VeriSign (NASDAQ:VRSN) Shares Down 4.2% on Analyst Downgrade

VeriSign, Inc. (NASDAQ:VRSN)’s share price was down 4.2% during trading on Friday after Robert W. Baird lowered their price target on the stock from $215.00 to $200.00. Robert W. Baird currently has a neutral rating on the stock. VeriSign traded as low as $174.73 and last traded at $174.98. Approximately 818,908 shares were traded during mid-day trading, an increase of 38% from the average daily volume of 592,710 shares. The stock had previously closed at $182.68.

Several other research analysts have also commented on VRSN. StockNews.com lowered shares of VeriSign from a “buy” rating to a “hold” rating in a research note on Wednesday, April 3rd. Citigroup cut their price target on VeriSign from $237.00 to $236.00 and set a “buy” rating on the stock in a report on Tuesday, April 2nd.

Insider Buying and Selling at VeriSign

In other news, COO Todd B. Strubbe sold 9,423 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $193.21, for a total value of $1,820,617.83. Following the transaction, the chief operating officer now owns 111,551 shares in the company, valued at approximately $21,552,768.71. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, EVP Thomas C. Indelicarto sold 613 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $195.33, for a total value of $119,737.29. Following the completion of the sale, the executive vice president now directly owns 43,143 shares of the company’s stock, valued at $8,427,122.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Todd B. Strubbe sold 9,423 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $193.21, for a total value of $1,820,617.83. Following the transaction, the chief operating officer now directly owns 111,551 shares in the company, valued at approximately $21,552,768.71. The disclosure for this sale can be found here. Insiders have sold a total of 14,877 shares of company stock worth $2,878,864 over the last ninety days. Corporate insiders own 0.94% of the company’s stock.

Institutional Trading of VeriSign

Several hedge funds have recently made changes to their positions in VRSN. Alta Capital Management LLC acquired a new stake in shares of VeriSign in the 1st quarter worth approximately $12,830,000. Equitable Trust Co. increased its stake in shares of VeriSign by 1.2% during the 1st quarter. Equitable Trust Co. now owns 7,227 shares of the information services provider’s stock valued at $1,370,000 after acquiring an additional 87 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of VeriSign by 2.5% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,086 shares of the information services provider’s stock worth $3,996,000 after buying an additional 518 shares during the last quarter. Simplicity Wealth LLC purchased a new position in VeriSign in the first quarter valued at approximately $343,000. Finally, Assenagon Asset Management S.A. raised its holdings in shares of VeriSign by 20.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 288,083 shares of the information services provider’s stock valued at $54,595,000 after buying an additional 49,105 shares during the period. Institutional investors and hedge funds own 92.90% of the company’s stock.

VeriSign Trading Down 3.9 %

The company has a market capitalization of $17.57 billion, a PE ratio of 22.16 and a beta of 0.88. The business’s 50-day simple moving average is $189.29 and its two-hundred day simple moving average is $200.03.

VeriSign (NASDAQ:VRSN) last released its quarterly earnings data on Thursday, April 25th. The information services provider reported $1.92 EPS for the quarter, topping analysts’ consensus estimates of $1.86 by $0.06. The firm had revenue of $384.30 million during the quarter, compared to the consensus estimate of $381.85 million. VeriSign had a net margin of 54.74% and a negative return on equity of 46.56%. The firm’s revenue was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.70 earnings per share.

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.