State Street Corp cut its stake in shares of VeriSign, Inc. (NASDAQ:VRSN) by 2.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,161,745 shares of the information services provider’s stock after selling 111,617 shares during the quarter. State Street Corp owned 3.65% of VeriSign worth $852,533,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Newfound Research LLC purchased a new stake in shares of VeriSign in the third quarter valued at $28,000. Valeo Financial Advisors LLC lifted its holdings in shares of VeriSign by 72.1% in the third quarter. Valeo Financial Advisors LLC now owns 148 shares of the information services provider’s stock valued at $30,000 after purchasing an additional 62 shares in the last quarter. Ropes Wealth Advisors LLC purchased a new stake in shares of VeriSign in the third quarter valued at $33,000. CWM LLC lifted its holdings in shares of VeriSign by 117.3% in the second quarter. CWM LLC now owns 163 shares of the information services provider’s stock valued at $34,000 after purchasing an additional 88 shares in the last quarter. Finally, Cullen Frost Bankers Inc. purchased a new stake in shares of VeriSign during the third quarter worth $40,000. 90.33% of the stock is owned by institutional investors and hedge funds.

Several analysts recently issued reports on the company. Zacks Investment Research upgraded VeriSign from a “hold” rating to a “buy” rating and set a $199.00 price objective for the company in a report on Thursday, October 29th. BidaskClub lowered VeriSign from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 28th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $222.00.

In other news, CFO George E. Kilguss III sold 29,008 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $219.63, for a total value of $6,371,027.04. Following the sale, the chief financial officer now directly owns 195,993 shares of the company’s stock, valued at $43,045,942.59. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO George E. Kilguss III sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $200.11, for a total value of $1,000,550.00. Following the completion of the sale, the chief financial officer now directly owns 158,283 shares in the company, valued at $31,674,011.13. The disclosure for this sale can be found here. Insiders have sold 76,226 shares of company stock worth $16,075,879 over the last three months. Company insiders own 1.35% of the company’s stock.

VeriSign stock opened at $196.44 on Friday. The company has a market capitalization of $22.42 billion, a price-to-earnings ratio of 29.15 and a beta of 0.87. VeriSign, Inc. has a one year low of $148.77 and a one year high of $221.30. The company’s fifty day moving average price is $201.95 and its two-hundred day moving average price is $206.50.

VeriSign (NASDAQ:VRSN) last posted its earnings results on Thursday, October 22nd. The information services provider reported $1.49 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.25 by $0.24. The firm had revenue of $317.90 million for the quarter, compared to the consensus estimate of $316.07 million. VeriSign had a net margin of 63.32% and a negative return on equity of 54.86%. The business’s quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.36 earnings per share. Equities research analysts forecast that VeriSign, Inc. will post 5.26 EPS for the current year.

About VeriSign

VeriSign, Inc, together with its subsidiaries, provides domain name registry services and Internet infrastructure that enables Internet navigation for various recognized domain names worldwide. It enables the security, stability, and resiliency of Internet infrastructure and services, including providing root zone maintainer services, operating two of the 13 Internet root servers; and offering registration services and authoritative resolution for the .com and .net domains, which support global e-commerce.

Further Reading: Coverage Ratio

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Institutional Ownership by Quarter for VeriSign (NASDAQ:VRSN)

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