Panagora Asset Management Inc. Increases Position in Docusign Inc. $DOCU

Panagora Asset Management Inc. increased its stake in shares of Docusign Inc. (NASDAQ:DOCU) by 8,119.0% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 517,795 shares of the company’s stock after buying an additional 511,495 shares during the quarter. Panagora Asset Management Inc.’s holdings in Docusign were worth $35,417,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Central Pacific Bank Trust Division purchased a new stake in shares of Docusign during the fourth quarter valued at $25,000. Modus Advisors LLC purchased a new stake in shares of Docusign during the fourth quarter valued at $27,000. Torren Management LLC purchased a new stake in shares of Docusign during the fourth quarter valued at $28,000. Aventura Private Wealth LLC acquired a new position in Docusign during the fourth quarter valued at $30,000. Finally, True Wealth Design LLC lifted its position in Docusign by 105.2% during the fourth quarter. True Wealth Design LLC now owns 433 shares of the company’s stock valued at $30,000 after purchasing an additional 222 shares during the period. 77.64% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Docusign news, Director Mary Agnes Wilderotter sold 3,000 shares of the company’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $48.15, for a total value of $144,450.00. Following the completion of the transaction, the director owned 59,803 shares in the company, valued at approximately $2,879,514.45. This represents a 4.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider James P. Shaughnessy sold 12,000 shares of the company’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $46.83, for a total transaction of $561,960.00. Following the completion of the transaction, the insider owned 53,631 shares of the company’s stock, valued at approximately $2,511,539.73. This trade represents a 18.28% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 65,489 shares of company stock valued at $3,125,814. Insiders own 0.59% of the company’s stock.

Docusign Stock Performance

Shares of Docusign stock opened at $44.19 on Tuesday. The firm has a 50-day simple moving average of $47.48 and a two-hundred day simple moving average of $53.22. The company has a market cap of $8.44 billion, a P/E ratio of 28.69, a price-to-earnings-growth ratio of 1.36 and a beta of 0.92. Docusign Inc. has a fifty-two week low of $40.16 and a fifty-two week high of $86.65.

Docusign (NASDAQ:DOCU) last issued its quarterly earnings data on Thursday, June 4th. The company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.10. The business had revenue of $830.24 million during the quarter, compared to the consensus estimate of $824.71 million. Docusign had a net margin of 9.59% and a return on equity of 17.48%. The company’s revenue was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.90 earnings per share. Equities research analysts forecast that Docusign Inc. will post 1.97 EPS for the current year.

Docusign declared that its board has authorized a stock repurchase program on Tuesday, March 17th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 21% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

DOCU has been the subject of a number of research reports. BTIG Research decreased their target price on shares of Docusign from $70.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, June 5th. Morgan Stanley decreased their target price on shares of Docusign from $90.00 to $69.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 18th. Bank of America initiated coverage on shares of Docusign in a research report on Tuesday, March 31st. They set an “underperform” rating and a $52.00 target price for the company. Jefferies Financial Group boosted their target price on shares of Docusign from $45.00 to $50.00 and gave the company a “hold” rating in a research report on Friday, June 5th. Finally, Wells Fargo & Company decreased their target price on shares of Docusign from $60.00 to $55.00 and set an “equal weight” rating for the company in a research report on Friday, June 5th. Three investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $60.27.

Docusign Company Profile

DocuSign, Inc (NASDAQ: DOCU) is a leading provider of electronic signature and digital transaction management solutions. The company’s flagship offering, DocuSign eSignature, enables organizations to send, sign and manage legally binding electronic agreements securely in the cloud. Beyond eSignature, DocuSign’s Agreement Cloud combines contract lifecycle management, document generation, and workflow automation to streamline agreement processes from initiation through execution and storage.

DocuSign’s platform serves a diverse customer base spanning industries such as finance, real estate, healthcare, technology, and government.