Vestcor Inc Grows Position in DocuSign, Inc. (NASDAQ:DOCU)

Vestcor Inc raised its position in shares of DocuSign, Inc. (NASDAQ:DOCU) by 215.6% during the 4th quarter, Holdings Channel reports. The fund owned 14,578 shares of the company’s stock after purchasing an additional 9,959 shares during the period. Vestcor Inc’s holdings in DocuSign were worth $1,311,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DOCU. Apollon Wealth Management LLC purchased a new position in shares of DocuSign in the 3rd quarter worth $203,000. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of DocuSign by 10.4% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 475,113 shares of the company’s stock valued at $29,500,000 after acquiring an additional 44,615 shares during the last quarter. Victory Capital Management Inc. grew its position in DocuSign by 211.4% in the third quarter. Victory Capital Management Inc. now owns 409,877 shares of the company’s stock worth $25,449,000 after acquiring an additional 278,252 shares in the last quarter. Oppenheimer Asset Management Inc. increased its stake in DocuSign by 9.7% during the third quarter. Oppenheimer Asset Management Inc. now owns 5,442 shares of the company’s stock worth $338,000 after acquiring an additional 481 shares during the last quarter. Finally, Metis Global Partners LLC purchased a new stake in DocuSign during the third quarter valued at approximately $224,000. 77.64% of the stock is currently owned by institutional investors.

DocuSign Stock Performance

DocuSign stock opened at $85.76 on Friday. The company has a market capitalization of $17.33 billion, a PE ratio of 17.68, a P/E/G ratio of 6.94 and a beta of 1.02. The company has a 50 day moving average price of $87.97 and a 200-day moving average price of $79.37. DocuSign, Inc. has a fifty-two week low of $48.70 and a fifty-two week high of $107.86.

DocuSign (NASDAQ:DOCU) last issued its earnings results on Thursday, March 13th. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.02. The business had revenue of $776.25 million during the quarter, compared to analysts’ expectations of $760.94 million. DocuSign had a return on equity of 14.90% and a net margin of 34.73%. The business’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.76 EPS. On average, analysts forecast that DocuSign, Inc. will post 1.17 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. JMP Securities reiterated a “market outperform” rating and issued a $124.00 target price on shares of DocuSign in a report on Tuesday, January 7th. JPMorgan Chase & Co. upgraded shares of DocuSign from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $70.00 to $75.00 in a research report on Monday, March 10th. Piper Sandler increased their target price on shares of DocuSign from $60.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of DocuSign in a research note on Friday. Finally, Morgan Stanley upped their price target on shares of DocuSign from $62.00 to $97.00 and gave the company an “equal weight” rating in a report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, DocuSign currently has a consensus rating of “Hold” and a consensus target price of $95.58.

Insiders Place Their Bets

In other news, CFO Blake Jeffrey Grayson sold 8,000 shares of DocuSign stock in a transaction on Friday, February 14th. The stock was sold at an average price of $86.90, for a total value of $695,200.00. Following the transaction, the chief financial officer now directly owns 77,851 shares in the company, valued at approximately $6,765,251.90. This trade represents a 9.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Teresa Briggs sold 534 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $94.60, for a total value of $50,516.40. Following the sale, the director now owns 7,736 shares of the company’s stock, valued at $731,825.60. This trade represents a 6.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 104,422 shares of company stock worth $9,665,394 in the last three months. Corporate insiders own 1.66% of the company’s stock.

DocuSign Profile

DocuSign, Inc provides electronic signature solution in the United States and internationally. The company provides e-signature solution that enables sending and signing of agreements on various devices; Contract Lifecycle Management (CLM), which automates workflows across the entire agreement process; Document Generation streamlines the process of generating new, custom agreements; and Gen for Salesforce, which allows sales representatives to automatically generate agreements with a few clicks from within Salesforce.