Financial Advisors Network Inc. cut its holdings in shares of Verisign, Inc. (NASDAQ:VRSN) by 14.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,075 shares of the information services provider’s stock after selling 1,199 shares during the quarter. Verisign accounts for 0.8% of Financial Advisors Network Inc.’s investment portfolio, making the stock its 23rd largest position. Financial Advisors Network Inc.’s holdings in Verisign were worth $1,379,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund raised its stake in Verisign by 41,120.7% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,763,452 shares of the information services provider’s stock worth $25,000 after acquiring an additional 3,754,322 shares in the last quarter. Cornerstone Advisors Inc. raised its stake in Verisign by 208.2% during the 1st quarter. Cornerstone Advisors Inc. now owns 151 shares of the information services provider’s stock worth $27,000 after acquiring an additional 102 shares in the last quarter. D Orazio & Associates Inc. raised its stake in Verisign by 82.4% during the 1st quarter. D Orazio & Associates Inc. now owns 155 shares of the information services provider’s stock worth $28,000 after acquiring an additional 70 shares in the last quarter. Athena Capital Advisors LLC acquired a new stake in Verisign during the 4th quarter worth $39,000. Finally, Bessemer Group Inc. raised its stake in Verisign by 43.5% during the 4th quarter. Bessemer Group Inc. now owns 277 shares of the information services provider’s stock worth $41,000 after acquiring an additional 84 shares in the last quarter. Institutional investors own 91.65% of the company’s stock.
Several brokerages recently commented on VRSN. Zacks Investment Research upgraded shares of Verisign from a “hold” rating to a “buy” rating and set a $224.00 price target on the stock in a research note on Tuesday, April 30th. Citigroup reiterated a “neutral” rating and set a $195.00 price target (up from $175.00) on shares of Verisign in a research note on Tuesday, March 5th. Finally, BidaskClub upgraded shares of Verisign from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 22nd. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $180.80.
Verisign stock traded down $0.17 during midday trading on Friday, hitting $205.20. 619,942 shares of the company’s stock were exchanged, compared to its average volume of 483,088. Verisign, Inc. has a 12-month low of $131.28 and a 12-month high of $210.06. The company has a market capitalization of $24.46 billion, a P/E ratio of 43.20 and a beta of 1.04.
Verisign (NASDAQ:VRSN) last issued its earnings results on Thursday, April 25th. The information services provider reported $1.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.25 by $0.06. The business had revenue of $306.41 million for the quarter, compared to the consensus estimate of $302.63 million. Verisign had a net margin of 49.98% and a negative return on equity of 43.07%. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.07 earnings per share. As a group, sell-side analysts anticipate that Verisign, Inc. will post 4.96 earnings per share for the current year.
In other news, Director Timothy Tomlinson sold 378 shares of Verisign stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $199.55, for a total value of $75,429.90. Following the sale, the director now owns 34,094 shares of the company’s stock, valued at $6,803,457.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.20% of the stock is owned by insiders.
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VeriSign, Inc provides domain name registry services and Internet infrastructure in the United States and internationally. The company offers registry services that operate the authoritative directory of and/or the back-end systems for .com, .net, .cc, .tv, .gov, .jobs, .edu, .name, and other domain names.
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