Kornitzer Capital Management Inc. KS Invests $836,000 in DocuSign, Inc. (NASDAQ:DOCU)

Kornitzer Capital Management Inc. KS acquired a new position in shares of DocuSign, Inc. (NASDAQ:DOCU) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 9,300 shares of the company’s stock, valued at approximately $836,000.

Other hedge funds also recently made changes to their positions in the company. Modus Advisors LLC bought a new position in shares of DocuSign during the fourth quarter worth about $36,000. Itau Unibanco Holding S.A. acquired a new stake in DocuSign during the third quarter worth approximately $28,000. Avion Wealth grew its stake in DocuSign by 309.2% during the fourth quarter. Avion Wealth now owns 487 shares of the company’s stock worth $43,000 after purchasing an additional 368 shares during the period. Brooklyn Investment Group acquired a new stake in DocuSign during the third quarter worth approximately $33,000. Finally, Avior Wealth Management LLC grew its stake in DocuSign by 36.5% during the fourth quarter. Avior Wealth Management LLC now owns 542 shares of the company’s stock worth $49,000 after purchasing an additional 145 shares during the period. 77.64% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on DOCU. Wells Fargo & Company raised their target price on DocuSign from $50.00 to $70.00 and gave the stock an “underweight” rating in a research note on Friday, December 6th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $90.00 target price (up previously from $57.00) on shares of DocuSign in a research note on Friday, December 6th. Jefferies Financial Group raised their target price on DocuSign from $80.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. JMP Securities reissued a “market outperform” rating and issued a $124.00 price objective on shares of DocuSign in a research note on Tuesday, January 7th. Finally, UBS Group raised their price objective on DocuSign from $60.00 to $100.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, DocuSign has an average rating of “Hold” and a consensus price target of $92.45.

Insider Activity

In other news, Director Daniel D. Springer sold 581,588 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $97.04, for a total value of $56,437,299.52. Following the transaction, the director now owns 906,430 shares in the company, valued at $87,959,967.20. This trade represents a 39.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Blake Jeffrey Grayson sold 15,588 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $97.78, for a total value of $1,524,194.64. Following the completion of the transaction, the chief financial officer now owns 85,851 shares in the company, valued at $8,394,510.78. This represents a 15.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 693,773 shares of company stock worth $66,727,926 over the last 90 days. 1.66% of the stock is currently owned by corporate insiders.

DocuSign Stock Down 0.7 %

DOCU stock opened at $86.73 on Thursday. DocuSign, Inc. has a twelve month low of $48.70 and a twelve month high of $107.86. The stock’s 50 day moving average is $92.27 and its 200-day moving average is $76.12. The firm has a market capitalization of $17.52 billion, a PE ratio of 17.88, a P/E/G ratio of 7.03 and a beta of 0.89.

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.