5 New Stocks Reddit’s WallStreetBets is Buying

4. DocuSign, Inc. (NASDAQ:DOCU)

Number of Hedge Fund Holders: 51  

DocuSign, Inc. (NASDAQ:DOCU) operates as a cloud software firm. Cloud computing has been a major growth area of the tech sector and retail investors who frequent Reddit forums are starting to realize this, pouring into companies like DocuSign to make quick profits.

On December 3, investment advisory Oppenheimer maintained an Outperform rating on DocuSign, Inc. (NASDAQ:DOCU) stock with a price target of $250, noting that demand for the products of the firm was “normalizing” after a massive surge through 2020. 

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Tiger Global Management LLC is a leading shareholder in DocuSign, Inc. (NASDAQ:DOCU) with 7.3 million shares worth more than $1.8 billion. 

In its Q2 2021 investor letter, Carillon Tower Advisers, an asset management firm, highlighted a few stocks and DocuSign, Inc. (NASDAQ:DOCU) was one of them. Here is what the fund said:

“DocuSign provides electronic signature solutions. The firm reported an excellent quarter and investors have appreciated the strong growth combined with the excellent margins the company has posted. DocuSign has a long runway of growth ahead and we believe that it remains in a favorable position to continue gaining market share from traditional manual and paper-based signature solutions.”