VeriSign (NASDAQ:VRSN) Cut to Hold at StockNews.com

StockNews.com lowered shares of VeriSign (NASDAQ:VRSN) from a buy rating to a hold rating in a research report sent to investors on Monday.

VRSN has been the subject of several other research reports. Baird R W raised VeriSign from a “hold” rating to a “strong-buy” rating in a report on Monday, December 9th. Robert W. Baird raised shares of VeriSign from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $200.00 to $250.00 in a research report on Monday, December 9th.

VeriSign Stock Up 0.9 %

NASDAQ VRSN opened at $206.96 on Monday. The firm’s 50 day moving average is $189.55 and its 200-day moving average is $184.23. The company has a market capitalization of $19.89 billion, a PE ratio of 24.07 and a beta of 0.92. VeriSign has a 12-month low of $167.04 and a 12-month high of $209.61.

VeriSign (NASDAQ:VRSN) last posted its quarterly earnings data on Thursday, October 24th. The information services provider reported $2.07 EPS for the quarter, topping analysts’ consensus estimates of $2.01 by $0.06. VeriSign had a net margin of 55.74% and a negative return on equity of 45.59%. The company had revenue of $390.60 million during the quarter, compared to the consensus estimate of $390.19 million. During the same period in the prior year, the business posted $1.83 EPS. The company’s quarterly revenue was up 3.8% on a year-over-year basis.

Insider Buying and Selling at VeriSign

In related news, EVP Thomas C. Indelicarto sold 1,228 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $190.00, for a total value of $233,320.00. Following the transaction, the executive vice president now directly owns 33,593 shares in the company, valued at approximately $6,382,670. This represents a 3.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Danny R. Mcpherson sold 2,092 shares of VeriSign stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $192.43, for a total transaction of $402,563.56. Following the completion of the sale, the executive vice president now owns 26,157 shares of the company’s stock, valued at $5,033,391.51. This trade represents a 7.41 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On VeriSign

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VRSN. Hantz Financial Services Inc. acquired a new stake in VeriSign during the 2nd quarter worth approximately $538,000. Rothschild Investment LLC acquired a new position in VeriSign during the 2nd quarter worth about $38,000. Concurrent Investment Advisors LLC grew its position in shares of VeriSign by 11.5% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 1,548 shares of the information services provider’s stock valued at $275,000 after buying an additional 160 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in shares of VeriSign by 19.2% in the second quarter. Commonwealth Equity Services LLC now owns 1,883 shares of the information services provider’s stock valued at $335,000 after buying an additional 303 shares during the period. Finally, Aptus Capital Advisors LLC raised its position in shares of VeriSign by 19.5% during the second quarter. Aptus Capital Advisors LLC now owns 1,381 shares of the information services provider’s stock worth $246,000 after acquiring an additional 225 shares during the last quarter. 92.90% of the stock is owned by institutional investors and hedge funds.

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.