The Manufacturers Life Insurance Company significantly increased its position in DocuSign, Inc. (NASDAQ:DOCU) during the fourth quarter, according to its latest filing with the Securities and Exchange Commission (SEC). The fund now owns 172,753 shares of the company’s stock, valued at $15,537,000, representing 0.09% of DocuSign’s total shares.
This move is part of a larger trend among institutional investors. FMR LLC boosted its DocuSign holdings by 178.2% during the same period, now owning 6,101,024 shares worth $548,726,000. Other notable investors who increased their stakes include Invesco Ltd., which lifted its holdings by 283.9%, and Amundi, which grew its position by 565.8%. In total, institutional investors now own 77.64% of DocuSign’s stock.
Recent analyst ratings have been mixed, with Wells Fargo & Company reducing their price target from $73.00 to $65.00 and setting an “underweight” rating. Conversely, William Blair reissued an “outperform” rating on the stock. The average analyst rating currently stands at “Hold” with an average price target of $92.46.
DocuSign’s stock performance has been notable, with the company reporting earnings per share of $0.86 for the quarter, exceeding analysts’ expectations. The company’s revenue reached $776.25 million, a 9.0% increase from the same quarter last year.
Recent Insider Transactions
Insiders have sold 55,851 shares of company stock valued at $4,607,439 in the last quarter. Notable transactions include CFO Blake Jeffrey Grayson’s sale of 8,000 shares and insider James P. Shaughnessy’s sale of 7,500 shares.
Company Overview
DocuSign, Inc. provides electronic signature solutions in the United States and internationally. Their offerings include e-signature solutions, Contract Lifecycle Management (CLM), and Document Generation. The company’s technology enables the sending and signing of agreements on various devices, streamlining business processes.
As the electronic signature market continues to evolve, DocuSign remains a significant player. The company’s recent financial performance and institutional investment trends suggest ongoing interest in its capabilities.
