Thrive Wealth Management LLC Buys New Shares in VeriSign, Inc. (NASDAQ:VRSN)

Thrive Wealth Management LLC purchased a new position in shares of VeriSign, Inc. (NASDAQ:VRSN) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,452 shares of the information services provider’s stock, valued at approximately $275,000.

A number of other hedge funds also recently made changes to their positions in VRSN. Cary Street Partners Investment Advisory LLC raised its position in shares of VeriSign by 52.0% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 152 shares of the information services provider’s stock worth $31,000 after buying an additional 52 shares during the period. Baldwin Brothers LLC MA lifted its stake in shares of VeriSign by 158.6% in the 4th quarter. Baldwin Brothers LLC MA now owns 181 shares of the information services provider’s stock valued at $37,000 after purchasing an additional 111 shares in the last quarter. Quarry LP acquired a new position in shares of VeriSign in the 4th quarter valued at about $76,000. Neo Ivy Capital Management purchased a new stake in shares of VeriSign during the 4th quarter worth about $77,000. Finally, CX Institutional acquired a new stake in VeriSign during the 4th quarter worth approximately $79,000. Institutional investors and hedge funds own 92.90% of the company’s stock.

VeriSign Stock Performance

Shares of NASDAQ VRSN traded down $0.87 during trading on Thursday, reaching $178.23. The stock had a trading volume of 910,907 shares, compared to its average volume of 667,887. The stock has a market cap of $17.75 billion, a PE ratio of 21.90 and a beta of 0.91. VeriSign, Inc. has a one year low of $167.04 and a one year high of $226.80. The firm’s 50 day moving average price is $175.73 and its two-hundred day moving average price is $189.69.

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

Insider Buying and Selling

In related news, EVP Danny R. Mcpherson sold 1,200 shares of the company’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $170.14, for a total transaction of $204,168.00. Following the completion of the transaction, the executive vice president now directly owns 29,181 shares in the company, valued at approximately $4,964,855.34. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, EVP Thomas C. Indelicarto sold 614 shares of VeriSign stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $190.00, for a total transaction of $116,660.00. Following the sale, the executive vice president now owns 41,955 shares of the company’s stock, valued at $7,971,450. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Danny R. Mcpherson sold 1,200 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $170.14, for a total value of $204,168.00. Following the transaction, the executive vice president now owns 29,181 shares of the company’s stock, valued at $4,964,855.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,295 shares of company stock valued at $584,887. Insiders own 0.84% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.