Primecap Management Co. CA Buys 35,390 Shares of DocuSign, Inc. (NASDAQ:DOCU)

Primecap Management Co. CA boosted its stake in DocuSign, Inc. (NASDAQ:DOCU) by 7.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 487,840 shares of the company’s stock after purchasing an additional 35,390 shares during the period. Primecap Management Co. CA owned about 0.24% of DocuSign worth $30,290,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV grew its holdings in DocuSign by 5,000.0% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 510 shares of the company’s stock worth $27,000 after acquiring an additional 500 shares during the last quarter. Mather Group LLC. lifted its holdings in shares of DocuSign by 4,338.5% during the second quarter. Mather Group LLC. now owns 577 shares of the company’s stock worth $31,000 after purchasing an additional 564 shares during the period. Reston Wealth Management LLC bought a new stake in shares of DocuSign in the third quarter worth $47,000. nVerses Capital LLC acquired a new stake in DocuSign in the second quarter valued at $48,000. Finally, Quarry LP bought a new position in DocuSign during the 2nd quarter worth $53,000. Institutional investors and hedge funds own 77.64% of the company’s stock.

DocuSign Price Performance

DOCU opened at $80.18 on Friday. The firm has a market capitalization of $16.27 billion, a price-to-earnings ratio of 16.92, a PEG ratio of 8.41 and a beta of 0.90. DocuSign, Inc. has a one year low of $42.12 and a one year high of $83.68. The business has a 50 day simple moving average of $68.94 and a two-hundred day simple moving average of $60.07.

DocuSign (NASDAQ:DOCU) last issued its quarterly earnings data on Thursday, September 5th. The company reported $0.97 EPS for the quarter, topping 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 business had revenue of $736.03 million during the quarter, compared to analyst estimates of $727.20 million. During the same period last year, the business posted $0.09 earnings per share. DocuSign’s quarterly revenue was up 7.0% compared to the same quarter last year. As a group, sell-side analysts expect that DocuSign, Inc. will post 1.01 EPS for the current fiscal year.

Insider Activity

In related news, Director Teresa Briggs sold 534 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $56.56, for a total value of $30,203.04. Following the sale, the director now owns 7,202 shares in the company, valued at approximately $407,345.12. This trade represents a 6.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Allan C. Thygesen sold 7,725 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $59.09, for a total transaction of $456,470.25. Following the sale, the chief executive officer now owns 102,193 shares of the company’s stock, valued at approximately $6,038,584.37. This represents a 7.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 69,558 shares of company stock valued at $4,272,768 over the last ninety days. 1.66% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Robert W. Baird increased their target price on shares of DocuSign from $55.00 to $59.00 and gave the company a “neutral” rating in a research report on Friday, September 6th. Citigroup lifted their target price on shares of DocuSign from $86.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Bank of America upped their price target on shares of DocuSign from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday, September 6th. Royal Bank of Canada lifted their price objective on DocuSign from $52.00 to $57.00 and gave the stock a “sector perform” rating in a research report on Friday, September 6th. Finally, Wells Fargo & Company upped their target price on DocuSign from $48.00 to $50.00 and gave the company an “underweight” rating in a research report on Friday, September 6th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, DocuSign has an average rating of “Hold” and an average target price of $63.40.

About DocuSign

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.