Frank Rimerman Advisors LLC Decreases Stake in VeriSign, Inc. (NASDAQ:VRSN)

Frank Rimerman Advisors LLC reduced its position in VeriSign, Inc. (NASDAQ:VRSN) by 6.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,333 shares of the information services provider’s stock after selling 173 shares during the period. Frank Rimerman Advisors LLC’s holdings in VeriSign were worth $483,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Crewe Advisors LLC purchased a new stake in VeriSign during the fourth quarter valued at approximately $26,000. Whipplewood Advisors LLC purchased a new stake in VeriSign during the fourth quarter valued at approximately $26,000. Venturi Wealth Management LLC raised its position in VeriSign by 127.2% during the fourth quarter. Venturi Wealth Management LLC now owns 184 shares of the information services provider’s stock valued at $38,000 after purchasing an additional 103 shares during the period. BankPlus Trust Department purchased a new stake in VeriSign during the fourth quarter valued at approximately $49,000. Finally, Spire Wealth Management raised its position in VeriSign by 69.8% during the fourth quarter. Spire Wealth Management now owns 253 shares of the information services provider’s stock valued at $52,000 after purchasing an additional 104 shares during the period. 92.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, SVP John Calys sold 447 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $231.75, for a total value of $103,592.25. Following the transaction, the senior vice president now owns 23,735 shares of the company’s stock, valued at $5,500,586.25. This represents a 1.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.84% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on VRSN. StockNews.com downgraded VeriSign from a “buy” rating to a “hold” rating in a research report on Wednesday, March 12th. Citigroup upped their price objective on VeriSign from $246.00 to $250.00 and gave the company a “buy” rating in a research report on Tuesday, February 4th. Baird R W upgraded VeriSign from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 9th. Finally, Robert W. Baird upgraded VeriSign from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $200.00 to $250.00 in a report on Monday, December 9th.

VeriSign Stock Performance

Shares of NASDAQ VRSN opened at $238.35 on Monday. The business’s 50 day moving average price is $223.32 and its 200-day moving average price is $200.33. VeriSign, Inc. has a fifty-two week low of $167.04 and a fifty-two week high of $242.23. The company has a market cap of $22.55 billion, a price-to-earnings ratio of 29.79 and a beta of 0.87.

VeriSign (NASDAQ:VRSN) last issued its quarterly earnings results on Thursday, February 6th. The information services provider reported $2.00 earnings per share for the quarter, hitting the consensus estimate of $2.00. VeriSign had a negative return on equity of 43.01% and a net margin of 50.47%.

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.