State of Michigan Retirement System Sells 100 Shares of VeriSign, Inc. (NASDAQ:VRSN)

State of Michigan Retirement System trimmed its stake in VeriSign, Inc. (NASDAQ:VRSN) by 0.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,179 shares of the information services provider’s stock after selling 100 shares during the period. State of Michigan Retirement System’s holdings in VeriSign were worth $4,582,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. SteelPeak Wealth LLC purchased a new stake in shares of VeriSign in the first quarter worth approximately $408,000. Atlantic Union Bankshares Corp raised its holdings in shares of VeriSign by 14.1% in the first quarter. Atlantic Union Bankshares Corp now owns 7,754 shares of the information services provider’s stock worth $1,469,000 after buying an additional 956 shares during the period. Thrive Wealth Management LLC purchased a new stake in shares of VeriSign in the first quarter worth approximately $275,000. Crestmont Private Wealth LLC raised its holdings in shares of VeriSign by 65.2% in the first quarter. Crestmont Private Wealth LLC now owns 1,675 shares of the information services provider’s stock worth $317,000 after buying an additional 661 shares during the period. Finally, Banque Cantonale Vaudoise raised its holdings in shares of VeriSign by 205.1% in the first quarter. Banque Cantonale Vaudoise now owns 6,754 shares of the information services provider’s stock worth $1,280,000 after buying an additional 4,540 shares during the period. 92.90% of the stock is currently owned by hedge funds and other institutional investors.

VeriSign Stock Up 0.2 %

VRSN opened at $175.98 on Wednesday. The stock’s fifty day moving average is $175.33 and its two-hundred day moving average is $188.70. The company has a market capitalization of $17.53 billion, a P/E ratio of 21.62 and a beta of 0.90. VeriSign, Inc. has a 52 week low of $167.04 and a 52 week high of $225.54.

VeriSign (NASDAQ:VRSN) last released its quarterly earnings data on Thursday, April 25th. The information services provider reported $1.92 EPS for the quarter, topping the consensus estimate of $1.86 by $0.06. The company had revenue of $384.30 million for the quarter, compared to the consensus estimate of $381.85 million. VeriSign had a negative return on equity of 47.21% and a net margin of 55.04%. VeriSign’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period last year, the business posted $1.70 EPS.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on VRSN shares. Citigroup reduced their price target on VeriSign from $237.00 to $236.00 and set a “buy” rating on the stock in a report on Tuesday, April 2nd. StockNews.com downgraded VeriSign from a “buy” rating to a “hold” rating in a report on Sunday, June 16th. Finally, Robert W. Baird restated a “neutral” rating and set a $200.00 price objective on shares of VeriSign in a report on Thursday, June 27th.

Insider Activity

In other news, EVP Thomas C. Indelicarto sold 614 shares of VeriSign stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $190.00, for a total value of $116,660.00. Following the transaction, the executive vice president now directly owns 41,955 shares in the company, valued at approximately $7,971,450. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Thomas C. Indelicarto sold 614 shares of VeriSign stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $190.00, for a total value of $116,660.00. Following the transaction, the executive vice president now directly owns 41,955 shares in the company, valued at approximately $7,971,450. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Yehuda Ari Buchalter sold 866 shares of VeriSign stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $170.01, for a total value of $147,228.66. Following the completion of the transaction, the director now owns 3,661 shares in the company, valued at $622,406.61. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,681 shares of company stock worth $468,227. 0.84% of the stock is currently owned by company insiders.

VeriSign 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.