Sensing performance is typically evaluated by classical metrics, such as Cramer-Rao bound and signal-to-clutter-plus-noise ratio. The recent development of the integrated sensing and communication (ISAC) framework motivated the efforts to unify the metric for sensing and communication, where researchers have proposed to utilize mutual information (MI) to measure the sensing performance with deterministic signals. However, the need to communicate in ISAC systems necessitates the use of random signals for sensing applications and the closed-form evaluation for the sensing mutual information (SMI) with random signals is not yet available in the literature. This paper investigates the achievable performance and precoder design for sensing applications with random signals. For that purpose, we first derive the closed-form expression for the SMI with random signals by utilizing random matrix theory. The result reveals some interesting physical insights regarding the relation between the SMI with deterministic and random signals. The derived SMI is then utilized to optimize the precoder by leveraging a manifold-based optimization approach. The effectiveness of the proposed methods is validated by simulation results.