Pinnacle Associates Ltd. Has $450,000 Holdings in DocuSign, Inc. (NASDAQ:DOCU)

Pinnacle Associates Ltd. raised its stake in DocuSign, Inc. (NASDAQ:DOCU) by 51.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 7,567 shares of the company’s stock after buying an additional 2,558 shares during the period. Pinnacle Associates Ltd.’s holdings in DocuSign were worth $450,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. American Century Companies Inc. raised its position in shares of DocuSign by 1.9% in the 2nd quarter. American Century Companies Inc. now owns 4,099,400 shares of the company’s stock valued at $219,318,000 after acquiring an additional 75,026 shares during the period. 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 during the period. Pacer Advisors Inc. boosted its position in shares of DocuSign by 77.9% during the second quarter. Pacer Advisors Inc. now owns 3,519,969 shares of the company’s stock worth $188,318,000 after purchasing an additional 1,541,816 shares in the last quarter. Jericho Capital Asset Management L.P. grew its holdings in shares of DocuSign by 316.6% in the 1st quarter. Jericho Capital Asset Management L.P. now owns 3,417,908 shares of the company’s stock valued at $203,536,000 after buying an additional 2,597,489 shares during the period. Finally, Clearbridge Investments LLC grew its holdings in shares of DocuSign by 4.1% in the 2nd quarter. Clearbridge Investments LLC now owns 2,920,842 shares of the company’s stock valued at $156,265,000 after buying an additional 115,616 shares during the period. Institutional investors own 77.64% of the company’s stock.

DocuSign Price Performance

DocuSign stock opened at $71.11 on Monday. The company has a market cap of $14.43 billion, a price-to-earnings ratio of 15.00, a P/E/G ratio of 7.34 and a beta of 0.90. The firm has a 50-day moving average of $63.16 and a 200-day moving average of $58.04. DocuSign, Inc. has a one year low of $39.21 and a one year high of $73.80.

DocuSign (NASDAQ:DOCU) last announced its quarterly earnings data on Thursday, September 5th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the business posted $0.09 EPS. The business’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 1.01 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on DOCU. Robert W. Baird lifted their target price on DocuSign from $55.00 to $59.00 and gave the stock a “neutral” rating in a report on Friday, September 6th. Wells Fargo & Company boosted their price objective on DocuSign from $48.00 to $50.00 and gave the company an “underweight” rating in a research report on Friday, September 6th. Citigroup raised their target price on shares of DocuSign from $86.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Royal Bank of Canada increased their price objective on shares of DocuSign from $52.00 to $57.00 and gave the stock a “sector perform” rating in a research report on Friday, September 6th. Finally, JMP Securities restated a “market outperform” rating and set a $84.00 price objective on shares of DocuSign in a report on Thursday, September 5th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, DocuSign has a consensus rating of “Hold” and a consensus price target of $63.40.

Insider Activity

In other news, CEO Allan C. Thygesen sold 7,725 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $59.09, for a total value of $456,470.25. Following the sale, the chief executive officer now directly owns 102,193 shares of the company’s stock, valued at approximately $6,038,584.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other DocuSign news, CEO Allan C. Thygesen sold 7,725 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $59.09, for a total transaction of $456,470.25. Following the transaction, the chief executive officer now owns 102,193 shares of the company’s stock, valued at $6,038,584.37. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Blake Jeffrey Grayson sold 9,552 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $68.80, for a total value of $657,177.60. Following the completion of the sale, the chief financial officer now directly owns 78,265 shares of the company’s stock, valued at approximately $5,384,632. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 61,794 shares of company stock valued at $3,729,676 in the last quarter. Company 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.