Verisign, Inc. (VRSN) Position Reduced by Redwood Investment Management LLC

Redwood Investment Management LLC cut its holdings in Verisign, Inc. (NASDAQ:VRSN) by 12.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 31,399 shares of the information services provider’s stock after selling 4,274 shares during the period. Verisign accounts for about 1.8% of Redwood Investment Management LLC’s portfolio, making the stock its 13th largest holding. Redwood Investment Management LLC’s holdings in Verisign were worth $5,028,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. CIBC Asset Management Inc raised its position in Verisign by 2.5% in the second quarter. CIBC Asset Management Inc now owns 13,209 shares of the information services provider’s stock valued at $1,815,000 after purchasing an additional 328 shares during the period. Liberty Mutual Group Asset Management Inc. raised its position in Verisign by 12.1% in the second quarter. Liberty Mutual Group Asset Management Inc. now owns 3,838 shares of the information services provider’s stock valued at $527,000 after purchasing an additional 413 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Verisign by 1.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 39,820 shares of the information services provider’s stock valued at $5,472,000 after purchasing an additional 429 shares during the period. Eqis Capital Management Inc. raised its position in Verisign by 8.0% in the second quarter. Eqis Capital Management Inc. now owns 5,827 shares of the information services provider’s stock valued at $801,000 after purchasing an additional 430 shares during the period. Finally, Brown Advisory Inc. raised its position in Verisign by 5.1% in the second quarter. Brown Advisory Inc. now owns 9,723 shares of the information services provider’s stock valued at $1,337,000 after purchasing an additional 473 shares during the period. Hedge funds and other institutional investors own 94.50% of the company’s stock.

In other news, Director Kathleen A. Cote sold 2,384 shares of the company’s stock in a transaction on Monday, November 5th. The stock was sold at an average price of $160.50, for a total transaction of $382,632.00. Following the sale, the director now owns 37,594 shares of the company’s stock, valued at $6,033,837. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.92% of the stock is owned by insiders.

Shares of NASDAQ VRSN opened at $150.33 on Friday. The company has a market capitalization of $18.06 billion, a price-to-earnings ratio of 40.85 and a beta of 0.98. Verisign, Inc. has a 52-week low of $105.40 and a 52-week high of $176.76.

Verisign (NASDAQ:VRSN) last announced its earnings results on Thursday, October 25th. The information services provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.13. The company had revenue of $305.78 million for the quarter, compared to analyst estimates of $305.25 million. Verisign had a negative return on equity of 38.09% and a net margin of 41.82%. As a group, equities research analysts expect that Verisign, Inc. will post 4.37 EPS for the current year.

A number of analysts have issued reports on the company. JPMorgan Chase & Co. raised Verisign from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $125.00 to $160.00 in a research report on Friday, November 2nd. Citigroup boosted their target price on Verisign from $152.00 to $155.00 and gave the company a “neutral” rating in a research report on Friday, November 2nd. BidaskClub lowered Verisign from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 9th. Cowen reissued a “hold” rating and issued a $155.00 target price on shares of Verisign in a research report on Friday, July 27th. Finally, Robert W. Baird reissued a “hold” rating and issued a $160.00 target price on shares of Verisign in a research report on Friday, July 27th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. Verisign currently has a consensus rating of “Hold” and a consensus target price of $154.40.

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Verisign Company Profile

VeriSign, Inc provides domain name registry services and Internet security worldwide. The company offers registry services that operate the authoritative directory of .com, .net, .cc, .tv, .gov, .jobs, .edu, .name, and other domain names. Its registry services allow individuals and organizations to establish their online identities.

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Institutional Ownership by Quarter for Verisign (NASDAQ:VRSN)

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