Jennison Associates LLC Takes Position in DocuSign, Inc. (NASDAQ:DOCU)

Jennison Associates LLC acquired a new position in shares of DocuSign, Inc. (NASDAQ:DOCU) during the fourth quarter, HoldingsChannel.com reports. The firm acquired 143,394 shares of the company’s stock, valued at approximately $12,897,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Itau Unibanco Holding S.A. purchased a new position in shares of DocuSign during the 3rd quarter worth $28,000. Brooklyn Investment Group acquired a new stake in DocuSign during the third quarter worth about $33,000. Modus Advisors LLC purchased a new position in DocuSign during the fourth quarter worth about $36,000. Reston Wealth Management LLC purchased a new position in DocuSign during the third quarter worth about $47,000. Finally, Avior Wealth Management LLC boosted its holdings in DocuSign by 36.5% in the 4th quarter. Avior Wealth Management LLC now owns 542 shares of the company’s stock valued at $49,000 after purchasing an additional 145 shares during the last quarter. Hedge funds and other institutional investors own 77.64% of the company’s stock.

DocuSign Stock Up 0.4 %

Shares of DOCU opened at $96.89 on Thursday. The company has a market cap of $19.57 billion, a P/E ratio of 19.98, a PEG ratio of 8.74 and a beta of 0.89. DocuSign, Inc. has a fifty-two week low of $48.70 and a fifty-two week high of $107.86. The firm’s 50 day moving average price is $91.77 and its 200 day moving average price is $73.66.

Insiders Place Their Bets

In other news, Director Peter Solvik sold 10,000 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $91.26, for a total transaction of $912,600.00. Following the completion of the transaction, the director now directly owns 150,253 shares of the company’s stock, valued at approximately $13,712,088.78. The trade was a 6.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Allan C. Thygesen sold 7,763 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $80.54, for a total transaction of $625,232.02. Following the completion of the sale, the chief executive officer now directly owns 100,062 shares in the company, valued at approximately $8,058,993.48. This represents a 7.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 685,773 shares of company stock worth $66,032,726 over the last 90 days. Corporate insiders own 1.66% of the company’s stock.

Wall Street Analysts Forecast Growth

DOCU has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price target on shares of DocuSign from $50.00 to $70.00 and gave the company an “underweight” rating in a research report on Tuesday, December 3rd. UBS Group lifted their target price on DocuSign from $60.00 to $100.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Wells Fargo & Company increased their price target on DocuSign from $50.00 to $70.00 and gave the stock an “underweight” rating in a report on Friday, December 6th. Hsbc Global Res upgraded shares of DocuSign to a “moderate sell” rating in a report on Friday, December 6th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $90.00 target price (up previously from $57.00) on shares of DocuSign in a research note on Friday, December 6th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, DocuSign currently has a consensus rating of “Hold” and an average price target of $92.45.

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.