StockNews.com Lowers VeriSign (NASDAQ:VRSN) to Hold

StockNews.com downgraded shares of VeriSign (NASDAQ:VRSN) from a buy rating to a hold rating in a research note released on Thursday.

A number of other research firms also recently issued reports on VRSN. Citigroup decreased their target price on shares of VeriSign from $237.00 to $236.00 and set a buy rating for the company in a research report on Tuesday, April 2nd. Robert W. Baird lowered their target price on VeriSign from $215.00 to $200.00 and set a neutral rating on the stock in a research note on Friday, April 26th.

VeriSign Stock Performance

Shares of VRSN stock opened at $171.17 on Thursday. VeriSign has a fifty-two week low of $167.04 and a fifty-two week high of $228.26. The firm has a market capitalization of $17.05 billion, a PE ratio of 21.03 and a beta of 0.89. The stock’s 50-day simple moving average is $180.49 and its 200-day simple moving average is $195.10.

VeriSign (NASDAQ:VRSN) last issued its quarterly earnings results on Thursday, April 25th. The information services provider reported $1.92 earnings per share for the quarter, topping the consensus estimate of $1.86 by $0.06. VeriSign had a net margin of 55.04% and a negative return on equity of 47.21%. The company had revenue of $384.30 million for the quarter, compared to the consensus estimate of $381.85 million. During the same quarter in the prior year, the company earned $1.70 EPS. VeriSign’s quarterly revenue was up 5.5% on a year-over-year basis.

Insider Activity at VeriSign

In other news, Director Yehuda Ari Buchalter sold 866 shares of the stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $170.01, for a total transaction of $147,228.66. Following the sale, the director now directly owns 3,661 shares of the company’s stock, valued at approximately $622,406.61. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, EVP Danny R. Mcpherson sold 1,200 shares of the business’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $170.14, for a total value of $204,168.00. Following the completion of the sale, the executive vice president now owns 29,181 shares of the company’s stock, valued at approximately $4,964,855.34. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Yehuda Ari Buchalter sold 866 shares of the stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $170.01, for a total transaction of $147,228.66. Following the transaction, the director now directly owns 3,661 shares in the company, valued at $622,406.61. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,170 shares of company stock worth $1,143,183. 0.84% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of VRSN. Cary Street Partners Investment Advisory LLC raised its holdings in shares of VeriSign by 52.0% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 152 shares of the information services provider’s stock valued at $31,000 after acquiring an additional 52 shares during the last quarter. Baldwin Brothers LLC MA raised its stake in VeriSign by 158.6% in the 4th quarter. Baldwin Brothers LLC MA now owns 181 shares of the information services provider’s stock valued at $37,000 after purchasing an additional 111 shares during the last quarter. Larson Financial Group LLC lifted its holdings in VeriSign by 251.5% in the 3rd quarter. Larson Financial Group LLC now owns 355 shares of the information services provider’s stock valued at $72,000 after purchasing an additional 254 shares in the last quarter. Quarry LP acquired a new stake in VeriSign during the 4th quarter worth $76,000. Finally, Neo Ivy Capital Management purchased a new stake in shares of VeriSign during the fourth quarter worth $77,000. Institutional investors and hedge funds own 92.90% of the company’s stock.

About VeriSign

VeriSign, Inc, together with its subsidiaries, provides domain name registry services and internet infrastructure that enables internet navigation for various recognized domain names worldwide. The company enables the security, stability, and resiliency of internet infrastructure and services, including providing root zone maintainer services, operating two of thirteen internet root servers; and offering registration services and authoritative resolution for the .com and .net domains, which supports global e-commerce.