The cluster is too small in dollar terms to signal a shared thesis. Monitor for larger institutional moves in the next 13F cycle or insider activity for corroboration.
Executive Summary
Four small asset managers added to DOCU positions in Q3 2026, while one larger manager trimmed. The net dollar flow is negative (-$1.6M) due to the size of the trim relative to the adds. The cluster is too small in absolute dollar terms to be a meaningful signal.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$1.6M
▲ Buyers (4)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Farther Finance Advisors | ADD | +34.5% | $1.1M | $539.0K |
| Mather Group | DOUBLED | +155% | $3.0K | $3.0K |
| Nisa Investment Advisors | ADD | +28.2% | $242.0K | $117.0K |
| Hb Wealth Management | ADD | +71.7% | $1.3M | $824.0K |
▼ Sellers (1)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | TRIM | -47% | $15.5M | -$3.1M |
Key Facts
- 4 buyers added a combined $1.5M in new value
- 1 seller (Assenagon) trimmed $3.1M, reducing its position by 47%
- Net aggregate change across all 5 funds is -$1.6M
- All participants are small asset managers; no activist, quant, or mega-passive funds involved
- Total buyer holdings are only $2.7M — negligible relative to DOCU's market cap
Financial Impact
Net institutional selling of $1.6M (4 buyers added $1.5M, 1 seller trimmed $3.1M). Total buyer holdings are $2.7M.
Risk Factors
- 13F data is 45+ days stale; positions may have already changed
- Small absolute dollar amounts make this noise rather than signal
- Assenagon's 47% trim could reflect a broader thesis change, but the fund is not a high-conviction activist
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-DOCU-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | Institutional Cluster | $85.27 | awaiting T+5 | — | — |
Oct 2, 2026 24d ago | Insider Cluster | $70.03 $70.97 | ▼ −1.34% | ▼ −0.92% | — |
Sep 16, 2026 5w ago | 144 | $70.64 $68.99 | ▼ −2.34% | ▼ −2.94% | — |
Sep 15, 2026 5w ago | Insider Cluster | $70.40 $69.49 | ▼ −1.29% | ▼ −3.37% | — |
Sep 15, 2026 6w ago | Insider Cluster | $70.40 $69.49 | ▲ +1.29% | ▲ +3.12% | — |
Sep 15, 2026 6w ago | Insider Cluster | $70.40 $69.49 | ▲ +1.29% | ▲ +3.12% | — |
Sep 11, 2026 6w ago | Insider Cluster | $69.76 $68.57 | ▼ −1.71% | ▼ −1.81% | — |
Sep 9, 2026 6w ago | Insider Cluster | $65.80 $70.64 | ▲ +7.36% | ▲ +6.73% | — |
Sep 8, 2026 6w ago | Insider Cluster | $64.45 $70.40 | ▲ +9.23% | ▲ +10.33% | — |
Jul 1, 2026 16w ago | Insider Cluster | $45.77 $48.76 | ▼ −6.53% | ▼ −5.60% | — |
US Market Status
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