West Tower Group LLC Boosts Stock Position in DocuSign, Inc. (NASDAQ:DOCU)

West Tower Group LLC lifted its position in shares of DocuSign, Inc. (NASDAQ:DOCU) by 50.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,500 shares of the company’s stock after purchasing an additional 500 shares during the period. West Tower Group LLC’s holdings in DocuSign were worth $93,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Truvestments Capital LLC purchased a new stake in shares of DocuSign during the third quarter worth about $74,000. DRW Securities LLC purchased a new stake in shares of DocuSign during the third quarter worth about $339,000. Harvest Fund Management Co. Ltd purchased a new stake in shares of DocuSign during the third quarter worth about $306,000. Swedbank AB boosted its holdings in shares of DocuSign by 6.1% during the third quarter. Swedbank AB now owns 124,131 shares of the company’s stock worth $7,707,000 after purchasing an additional 7,090 shares during the period. Finally, Cerity Partners LLC boosted its holdings in shares of DocuSign by 39.6% during the third quarter. Cerity Partners LLC now owns 101,600 shares of the company’s stock worth $6,308,000 after purchasing an additional 28,829 shares during the period. 77.64% of the stock is currently owned by hedge funds and other institutional investors.

DocuSign Stock Up 3.0 %

Shares of DOCU opened at $85.51 on Tuesday. The company has a market capitalization of $17.36 billion, a P/E ratio of 18.04, a price-to-earnings-growth ratio of 8.79 and a beta of 0.90. The firm has a 50 day moving average of $70.04 and a 200 day moving average of $60.46. DocuSign, Inc. has a twelve month low of $42.13 and a twelve month high of $86.50.

DocuSign (NASDAQ:DOCU) last announced its quarterly earnings results on Thursday, September 5th. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.17. DocuSign had a net margin of 34.56% and a return on equity of 16.18%. The company had revenue of $736.03 million during the quarter, compared to the consensus estimate of $727.20 million. During the same quarter last year, the firm earned $0.09 earnings per share. The firm’s quarterly revenue was up 7.0% compared to the same quarter last year. On average, sell-side analysts expect that DocuSign, Inc. will post 1.01 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Blake Jeffrey Grayson sold 9,552 shares of DocuSign stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $68.80, for a total transaction of $657,177.60. Following the transaction, the chief financial officer now owns 78,265 shares in the company, valued at $5,384,632. This trade represents a 10.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Allan C. Thygesen sold 7,764 shares of DocuSign stock in a transaction on Friday, November 1st. The stock was sold at an average price of $69.95, for a total transaction of $543,091.80. Following the transaction, the chief executive officer now owns 107,825 shares in the company, valued at $7,542,358.75. This represents a 6.72 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 69,558 shares of company stock valued at $4,272,768. Company insiders own 1.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on DOCU. Needham & Company LLC restated a “hold” rating on shares of DocuSign in a report on Friday, September 6th. Royal Bank of Canada raised their price objective on shares of DocuSign from $52.00 to $57.00 and gave the stock a “sector perform” rating in a report on Friday, September 6th. Citigroup raised their price objective on shares of DocuSign from $86.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, September 6th. JMP Securities raised their price objective on shares of DocuSign from $84.00 to $108.00 and gave the stock a “market outperform” rating in a report on Friday. Finally, Bank of America lifted their target price on shares of DocuSign from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, September 6th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $65.80.

DocuSign Company 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.