State of Michigan Retirement System Purchases New Stake in DocuSign, Inc. (NASDAQ:DOCU)

State of Michigan Retirement System acquired a new position in shares of DocuSign, Inc. (NASDAQ:DOCU) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 52,900 shares of the company’s stock, valued at approximately $4,758,000.

Several other institutional investors also recently bought and sold shares of the business. KBC Group NV lifted its holdings in shares of DocuSign by 209.8% during the 3rd quarter. KBC Group NV now owns 1,156,874 shares of the company’s stock valued at $71,830,000 after acquiring an additional 783,419 shares in the last quarter. Bank of New York Mellon Corp raised its position in DocuSign by 61.5% in the fourth quarter. Bank of New York Mellon Corp now owns 1,673,612 shares of the company’s stock valued at $150,525,000 after purchasing an additional 637,505 shares during the period. Fiera Capital Corp acquired a new position in shares of DocuSign during the fourth quarter worth about $47,920,000. Principal Financial Group Inc. boosted its position in shares of DocuSign by 3,026.7% in the fourth quarter. Principal Financial Group Inc. now owns 546,796 shares of the company’s stock worth $49,179,000 after buying an additional 529,308 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec boosted its position in shares of DocuSign by 42.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,459,580 shares of the company’s stock worth $90,625,000 after buying an additional 434,312 shares during the period. 77.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

DOCU has been the topic of several recent research reports. Robert W. Baird boosted their price target on DocuSign from $59.00 to $100.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. HSBC reissued a “reduce” rating on shares of DocuSign in a research report on Friday, December 6th. Morgan Stanley raised their price target on shares of DocuSign from $62.00 to $97.00 and gave the company an “equal weight” rating in a report on Friday, December 6th. JMP Securities reaffirmed a “market outperform” rating and set a $124.00 price target on shares of DocuSign in a research note on Tuesday, January 7th. Finally, Needham & Company LLC reissued a “hold” rating on shares of DocuSign in a research report on Tuesday, February 4th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, DocuSign currently has an average rating of “Hold” and a consensus target price of $92.45.

Insider Buying and Selling at DocuSign

In other DocuSign news, Director Daniel D. Springer sold 581,588 shares of DocuSign stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $97.04, for a total value of $56,437,299.52. Following the completion of the transaction, the director now owns 906,430 shares of the company’s stock, valued at $87,959,967.20. The trade was a 39.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Teresa Briggs sold 534 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $94.60, for a total transaction of $50,516.40. Following the sale, the director now directly owns 7,736 shares in the company, valued at $731,825.60. This trade represents a 6.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 686,010 shares of company stock worth $66,102,694 over the last quarter. 1.66% of the stock is owned by corporate insiders.

DocuSign Stock Performance

Shares of DOCU stock opened at $79.77 on Friday. The stock has a market capitalization of $16.12 billion, a price-to-earnings ratio of 16.45, a PEG ratio of 6.94 and a beta of 1.02. DocuSign, Inc. has a one year low of $48.70 and a one year 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.

DocuSign 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.