Vest Financial LLC Takes Position in VeriSign, Inc. $VRSN

Vest Financial LLC purchased a new stake in VeriSign, Inc. (NASDAQ:VRSN) during the third quarter, according to its most recent filing with the SEC. The firm purchased 5,538 shares of the information services provider’s stock, valued at approximately $1,548,000.

Several other large investors have also recently made changes to their positions in VRSN. Salomon & Ludwin LLC increased its position in shares of VeriSign by 112.5% during the third quarter. Salomon & Ludwin LLC now owns 102 shares of the information services provider’s stock worth $28,000 after purchasing an additional 54 shares in the last quarter. Root Financial Partners LLC acquired a new position in VeriSign during the 3rd quarter valued at about $29,000. Ameritas Advisory Services LLC purchased a new stake in VeriSign in the second quarter valued at about $34,000. Bayforest Capital Ltd acquired a new stake in VeriSign in the second quarter worth about $34,000. Finally, North Capital Inc. grew its stake in shares of VeriSign by 239.0% during the third quarter. North Capital Inc. now owns 139 shares of the information services provider’s stock worth $39,000 after acquiring an additional 98 shares during the last quarter. 92.90% of the stock is owned by institutional investors.

VeriSign Trading Down 0.5%

Shares of VRSN stock opened at $251.50 on Friday. The company has a market capitalization of $23.31 billion, a P/E ratio of 29.31 and a beta of 0.77. The business’s 50 day moving average is $247.35 and its two-hundred day moving average is $262.70. VeriSign, Inc. has a 12-month low of $205.37 and a 12-month high of $310.60.

VeriSign (NASDAQ:VRSN) last posted its quarterly earnings data on Thursday, October 23rd. The information services provider reported $2.27 earnings per share for the quarter, topping analysts’ consensus estimates of $2.25 by $0.02. VeriSign had a net margin of 49.86% and a negative return on equity of 40.66%. The company had revenue of $419.10 million during the quarter, compared to analysts’ expectations of $416.71 million. During the same period in the prior year, the business posted $2.07 earnings per share. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis.

Analysts Set New Price Targets

Several equities analysts recently issued reports on VRSN shares. Robert W. Baird set a $325.00 target price on VeriSign in a research report on Friday, October 24th. JPMorgan Chase & Co. boosted their price target on VeriSign from $270.00 to $271.00 and gave the company a “neutral” rating in a research note on Tuesday, January 6th. Weiss Ratings restated a “hold (c+)” rating on shares of VeriSign in a research note on Monday, December 29th. Zacks Research downgraded VeriSign from a “hold” rating to a “strong sell” rating in a report on Tuesday, December 30th. Finally, Citigroup reiterated a “buy” rating on shares of VeriSign in a report on Friday, October 24th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $282.00.

Insider Activity

In related news, EVP Danny R. Mcpherson sold 2,500 shares of VeriSign stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $236.87, for a total transaction of $592,175.00. Following the transaction, the executive vice president owned 28,577 shares in the company, valued at approximately $6,769,033.99. This trade represents a 8.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO D James Bidzos sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $248.14, for a total transaction of $1,240,700.00. Following the completion of the transaction, the chief executive officer owned 453,439 shares in the company, valued at approximately $112,516,353.46. This represents a 1.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 40,833 shares of company stock worth $10,041,648. Insiders own 0.84% of the company’s stock.

VeriSign Profile

VeriSign, Inc (NASDAQ: VRSN) is an internet infrastructure company that operates critical components of the global Domain Name System (DNS) and provides cybersecurity-related services. The company is best known as the authoritative registry operator for the .com and .net top-level domains, maintaining the central databases and zone files that enable domain name resolution for millions of websites. VeriSign’s registry role is performed under contractual agreements with Internet Corporation for Assigned Names and Numbers (ICANN) and involves high-availability, highly secure operations to support continuous internet connectivity.

In addition to its registry business, VeriSign offers a suite of services designed to protect and accelerate DNS and internet traffic for enterprises and service providers.