Alta Capital Management LLC Reduces Stock Position in VeriSign, Inc. $VRSN

Alta Capital Management LLC lessened its holdings in shares of VeriSign, Inc. (NASDAQ:VRSN) by 3.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 65,898 shares of the information services provider’s stock after selling 2,174 shares during the period. VeriSign accounts for approximately 1.0% of Alta Capital Management LLC’s investment portfolio, making the stock its 28th biggest holding. Alta Capital Management LLC’s holdings in VeriSign were worth $18,423,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in VRSN. Salomon & Ludwin LLC lifted its position in shares of VeriSign by 112.5% during the 3rd quarter. Salomon & Ludwin LLC now owns 102 shares of the information services provider’s stock worth $28,000 after buying an additional 54 shares during the last quarter. Root Financial Partners LLC acquired a new stake in VeriSign during the 3rd quarter worth $29,000. Ameritas Advisory Services LLC acquired a new position in VeriSign in the second quarter valued at $34,000. Bayforest Capital Ltd acquired a new position in VeriSign in the second quarter valued at $34,000. Finally, North Capital Inc. increased its position in shares of VeriSign by 239.0% during the third quarter. North Capital Inc. now owns 139 shares of the information services provider’s stock worth $39,000 after purchasing an additional 98 shares in the last quarter. 92.90% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other VeriSign news, EVP Thomas C. Indelicarto sold 498 shares of the company’s stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $248.71, for a total value of $123,857.58. Following the transaction, the executive vice president directly owned 30,613 shares in the company, valued at approximately $7,613,759.23. This represents a 1.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO D James Bidzos sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 14th. The shares were sold at an average price of $248.28, for a total transaction of $496,560.00. Following the transaction, the chief executive officer directly owned 414,099 shares in the company, valued at $102,812,499.72. The trade was a 0.48% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 37,999 shares of company stock worth $9,367,804 in the last ninety days. Insiders own 0.84% of the company’s stock.

VeriSign Trading Down 3.0%

VRSN stock opened at $243.57 on Wednesday. The firm has a 50 day moving average of $247.05 and a 200-day moving average of $260.38. The company has a market cap of $22.58 billion, a price-to-earnings ratio of 28.39 and a beta of 0.75. VeriSign, Inc. has a 12-month low of $216.43 and a 12-month high of $310.60.

Analyst Ratings Changes

VRSN has been the topic of several research analyst reports. Citigroup reaffirmed a “buy” rating on shares of VeriSign in a research report on Friday, October 24th. Weiss Ratings restated a “hold (c+)” rating on shares of VeriSign in a research report on Monday, December 29th. Zacks Research downgraded shares of VeriSign from a “hold” rating to a “strong sell” rating in a research report on Tuesday, December 30th. JPMorgan Chase & Co. raised their price objective on shares of VeriSign from $270.00 to $271.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 6th. Finally, Robert W. Baird set a $325.00 target price on shares of VeriSign in a report on Friday, October 24th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $298.00.

VeriSign Company Profile

VeriSign, Inc (NASDAQ: VRSN) is an internet infrastructure company that operates critical components of the global Domain Name System (DNS) and provides cybersecurity-related services. The company is best known as the authoritative registry operator for the .com and .net top-level domains, maintaining the central databases and zone files that enable domain name resolution for millions of websites. VeriSign’s registry role is performed under contractual agreements with Internet Corporation for Assigned Names and Numbers (ICANN) and involves high-availability, highly secure operations to support continuous internet connectivity.

In addition to its registry business, VeriSign offers a suite of services designed to protect and accelerate DNS and internet traffic for enterprises and service providers.