iA Global Asset Management Inc. Increases Holdings in VeriSign, Inc. $VRSN

iA Global Asset Management Inc. boosted its stake in VeriSign, Inc. (NASDAQ:VRSN) by 40.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,683 shares of the information services provider’s stock after purchasing an additional 2,227 shares during the period. iA Global Asset Management Inc.’s holdings in VeriSign were worth $2,148,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Salomon & Ludwin LLC grew its stake in shares of VeriSign by 112.5% in the third quarter. Salomon & Ludwin LLC now owns 102 shares of the information services provider’s stock valued at $28,000 after buying an additional 54 shares in the last quarter. Root Financial Partners LLC purchased a new position in VeriSign in the 3rd quarter worth approximately $29,000. Bayforest Capital Ltd purchased a new position in VeriSign in the 2nd quarter worth approximately $34,000. Ameritas Advisory Services LLC acquired a new stake in VeriSign in the second quarter valued at approximately $34,000. Finally, North Capital Inc. raised 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 valued at $39,000 after purchasing an additional 98 shares during the period. Institutional investors and hedge funds own 92.90% of the company’s stock.

VeriSign Stock Performance

VRSN opened at $250.60 on Friday. The company has a market capitalization of $23.23 billion, a P/E ratio of 29.21 and a beta of 0.77. The company has a 50-day moving average of $247.31 and a 200-day moving average of $262.27. VeriSign, Inc. has a 1-year low of $206.01 and a 1-year high of $310.60.

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

Insider Buying and Selling

In other 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 value of $592,175.00. Following the completion of 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO D James Bidzos sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $248.14, for a total value of $1,240,700.00. Following the completion of the sale, the chief executive officer owned 453,439 shares of the company’s stock, valued at $112,516,353.46. This trade represents a 1.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 40,833 shares of company stock worth $10,041,648. 0.84% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on VRSN. JPMorgan Chase & Co. upped their target price on shares of VeriSign from $270.00 to $271.00 and gave the company a “neutral” rating in a research note on Tuesday, January 6th. Zacks Research lowered shares of VeriSign from a “hold” rating to a “strong sell” rating in a report on Tuesday, December 30th. Weiss Ratings reissued a “hold (c+)” rating on shares of VeriSign in a research report on Monday, December 29th. Robert W. Baird set a $325.00 target price on VeriSign in a research report on Friday, October 24th. Finally, Citigroup reissued 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 given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $282.00.

VeriSign Company 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.