Why DocuSign Stock Jumped on Thursday

Shares of DocuSign (NASDAQ: DOCU) jumped higher on Thursday, gaining as much as 4.5% earlier in the session, though the stock ended the trading day up 4.4%.

The e-signature stock rode the coattails of the broader market higher as a wide cross section of stocks were up throughout the day. DocuSign shares may also still be riding a tailwind from recent news that its CEO had purchased a large block of company stock.

Regulatory filings show that CEO Daniel Springer bought four separate blocks of DocuSign stock last week, nearly doubling his existing holdings. The total of recent investments had a purchase price of roughly $5 million and an average cost per share of $74.76. This brought his total holdings to more than $14.6 million at Thursday's closing price.

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Source Fool.com