Spinnaker Trust Trims Holdings in VeriSign, Inc. (NASDAQ:VRSN)

Spinnaker Trust reduced its holdings in shares of VeriSign, Inc. (NASDAQ:VRSN) by 4.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,384 shares of the information services provider’s stock after selling 100 shares during the quarter. Spinnaker Trust’s holdings in VeriSign were worth $491,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cary Street Partners Investment Advisory LLC raised its position in shares of VeriSign by 52.0% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 152 shares of the information services provider’s stock valued at $31,000 after acquiring an additional 52 shares in the last quarter. Baldwin Brothers LLC MA increased its position in VeriSign by 158.6% in the fourth quarter. Baldwin Brothers LLC MA now owns 181 shares of the information services provider’s stock worth $37,000 after buying an additional 111 shares during the period. UMB Bank n.a. increased its position in VeriSign by 91.7% in the third quarter. UMB Bank n.a. now owns 347 shares of the information services provider’s stock worth $70,000 after buying an additional 166 shares during the period. Larson Financial Group LLC increased its position in VeriSign by 251.5% in the third quarter. Larson Financial Group LLC now owns 355 shares of the information services provider’s stock worth $72,000 after buying an additional 254 shares during the period. Finally, CX Institutional acquired a new stake in VeriSign in the fourth quarter worth $79,000. 92.90% of the stock is owned by institutional investors and hedge funds.

VeriSign Trading Down 3.9 %

VRSN stock traded down $7.20 during trading hours on Friday, hitting $175.48. 1,931,523 shares of the stock traded hands, compared to its average volume of 646,443. The stock has a 50-day simple moving average of $189.29 and a 200 day simple moving average of $200.03. VeriSign, Inc. has a one year low of $174.51 and a one year high of $229.72. The company has a market cap of $17.57 billion, a P/E ratio of 21.56 and a beta of 0.88.

VeriSign (NASDAQ:VRSN) last announced its earnings results on Thursday, April 25th. The information services provider reported $1.92 earnings per share for the quarter, beating the consensus estimate of $1.86 by $0.06. VeriSign had a negative return on equity of 47.39% and a net margin of 55.04%. The business had revenue of $384.30 million during the quarter, compared to analysts’ expectations of $381.85 million. During the same quarter last year, the business posted $1.70 earnings per share. The company’s quarterly revenue was up 5.5% on a year-over-year basis.

Insider Activity at VeriSign

In related news, EVP Thomas C. Indelicarto sold 614 shares of the 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 completion of the transaction, the executive vice president now owns 41,955 shares in the company, valued at approximately $7,971,450. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other VeriSign news, COO Todd B. Strubbe sold 9,423 shares of VeriSign stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $193.21, for a total transaction of $1,820,617.83. Following the transaction, the chief operating officer now owns 111,551 shares of the company’s stock, valued at approximately $21,552,768.71. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Thomas C. Indelicarto sold 614 shares of VeriSign stock in a transaction dated Thursday, April 11th. The shares were 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 disclosure for this sale can be found here. Insiders sold 14,877 shares of company stock worth $2,878,864 in the last quarter. 0.94% of the stock is owned by company insiders.

Analysts Set New Price Targets

VRSN has been the topic of several analyst reports. Robert W. Baird dropped their target price on VeriSign from $215.00 to $200.00 and set a “neutral” rating on the stock in a research report on Friday. Citigroup dropped their target price on VeriSign from $237.00 to $236.00 and set a “buy” rating on the stock in a research report on Tuesday, April 2nd. Finally, StockNews.com lowered VeriSign from a “buy” rating to a “hold” rating in a report on Wednesday, April 3rd.

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.