Overbrook Management Corp Trims Stock Position in VeriSign, Inc. (NASDAQ:VRSN)

Overbrook Management Corp lessened its holdings in shares of VeriSign, Inc. (NASDAQ:VRSN) by 37.7% during the 1st quarter, Holdings Channel reports. The firm owned 51,489 shares of the information services provider’s stock after selling 31,181 shares during the period. VeriSign makes up about 2.6% of Overbrook Management Corp’s holdings, making the stock its 17th biggest position. Overbrook Management Corp’s holdings in VeriSign were worth $9,758,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in VRSN. Janney Montgomery Scott LLC raised its position in VeriSign by 13.5% in the 3rd quarter. Janney Montgomery Scott LLC now owns 2,399 shares of the information services provider’s stock valued at $486,000 after purchasing an additional 286 shares in the last quarter. HighTower Advisors LLC raised its stake in VeriSign by 3.0% in the third quarter. HighTower Advisors LLC now owns 4,671 shares of the information services provider’s stock valued at $940,000 after buying an additional 134 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of VeriSign by 42.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 88,058 shares of the information services provider’s stock worth $17,834,000 after acquiring an additional 26,371 shares in the last quarter. LPL Financial LLC increased its holdings in shares of VeriSign by 9.9% in the 3rd quarter. LPL Financial LLC now owns 18,028 shares of the information services provider’s stock valued at $3,651,000 after acquiring an additional 1,629 shares during the last quarter. Finally, Mariner LLC raised its position in shares of VeriSign by 2.8% during the 3rd quarter. Mariner LLC now owns 10,772 shares of the information services provider’s stock worth $2,182,000 after acquiring an additional 295 shares in the last quarter. Institutional investors and hedge funds own 92.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Robert W. Baird reaffirmed a “neutral” rating and issued a $200.00 price target on shares of VeriSign in a report on Thursday. StockNews.com cut shares of VeriSign from a “buy” rating to a “hold” rating in a report on Sunday, June 16th. Finally, Citigroup cut their price target on shares of VeriSign from $237.00 to $236.00 and set a “buy” rating on the stock in a research note on Tuesday, April 2nd.

Insider Transactions at VeriSign

In other VeriSign news, Director Yehuda Ari Buchalter sold 866 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $170.01, for a total transaction of $147,228.66. Following the sale, the director now directly owns 3,661 shares in the company, valued at approximately $622,406.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Yehuda Ari Buchalter sold 866 shares of VeriSign stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $170.01, for a total transaction of $147,228.66. Following the completion of the sale, the director now directly owns 3,661 shares in the company, valued at approximately $622,406.61. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Thomas C. Indelicarto sold 614 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now owns 41,955 shares in the company, valued at approximately $7,971,450. The disclosure for this sale can be found here. In the last three months, insiders sold 3,295 shares of company stock valued at $584,887. Corporate insiders own 0.84% of the company’s stock.

VeriSign Price Performance

Shares of VRSN stock traded down $0.87 during trading hours on Thursday, hitting $178.23. The stock had a trading volume of 910,907 shares, compared to its average volume of 667,887. The stock’s 50 day moving average is $175.73 and its 200 day moving average is $189.69. VeriSign, Inc. has a twelve month low of $167.04 and a twelve month high of $226.80. The firm has a market capitalization of $17.75 billion, a PE ratio of 21.90 and a beta of 0.91.

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

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. 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.