Vestcor Inc Trims Position in VeriSign, Inc. (NASDAQ:VRSN)

Vestcor Inc cut its stake in shares of VeriSign, Inc. (NASDAQ:VRSN - Free Report) by 29.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 23,030 shares of the information services provider's stock after selling 9,774 shares during the quarter. Vestcor Inc's holdings in VeriSign were worth $4,375,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC raised its position in shares of VeriSign by 62.6% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 2,816 shares of the information services provider's stock valued at $501,000 after purchasing an additional 1,084 shares during the period. V Square Quantitative Management LLC lifted its position in shares of VeriSign by 6.7% in the second quarter. V Square Quantitative Management LLC now owns 1,172 shares of the information services provider's stock valued at $208,000 after acquiring an additional 74 shares in the last quarter. Swedbank AB lifted its position in shares of VeriSign by 1.4% in the second quarter. Swedbank AB now owns 48,175 shares of the information services provider's stock valued at $8,566,000 after acquiring an additional 660 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of VeriSign by 291.1% in the second quarter. Blue Trust Inc. now owns 176 shares of the information services provider's stock worth $33,000 after acquiring an additional 131 shares during the period. Finally, Gladius Capital Management LP raised its stake in VeriSign by 7.9% during the 2nd quarter. Gladius Capital Management LP now owns 5,953 shares of the information services provider's stock valued at $1,058,000 after purchasing an additional 435 shares during the period. 92.90% of the stock is owned by hedge funds and other institutional investors.

VeriSign Stock Performance

NASDAQ:VRSN traded down $0.53 during trading hours on Wednesday, reaching $200.00. The stock had a trading volume of 653,715 shares, compared to its average volume of 662,956. The stock has a market capitalization of $19.22 billion, a PE ratio of 23.25 and a beta of 0.92. VeriSign, Inc. has a 52 week low of $167.04 and a 52 week high of $220.91. The company has a 50 day moving average price of $185.34 and a two-hundred day moving average price of $181.69.

VeriSign (NASDAQ:VRSN - Get Free Report) last released its quarterly earnings results on Thursday, October 24th. The information services provider reported $2.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.01 by $0.06. VeriSign had a net margin of 55.74% and a negative return on equity of 45.59%. The company had revenue of $390.60 million for the quarter, compared to the consensus estimate of $390.19 million. During the same quarter in the prior year, the firm earned $1.83 earnings per share. VeriSign's revenue was up 3.8% on a year-over-year basis.

Insider Activity at VeriSign

In related news, EVP Danny R. Mcpherson sold 2,092 shares of the company's stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $192.43, for a total transaction of $402,563.56. Following the transaction, the executive vice president now directly owns 26,157 shares in the company, valued at approximately $5,033,391.51. This represents a 7.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Thomas C. Indelicarto sold 2,456 shares of the stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $190.00, for a total transaction of $466,640.00. Following the completion of the sale, the executive vice president now directly owns 34,821 shares in the company, valued at $6,615,990. This trade represents a 6.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,776 shares of company stock valued at $1,102,524. Insiders own 0.84% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. StockNews.com upgraded VeriSign from a "hold" rating to a "buy" rating in a research note on Tuesday. Baird R W upgraded shares of VeriSign from a "hold" rating to a "strong-buy" rating in a research report on Monday. Finally, Robert W. Baird upgraded shares of VeriSign from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $200.00 to $250.00 in a report on Monday.

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.