BI Asset Management Fondsmaeglerselskab A S Lowers Position in VeriSign, Inc. $VRSN

Key Points

• BI Asset Management Fondsmaeglerselskab A S cut its VeriSign stake by 63.2% in the fourth quarter, leaving it with 9,468 shares valued at about $2.3 million.
• Several analysts turned more positive on VeriSign, with target prices raised by firms including JPMorgan, Baird, and Citi; the stock now carries a Moderate Buy consensus and an average target price of $317.67.
• VeriSign reported better-than-expected quarterly results, posting EPS of $2.34 and revenue of $428.9 million, while also paying a quarterly dividend of $0.81 per share for a 1.1% annualized yield.

BI Asset Management Fondsmaeglerselskab A S cut its holdings in VeriSign, Inc. (NASDAQ:VRSN - Free Report) by 63.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,468 shares of the information services provider's stock after selling 16,257 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in VeriSign were worth $2,300,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. lifted its stake in VeriSign by 429.2% in the third quarter. Sunbelt Securities Inc. now owns 127 shares of the information services provider's stock worth $36,000 after acquiring an additional 103 shares during the period. Board of the Pension Protection Fund bought a new stake in shares of VeriSign in the 4th quarter valued at about $39,000. Advisors Asset Management Inc. boosted its holdings in shares of VeriSign by 25.3% in the 1st quarter. Advisors Asset Management Inc. now owns 198 shares of the information services provider's stock valued at $50,000 after buying an additional 40 shares in the last quarter. Abich Financial Wealth Management LLC bought a new stake in shares of VeriSign in the 3rd quarter valued at about $59,000. Finally, Activest Wealth Management boosted its holdings in shares of VeriSign by 788.0% in the 4th quarter. Activest Wealth Management now owns 222 shares of the information services provider's stock valued at $54,000 after buying an additional 197 shares in the last quarter. 92.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on VRSN shares. Zacks Research upgraded shares of VeriSign from a "strong sell" rating to a "hold" rating in a report on Monday, February 9th. JPMorgan Chase & Co. raised their price target on shares of VeriSign from $273.00 to $278.00 and gave the company a "neutral" rating in a report on Friday, April 24th. Robert W. Baird raised their price target on shares of VeriSign from $305.00 to $355.00 and gave the company an "outperform" rating in a report on Friday, April 24th. Citigroup raised their price target on shares of VeriSign from $295.00 to $320.00 and gave the company a "buy" rating in a report on Friday, April 24th. Finally, Weiss Ratings raised shares of VeriSign from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, March 27th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, VeriSign presently has an average rating of "Moderate Buy" and an average target price of $317.67.

Insider Transactions at VeriSign

In other news, EVP Thomas C. Indelicarto sold 500 shares of the firm's stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $293.45, for a total transaction of $146,725.00. Following the sale, the executive vice president owned 37,051 shares of the company's stock, valued at $10,872,615.95. This trade represents a 1.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Danny R. Mcpherson sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $271.02, for a total transaction of $1,355,100.00. Following the sale, the executive vice president directly owned 35,195 shares in the company, valued at $9,538,548.90. The trade was a 12.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 9,796 shares of company stock valued at $2,754,418 in the last 90 days. 0.56% of the stock is currently owned by company insiders.

VeriSign Trading Down 3.9%

Shares of NASDAQ:VRSN opened at $283.41 on Tuesday. VeriSign, Inc. has a twelve month low of $208.86 and a twelve month high of $312.48. The company's 50 day moving average is $280.61 and its 200 day moving average is $254.76. The company has a market cap of $25.79 billion, a PE ratio of 31.32 and a beta of 0.69.

VeriSign (NASDAQ:VRSN - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The information services provider reported $2.34 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.04. VeriSign had a net margin of 49.95% and a negative return on equity of 39.98%. The company had revenue of $428.90 million for the quarter, compared to the consensus estimate of $424.50 million. During the same quarter in the prior year, the company earned $2.10 EPS. VeriSign's quarterly revenue was up 6.6% on a year-over-year basis. Equities research analysts predict that VeriSign, Inc. will post 9.49 earnings per share for the current fiscal year.

VeriSign Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 27th. Stockholders of record on Tuesday, May 19th were paid a dividend of $0.81 per share. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 1.1%. VeriSign's dividend payout ratio (DPR) is presently 35.80%.

VeriSign 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.

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