KBC Group NV grew its position in Verisign, Inc. (NASDAQ:VRSN) by 22.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,492 shares of the information services provider’s stock after purchasing an additional 7,487 shares during the period. KBC Group NV’s holdings in Verisign were worth $4,748,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in VRSN. Grove Bank & Trust raised its holdings in shares of Verisign by 186.5% in the third quarter. Grove Bank & Trust now owns 1,060 shares of the information services provider’s stock valued at $113,000 after purchasing an additional 690 shares during the last quarter. Visionary Asset Management Inc. purchased a new stake in shares of Verisign in the third quarter valued at about $200,000. Brightworth purchased a new stake in shares of Verisign in the third quarter valued at about $213,000. Tiemann Investment Advisors LLC purchased a new stake in shares of Verisign in the third quarter valued at about $221,000. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in shares of Verisign in the third quarter valued at about $238,000.
Shares of Verisign, Inc. (NASDAQ:VRSN) opened at $120.55 on Friday. Verisign, Inc. has a 1-year low of $81.58 and a 1-year high of $121.61. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of -1.41. The stock has a market cap of $11,354.71, a PE ratio of 32.67 and a beta of 0.92.
Verisign announced that its board has initiated a share repurchase program on Thursday, February 8th that authorizes the company to buyback $586.00 million in shares. This buyback authorization authorizes the information services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.
Several analysts have recently commented on the stock. BidaskClub upgraded shares of Verisign from a “hold” rating to a “buy” rating in a report on Saturday, February 10th. Cowen reiterated a “hold” rating and issued a $103.00 target price on shares of Verisign in a report on Sunday, October 29th. Zacks Investment Research downgraded shares of Verisign from a “hold” rating to a “sell” rating in a report on Wednesday, November 1st. Finally, Citigroup increased their target price on shares of Verisign from $101.00 to $111.00 and gave the company a “neutral” rating in a report on Friday, October 27th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Verisign presently has an average rating of “Hold” and an average target price of $106.33.
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VeriSign, Inc is a provider of domain name registry services and Internet security. The Company operates through Registry Services and Security Services segment. Registry Services ensure the security, stability and resiliency of Internet infrastructure and services, including the .com and .net domains, and operation of the root-zone maintainer functions for the core of the Internet’s Domain Name System (DNS).
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