Convergence Investment Partners LLC Invests $1.85 Million in VeriSign, Inc. (NASDAQ:VRSN)

Convergence Investment Partners LLC purchased a new position in shares of VeriSign, Inc. (NASDAQ:VRSN - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 8,942 shares of the information services provider's stock, valued at approximately $1,851,000.

Several other hedge funds also recently modified their holdings of the business. Crewe Advisors LLC bought a new position in shares of VeriSign in the fourth quarter valued at approximately $26,000. Venturi Wealth Management LLC raised its holdings in VeriSign by 127.2% in the 4th quarter. Venturi Wealth Management LLC now owns 184 shares of the information services provider's stock worth $38,000 after acquiring an additional 103 shares during the period. Concord Wealth Partners raised its holdings in VeriSign by 93.2% in the 3rd quarter. Concord Wealth Partners now owns 226 shares of the information services provider's stock worth $43,000 after acquiring an additional 109 shares during the period. Spire Wealth Management lifted its position in VeriSign by 69.8% during the 4th quarter. Spire Wealth Management now owns 253 shares of the information services provider's stock worth $52,000 after acquiring an additional 104 shares during the last quarter. Finally, Blue Trust Inc. boosted its holdings in VeriSign by 138.6% during the third quarter. Blue Trust Inc. now owns 420 shares of the information services provider's stock valued at $75,000 after acquiring an additional 244 shares during the period. Institutional investors and hedge funds own 92.90% of the company's stock.

VeriSign Stock Performance

VeriSign stock traded down $2.01 on Friday, reaching $231.87. The company's stock had a trading volume of 978,529 shares, compared to its average volume of 762,660. The business's fifty day moving average price is $211.65 and its 200 day moving average price is $193.50. The company has a market cap of $21.93 billion, a price-to-earnings ratio of 28.98 and a beta of 0.90. VeriSign, Inc. has a twelve month low of $167.04 and a twelve month high of $236.20.

VeriSign (NASDAQ:VRSN - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The information services provider reported $2.00 earnings per share for the quarter, hitting the consensus estimate of $2.00. VeriSign had a net margin of 50.47% and a negative return on equity of 43.01%.

Insider Activity at VeriSign

In other news, EVP Danny R. Mcpherson sold 2,092 shares of VeriSign stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $192.43, for a total transaction of $402,563.56. Following the transaction, the executive vice president now owns 26,157 shares in the company, valued at $5,033,391.51. The trade was a 7.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.84% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on VRSN shares. StockNews.com raised shares of VeriSign from a "hold" rating to a "buy" rating in a research report on Tuesday, January 7th. Robert W. Baird upgraded shares of VeriSign from a "neutral" rating to an "outperform" rating and boosted their price objective for the stock from $200.00 to $250.00 in a report on Monday, December 9th. Baird R W raised shares of VeriSign from a "hold" rating to a "strong-buy" rating in a research report on Monday, December 9th. Finally, Citigroup lifted their target price on VeriSign from $246.00 to $250.00 and gave the stock a "buy" rating in a research report on Tuesday, February 4th.

VeriSign Company Profile

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.