Cannon Global Investment Management LLC Makes New $765,000 Investment in DocuSign, Inc. (NASDAQ:DOCU)

Cannon Global Investment Management LLC acquired a new stake in shares of DocuSign, Inc. (NASDAQ:DOCU) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 14,300 shares of the company’s stock, valued at approximately $765,000. DocuSign accounts for 3.5% of Cannon Global Investment Management LLC’s investment portfolio, making the stock its 8th largest holding.

A number of other institutional investors and hedge funds also recently made changes to their positions in DOCU. Coatue Management LLC bought a new position in shares of DocuSign in the 4th quarter worth $288,274,000. Jericho Capital Asset Management L.P. grew its holdings in shares of DocuSign by 316.6% during the first quarter. Jericho Capital Asset Management L.P. now owns 3,417,908 shares of the company’s stock valued at $203,536,000 after buying an additional 2,597,489 shares during the last quarter. Norges Bank bought a new stake in shares of DocuSign during the fourth quarter worth about $133,826,000. Assenagon Asset Management S.A. increased its position in shares of DocuSign by 956.3% during the first quarter. Assenagon Asset Management S.A. now owns 495,126 shares of the company’s stock worth $29,485,000 after acquiring an additional 448,253 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in DocuSign by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 21,399,739 shares of the company’s stock worth $1,272,214,000 after purchasing an additional 417,352 shares in the last quarter. Institutional investors own 77.64% of the company’s stock.

DocuSign Trading Down 2.1 %

Shares of DOCU traded down $1.20 during mid-day trading on Wednesday, reaching $56.71. 545,172 shares of the stock traded hands, compared to its average volume of 2,631,690. DocuSign, Inc. has a 1 year low of $38.11 and a 1 year high of $64.76. The company has a market cap of $11.61 billion, a price-to-earnings ratio of 111.37, a price-to-earnings-growth ratio of 9.74 and a beta of 0.94. The firm has a fifty day moving average price of $55.12 and a 200 day moving average price of $55.78.

DocuSign (NASDAQ:DOCU) last posted its earnings results on Thursday, June 6th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.20 by $0.09. DocuSign had a return on equity of 15.44% and a net margin of 3.81%. The business had revenue of $709.64 million during the quarter, compared to analysts’ expectations of $706.07 million. On average, sell-side analysts anticipate that DocuSign, Inc. will post 0.83 EPS for the current year.

Analysts Set New Price Targets

DOCU has been the topic of a number of recent analyst reports. JMP Securities reissued a “market outperform” rating and set a $84.00 price target on shares of DocuSign in a research report on Wednesday, July 10th. Royal Bank of Canada dropped their target price on shares of DocuSign from $59.00 to $52.00 and set a “sector perform” rating on the stock in a research report on Friday, June 7th. Morgan Stanley decreased their price target on DocuSign from $65.00 to $62.00 and set an “equal weight” rating for the company in a research report on Friday, June 7th. Robert W. Baird cut their price objective on DocuSign from $65.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, June 7th. Finally, Citigroup reduced their price objective on DocuSign from $93.00 to $86.00 and set a “buy” rating for the company in a research note on Wednesday, June 5th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $59.36.

Insider Buying and Selling

In other DocuSign news, insider Robert Chatwani sold 14,799 shares of DocuSign stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $52.17, for a total transaction of $772,063.83. Following the completion of the sale, the insider now directly owns 68,083 shares in the company, valued at $3,551,890.11. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other DocuSign news, insider James P. Shaughnessy sold 1,800 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $50.98, for a total value of $91,764.00. Following the completion of the sale, the insider now directly owns 35,703 shares of the company’s stock, valued at $1,820,138.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert Chatwani sold 14,799 shares of DocuSign stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $52.17, for a total value of $772,063.83. Following the completion of the transaction, the insider now owns 68,083 shares in the company, valued at approximately $3,551,890.11. The disclosure for this sale can be found here. Over the last three months, insiders have sold 474,693 shares of company stock worth $25,067,629. Insiders own 1.66% of the company’s stock.

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.