State of Alaska Department of Revenue Raises Stake in DocuSign, Inc. (NASDAQ:DOCU)

State of Alaska Department of Revenue increased its stake in shares of DocuSign, Inc. (NASDAQ:DOCU) by 494.2% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 23,145 shares of the company’s stock after purchasing an additional 19,250 shares during the period. State of Alaska Department of Revenue’s holdings in DocuSign were worth $2,081,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Modus Advisors LLC purchased a new stake in DocuSign during the 4th quarter worth about $36,000. Itau Unibanco Holding S.A. purchased a new stake in DocuSign during the 3rd quarter worth about $28,000. Brooklyn Investment Group bought a new position in DocuSign in the 3rd quarter worth about $33,000. Avior Wealth Management LLC increased its stake in DocuSign by 36.5% in the 4th quarter. Avior Wealth Management LLC now owns 542 shares of the company’s stock worth $49,000 after acquiring an additional 145 shares during the last quarter. Finally, Friedenthal Financial bought a new position in DocuSign in the 4th quarter worth about $54,000. Hedge funds and other institutional investors own 77.64% of the company’s stock.

Insider Buying and Selling

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

DocuSign Price Performance

DOCU opened at $90.86 on Tuesday. The stock’s 50 day simple moving average is $92.58 and its 200 day simple moving average is $74.47. DocuSign, Inc. has a 1 year low of $48.70 and a 1 year high of $107.86. The firm has a market cap of $18.36 billion, a price-to-earnings ratio of 18.73, a PEG ratio of 7.56 and a beta of 0.89.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. JMP Securities restated a “market outperform” rating and issued a $124.00 target price on shares of DocuSign in a research note on Tuesday, January 7th. JPMorgan Chase & Co. upped their target price on DocuSign from $50.00 to $70.00 and gave the stock an “underweight” rating in a research note on Tuesday, December 3rd. Hsbc Global Res upgraded DocuSign to a “moderate sell” rating in a research note on Friday, December 6th. Piper Sandler upped their target price on DocuSign from $60.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Finally, Wells Fargo & Company upped their target price on DocuSign from $50.00 to $70.00 and gave the stock an “underweight” rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, DocuSign presently has a consensus rating of “Hold” and a consensus target price 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.