Insider buying: DocuSign's CEO makes another big bet on his own stock

Published Fri, Mar 25 20222:43 PM EDT

Jesse Pound @/in/jesse-pound @jesserpound

Last week's insider buying was highlighted by one CEO doubling down on his own struggling stock. DocuSign CEO Daniel Springer bought roughly $5 million in shares on March 15, according to a securities filing. Data from InsiderScore.com/Verity Group shows that Springer has been particularly active in recent months as an inside buyer. His purchases in December and January totaled nearly $10 million. Insider buying is viewed as a bullish signal about company quality by many professional investors. Significant purchases above and beyond the shares awarded as part of compensation can be seen as a sign that management believes the stock is underpriced. So far, Springer's confidence hasn't been enough to turn around DocuSign's stock, which is down roughly 30% year to date. Here's a look at the top five individual insider purchases last week, according to InsiderScore.com/Verity: 5. AutoZone - $504,000 4. Bumble -$999,000 3. DocuSign - $5 million 2. Natera - $5 million 1. GameStop - $10 million For AutoZone, senior vice president and chief investment officer Michelle Borninkhof bought more than $500,000 in stock. This appears to be Borninkhof's first purchases of the stock. AutoZone has seen several insider transactions this year, including an executive vice president exercising options and then selling shares earlier this month. At Bumble, the spouse of a director purchased nearly $1 million in stock. The top three names, including DocuSign, are all multimillion-dollar buys. A director at diagnostics company Natera bought $5 million in shares, roughly the same as Springer. The biggest purchase of the week came from GameStop, where chairman Ryan Cohen purchased $10 million of the meme stock . The news of that purchase helped shares rise 14% on Wednesday. Another notable but smaller buy came from WeWork . CEO Sandeep Mathrani bought 30,000 shares for nearly $200,000. Mathrani now has more than 1.7 million shares of the company. . "Insider Buying" is a weekly segment on CNBC's "Worldwide Exchange," airing Friday mornings. Watch the full segment above.

Dan Springer, chief executive officer at DocuSign.

David Paul Morris | Bloomberg | Getty Images

Last week's insider buying was highlighted by one CEO doubling down on his own struggling stock.