Panagora Asset Management Inc. Buys 511,495 Shares of Docusign Inc. $DOCU

Panagora Asset Management Inc. increased its holdings in shares of Docusign Inc. (NASDAQ:DOCU) by 8,119.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 517,795 shares of the company’s stock after acquiring an additional 511,495 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.26% of Docusign worth $35,417,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of DOCU. Norges Bank bought a new stake in Docusign during the fourth quarter worth $186,795,000. Capital World Investors increased its position in Docusign by 38.1% in the fourth quarter. Capital World Investors now owns 5,815,804 shares of the company’s stock worth $397,801,000 after buying an additional 1,603,900 shares during the last quarter. Woodline Partners LP increased its position in Docusign by 24,412.7% in the third quarter. Woodline Partners LP now owns 958,938 shares of the company’s stock worth $69,130,000 after buying an additional 955,026 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Docusign by 46.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,001,132 shares of the company’s stock worth $205,277,000 after buying an additional 946,512 shares during the last quarter. Finally, Marshall Wace LLP increased its position in Docusign by 1,575.5% in the fourth quarter. Marshall Wace LLP now owns 888,411 shares of the company’s stock worth $60,767,000 after buying an additional 835,388 shares during the last quarter. 77.64% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

DOCU has been the subject of a number of recent research reports. Needham & Company LLC reissued a “hold” rating on shares of Docusign in a research report on Friday, June 5th. Robert W. Baird decreased their target price on Docusign from $75.00 to $55.00 and set a “neutral” rating for the company in a research report on Wednesday, March 18th. Citizens Jmp decreased their target price on Docusign from $124.00 to $86.00 and set a “market outperform” rating for the company in a research report on Wednesday, March 18th. Jefferies Financial Group raised their target price on Docusign from $45.00 to $50.00 and gave the stock a “hold” rating in a research report on Friday, June 5th. Finally, Wells Fargo & Company decreased their target price on 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 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. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $60.27.

Docusign Stock Performance

Shares of DOCU stock opened at $44.19 on Tuesday. The firm has a market capitalization of $8.44 billion, a PE ratio of 28.69, a PEG ratio of 1.36 and a beta of 0.92. Docusign Inc. has a 52-week low of $40.16 and a 52-week high of $86.65. The stock has a fifty day simple moving average of $47.48 and a two-hundred day simple moving average of $53.22.

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

Docusign announced that its Board of Directors has authorized a share repurchase plan on Tuesday, March 17th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 21% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Docusign

In other Docusign news, CRO Paula Hansen sold 6,000 shares of Docusign stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $46.84, for a total value of $281,040.00. Following the transaction, the executive directly owned 79,233 shares of the company’s stock, valued at approximately $3,711,273.72. The trade was a 7.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mary Agnes Wilderotter sold 3,000 shares of Docusign stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $48.15, for a total transaction of $144,450.00. Following the completion of the transaction, the director directly owned 59,803 shares in the company, valued at $2,879,514.45. This represents a 4.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 65,489 shares of company stock valued at $3,125,814 over the last quarter. 0.59% of the stock is owned by insiders.

Docusign 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.