02 on August 28 under a scheduled trading plan, while zero insider purchases were recorded across the period.
Four Beats and a Cash Pile
DocuSign sells electronic signature software and an AI-powered Intelligent Agreement Management platform. The products automate contracts from creation through signing and post-execution analytics, with FedRAMP-authorized modules for federal agencies and life-sciences compliance. Trailing twelve-month revenue reached $3.29 billion, growing 8.7% at a 79.5% gross margin, while free cash flow hit $1.25 billion against $0.18 billion in total debt. The most recent quarterly beat was 10.1%, with $1.09 actual against a $0.99 consensus, and the stock trades at 12.6x forward earnings. Investors looking to stress-test the free cash flow trajectory against the IAM growth thesis can use the DCF calculator.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| DOCU | $12.2B | 12.6x | -13.9% |
| ZM | $28.7B | 15.5x | +22.4% |
| TWLO | $36.5B | 35.1x | +131.6% |
| TDOC | $1.2B | n/a | -16.8% |
| OKTA | $29.1B | 38.0x | +93.2% |
| ROKU | $23.4B | 40.2x | +63.0% |
What Comes Next
DOCU at $64 sits 11% above the $57.52 analyst consensus — the market has priced in performance analysts have not yet modeled. Short interest at 10.7% of the float shows real skepticism about that gap. The last guidance cycle sent shares lower after-hours when full-year estimates met but did not exceed expectations, per reports: the market demands acceleration, not continuation. Next quarter's EPS settles the question. A beat in the 6% to 10% range at sustained guidance would confirm the momentum the C-suite sold into; a guidance miss would not. Run the free DocuSign, Inc. deep-dive →
Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.
Frequently Asked Questions
Why did DocuSign insiders sell shares?
Five DocuSign insiders sold $4.32 million in open-market shares between June 22 and August 7, at prices ranging from $42.64 to $60.00. The group included the CEO, CFO, CRO, CLO, and the president and GM of growth. No insider purchases were recorded across the same period.
What is DocuSign's analyst consensus price target?
The analyst consensus price target for DocuSign is $57.52. The stock currently trades at $64, which is eleven percent above that figure. The CFO's most recent sale cleared at $60.00, also below the current price.
Has DocuSign beaten earnings estimates recently?
DocuSign has beaten EPS estimates in four consecutive quarters, with the widest margin reaching 10.1%. The most recent quarter showed $1.09 actual against a $0.99 consensus. The stock trades at 12.6x forward earnings.
What is DocuSign's short interest?
Short interest in DocuSign stands at 10.7% of the float, showing real skepticism about a price already eleven percent above the analyst consensus target of $57.52.
What does DocuSign's business look like financially?
Trailing twelve-month revenue reached $3.29 billion, growing 8.7% year-over-year at a 79.5% gross margin. Free cash flow was $1.25 billion against $0.18 billion in total debt, leaving net cash of $630 million on the balance sheet.
DocuSign shares trade at $64 — above the $57.52 analyst consensus target and above every open-market sale made by its C-suite over the past 90 days, a stretch in which the CEO, CFO, CRO, and CLO collectively sold $4.32 million in shares at prices as low as $42.64. The same period produced four consecutive earnings beats of 6%–10%, and the stock is now trading past both what the executives were willing to hold and what Wall Street says the company is worth.