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

Primecap Management Co. CA grew its stake in shares of DocuSign, Inc. (NASDAQ:DOCU) by 22.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 452,450 shares of the company’s stock after buying an additional 82,700 shares during the period. Primecap Management Co. CA owned 0.22% of DocuSign worth $24,206,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Massmutual Trust Co. FSB ADV increased its position in shares of DocuSign by 5,000.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 510 shares of the company’s stock valued at $27,000 after buying an additional 500 shares during the period. Mather Group LLC. increased its position in shares of DocuSign by 4,338.5% during the second quarter. Mather Group LLC. now owns 577 shares of the company’s stock valued at $31,000 after buying an additional 564 shares during the period. Register Financial Advisors LLC bought a new stake in shares of DocuSign during the first quarter valued at about $37,000. ICA Group Wealth Management LLC bought a new stake in shares of DocuSign during the fourth quarter valued at about $39,000. Finally, nVerses Capital LLC bought a new stake in shares of DocuSign during the second quarter valued at about $48,000. 77.64% of the stock is currently owned by institutional investors.

DocuSign Price Performance

Shares of DOCU opened at $55.69 on Wednesday. The firm has a market cap of $11.40 billion, a P/E ratio of 107.10, a P/E/G ratio of 5.99 and a beta of 0.93. The stock has a 50 day simple moving average of $55.71 and a two-hundred day simple moving average of $56.12. DocuSign, Inc. has a 1 year low of $38.11 and a 1 year high of $64.76.

DocuSign (NASDAQ:DOCU) last issued its earnings results on Thursday, September 5th. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.17. The business had revenue of $736.03 million during the quarter, compared to analyst estimates of $727.20 million. DocuSign had a return on equity of 16.18% and a net margin of 34.56%. DocuSign’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.09 earnings per share. On average, equities analysts anticipate that DocuSign, Inc. will post 0.99 earnings per share for the current year.

Analysts Set New Price Targets

DOCU has been the topic of several analyst reports. Robert W. Baird upped their price target on DocuSign from $55.00 to $59.00 and gave the company a “neutral” rating in a research report on Friday, September 6th. Wells Fargo & Company upped their price objective on shares of DocuSign from $48.00 to $50.00 and gave the stock an “underweight” rating in a research report on Friday, September 6th. Royal Bank of Canada upped 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. Bank of America upped their price objective on shares of DocuSign from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, September 6th. Finally, Needham & Company LLC restated a “hold” rating on shares of DocuSign in a research report on Friday, September 6th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, DocuSign currently has an average rating of “Hold” and a consensus price target of $61.45.

Insider Activity

In other news, Director Daniel D. Springer sold 287,052 shares of the stock in a transaction that occurred 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 completion of the sale, the director now 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 SEC, which is accessible through the SEC website. In other news, Director Daniel D. Springer sold 287,052 shares of the stock in a transaction that occurred 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 completion of the sale, the director now 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 SEC, which is accessible through the SEC website. Also, Director Daniel D. Springer sold 70,983 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $49.84, for a total value of $3,537,792.72. Following the sale, the director now directly owns 891,373 shares of the company’s stock, valued at approximately $44,426,030.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 481,152 shares of company stock valued at $25,462,539. 1.66% of the stock is currently owned by company insiders.

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.