Primecap Management Co. CA Acquires 82,700 Shares of DocuSign, Inc. (NASDAQ:DOCU)

Primecap Management Co. CA lifted its holdings in shares of DocuSign, Inc. (NASDAQ:DOCU) by 22.4% in the second quarter, Holdings Channel.com reports. The fund owned 452,450 shares of the company’s stock after purchasing an additional 82,700 shares during the period. Primecap Management Co. CA’s holdings in DocuSign were worth $24,206,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DOCU. Renaissance Technologies LLC raised its holdings in DocuSign by 18.3% in the second quarter. Renaissance Technologies LLC now owns 3,729,314 shares of the company’s stock worth $199,518,000 after purchasing an additional 576,414 shares in the last quarter. Citizens Financial Group Inc. RI raised its holdings in DocuSign by 21.8% in the second quarter. Citizens Financial Group Inc. RI now owns 7,129 shares of the company’s stock worth $381,000 after purchasing an additional 1,278 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in DocuSign by 14.0% in the second quarter. Dimensional Fund Advisors LP now owns 610,728 shares of the company’s stock worth $32,671,000 after purchasing an additional 75,133 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new position in DocuSign in the second quarter worth $1,709,000. Finally, Greenwich Wealth Management LLC raised its holdings in DocuSign by 0.4% in the second quarter. Greenwich Wealth Management LLC now owns 93,608 shares of the company’s stock worth $5,008,000 after purchasing an additional 373 shares in the last quarter. Institutional investors own 77.64% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Morgan Stanley decreased their price objective on DocuSign from $65.00 to $62.00 and set an “equal weight” rating for the company in a report on Friday, June 7th. Piper Sandler decreased their price objective on DocuSign from $65.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, June 7th. Robert W. Baird raised their price target on DocuSign from $55.00 to $59.00 and gave the company a “neutral” rating in a report on Friday, September 6th. Needham & Company LLC restated a “hold” rating on shares of DocuSign in a report on Friday, September 6th. Finally, Royal Bank of Canada raised their price target on DocuSign from $52.00 to $57.00 and gave the company a “sector perform” rating in a report on Friday, September 6th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, DocuSign has a consensus rating of “Hold” and a consensus target price of $61.45.

DocuSign Price Performance

DocuSign stock opened at $55.69 on Wednesday. DocuSign, Inc. has a one year low of $38.11 and a one year high of $64.76. The stock has a market capitalization of $11.40 billion, a PE ratio of 107.10, a price-to-earnings-growth ratio of 5.99 and a beta of 0.93. The business’s fifty day moving average is $55.71 and its 200 day moving average is $56.12.

DocuSign (NASDAQ:DOCU) last released its quarterly earnings data on Thursday, September 5th. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.80 by $0.17. DocuSign had a return on equity of 16.18% and a net margin of 34.56%. The company had revenue of $736.03 million for the quarter, compared to analysts’ expectations of $727.20 million. During the same period last year, the firm posted $0.09 earnings per share. DocuSign’s revenue was up 7.0% compared to the same quarter last year. As a group, sell-side analysts expect that DocuSign, Inc. will post 0.99 EPS for the current fiscal year.

Insider Activity at DocuSign

In related news, Director Daniel D. Springer sold 287,052 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $53.78, for a total transaction of $15,437,656.56. Following the sale, the director now directly owns 923,445 shares of the company’s stock, valued at $49,662,872.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other DocuSign news, insider Robert Chatwani sold 14,799 shares of the firm’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $52.17, for a total value of $772,063.83. Following the transaction, the insider now directly owns 68,083 shares of the company’s stock, valued at $3,551,890.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniel D. Springer sold 287,052 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $53.78, for a total value of $15,437,656.56. Following the completion of the transaction, the director now directly owns 923,445 shares in the company, valued at $49,662,872.10. The disclosure for this sale can be found here. Insiders have sold 481,152 shares of company stock valued at $25,462,539 over the last ninety days. Insiders own 1.66% of the company’s stock.

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.