Based on 705 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 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 — 88% of 3.0Y peak
88% of all-time peak
705 funds currently hold this stock — 88% of the 3.0-year high of 797 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 12% fewer funds vs a year ago
fund count last 6Q
92 fewer hedge funds hold DOCU compared to a year ago (-12% 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
377 buying427 selling
Last quarter: 427 funds reduced or exited vs 377 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 (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 96 → 130 → 115 → 109. 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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61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 21% medium
■ 18% new
432 out of 705 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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Buying through price weakness — shares +5%, value -29%
Last quarter: funds added +5% more shares while total portfolio value only changed -29%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Steady discovery — ~109 new funds/quarter
126 → 96 → 130 → 115 → 109 new funds/Q
New funds entering each quarter: 96 → 130 → 115 → 109. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 69% veterans vs 20% newcomers
■ 69% veterans
■ 11% 1-2yr
■ 20% new
Entry-cohort mix of 750 holders: 517 (69%) are 2+ year veterans, 85 entered 1–2 years ago, and 148 (20%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 44% AUM from top-100 funds
44% from top-100 AUM funds
59 of 702 holders are among the 100 largest funds by AUM, controlling 44% 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 3.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.