52,900 Shares in DocuSign, Inc. (NASDAQ:DOCU) Acquired by State of Michigan Retirement System

State of Michigan Retirement System acquired a new position in shares of DocuSign, Inc. (NASDAQ:DOCU) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 52,900 shares of the company’s stock, valued at approximately $4,758,000.

Several other large investors have also recently added to or reduced their stakes in the stock. US Bancorp DE increased its holdings in shares of DocuSign by 12.6% in the 3rd quarter. US Bancorp DE now owns 3,561 shares of the company’s stock worth $221,000 after acquiring an additional 398 shares during the period. Farther Finance Advisors LLC grew its position in DocuSign by 41.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 4,320 shares of the company’s stock worth $268,000 after purchasing an additional 1,271 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of DocuSign by 0.8% in the third quarter. Janney Montgomery Scott LLC now owns 28,946 shares of the company’s stock valued at $1,797,000 after purchasing an additional 227 shares during the period. QRG Capital Management Inc. bought a new stake in shares of DocuSign during the third quarter valued at approximately $1,936,000. Finally, Summit Global Investments boosted its position in shares of DocuSign by 5.4% during the third quarter. Summit Global Investments now owns 11,305 shares of the company’s stock worth $702,000 after buying an additional 575 shares during the period. 77.64% of the stock is owned by institutional investors and hedge funds.

DocuSign Price Performance

NASDAQ DOCU opened at $79.77 on Friday. The company has a market capitalization of $16.12 billion, a P/E ratio of 16.45, a PEG ratio of 6.94 and a beta of 1.02. DocuSign, Inc. has a 12 month low of $48.70 and a 12 month high of $107.86. The company’s 50 day simple moving average is $89.32 and its 200 day simple moving average is $78.29.

Insider Buying and Selling at DocuSign

In other DocuSign news, CEO Allan C. Thygesen sold 40,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $90.04, for a total value of $3,601,600.00. Following the completion of the transaction, the chief executive officer now directly owns 156,050 shares in the company, valued at $14,050,742. This trade represents a 20.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Blake Jeffrey Grayson sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $86.90, for a total transaction of $695,200.00. Following the sale, the chief financial officer now owns 77,851 shares in the company, valued at $6,765,251.90. This represents a 9.32 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 686,010 shares of company stock valued at $66,102,694. Corporate insiders own 1.66% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Wells Fargo & Company raised their target price on DocuSign from $50.00 to $70.00 and gave the company an “underweight” rating in a research report on Friday, December 6th. Robert W. Baird raised their price target on DocuSign from $59.00 to $100.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Jefferies Financial Group upped their price objective on shares of DocuSign from $80.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Needham & Company LLC reissued a “hold” rating on shares of DocuSign in a research note on Tuesday, February 4th. Finally, Morgan Stanley boosted their price target on shares of DocuSign from $62.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday, December 6th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, DocuSign 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.