Redwood Investment Management LLC Has $4.57 Million Holdings in Verisign (VRSN)

Redwood Investment Management LLC cut its stake in Verisign (NASDAQ:VRSN) by 9.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 38,515 shares of the information services provider’s stock after selling 3,932 shares during the quarter. Verisign makes up approximately 1.4% of Redwood Investment Management LLC’s investment portfolio, making the stock its 19th largest position. Redwood Investment Management LLC’s holdings in Verisign were worth $4,566,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in VRSN. BlackRock Inc. raised its stake in shares of Verisign by 2.3% during the 4th quarter. BlackRock Inc. now owns 8,531,215 shares of the information services provider’s stock worth $976,313,000 after buying an additional 194,074 shares during the period. OppenheimerFunds Inc. acquired a new position in shares of Verisign during the 4th quarter worth approximately $210,000. Swiss National Bank raised its stake in shares of Verisign by 31.1% during the 4th quarter. Swiss National Bank now owns 442,230 shares of the information services provider’s stock worth $50,609,000 after buying an additional 104,900 shares during the period. Candriam Luxembourg S.C.A. acquired a new position in shares of Verisign during the 4th quarter worth approximately $208,000. Finally, Amundi Pioneer Asset Management Inc. acquired a new position in Verisign in the 4th quarter valued at $5,496,000.

NASDAQ VRSN opened at $128.32 on Tuesday. Verisign has a one year low of $89.01 and a one year high of $128.57. The company has a debt-to-equity ratio of -1.44, a current ratio of 1.55 and a quick ratio of 1.55. The firm has a market capitalization of $12.38 billion, a P/E ratio of 34.87 and a beta of 0.87.

Verisign (NASDAQ:VRSN) last issued its earnings results on Thursday, April 26th. The information services provider reported $1.07 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.01. The company had revenue of $299.29 million during the quarter, compared to analysts’ expectations of $298.00 million. Verisign had a negative return on equity of 37.57% and a net margin of 40.41%. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.96 EPS. sell-side analysts forecast that Verisign will post 4.28 earnings per share for the current year.

Verisign announced that its Board of Directors has initiated a stock buyback plan on Thursday, February 8th that authorizes the company to repurchase $586.00 million in shares. This repurchase authorization authorizes the information services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

VRSN has been the subject of several recent research reports. BidaskClub downgraded Verisign from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, March 28th. Zacks Investment Research raised Verisign from a “hold” rating to a “buy” rating and set a $132.00 price objective for the company in a research note on Friday, April 13th. ValuEngine raised Verisign from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. JPMorgan Chase increased their price objective on Verisign to $106.00 and gave the company an “underweight” rating in a research note on Monday, February 26th. Finally, Citigroup increased their price objective on Verisign from $111.00 to $123.00 and gave the company a “neutral” rating in a research note on Monday, April 30th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. Verisign currently has a consensus rating of “Hold” and a consensus price target of $113.80.

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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