Based on 667 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their DOCU positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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High ownership — 84% of 3.0Y peak
84% of all-time peak
667 funds currently hold this stock — 84% of the 3.0-year high of 798 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 14% fewer funds vs a year ago
fund count last 6Q
108 fewer hedge funds hold DOCU compared to a year ago (-14% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More sellers than buyers — 47% buying
346 buying383 selling
Last quarter: 383 funds reduced or exited vs 346 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
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Fewer new buyers each quarter (-14 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 130 → 116 → 109 → 95. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
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65% of holders stayed for 2+ years
■ 65% conviction (2yr+)
■ 20% medium
■ 15% new
433 out of 667 hedge funds have held DOCU for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
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Peak discovery — momentum slowing
98 → 130 → 116 → 109 → 95 new funds/Q
New funds entering each quarter: 130 → 116 → 109 → 95. DOCU is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Veteran-anchored — 71% veterans vs 16% newcomers
■ 71% veterans
■ 13% 1-2yr
■ 16% new
Entry-cohort mix of 697 holders: 492 (71%) are 2+ year veterans, 94 entered 1–2 years ago, and 111 (16%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 62% AUM from top-100 funds
62% from top-100 AUM funds
64 of 665 holders are among the 100 largest funds by AUM, controlling 62% of total institutional value in DOCU. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 2.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.