Kepler Cheuvreux Suisse SA cut its stake in VeriSign, Inc. (NASDAQ:VRSN – Free Report) by 17.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 46,364 shares of the information services provider’s stock after selling 9,772 shares during the period. Kepler Cheuvreux Suisse SA’s holdings in VeriSign were worth $11,515,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. DV Equities LLC purchased a new stake in shares of VeriSign during the 4th quarter valued at $28,000. Sunbelt Securities Inc. increased its stake in VeriSign by 429.2% during the third quarter. Sunbelt Securities Inc. now owns 127 shares of the information services provider’s stock worth $36,000 after acquiring an additional 103 shares during the last quarter. Board of the Pension Protection Fund purchased a new position in shares of VeriSign in the 4th quarter worth about $39,000. Advisors Asset Management Inc. lifted its stake in shares of VeriSign by 25.3% in the 1st quarter. Advisors Asset Management Inc. now owns 198 shares of the information services provider’s stock valued at $50,000 after purchasing an additional 40 shares in the last quarter. Finally, Activest Wealth Management grew its holdings in shares of VeriSign by 788.0% during the 4th quarter. Activest Wealth Management now owns 222 shares of the information services provider’s stock worth $54,000 after purchasing an additional 197 shares during the period. Institutional investors and hedge funds own 92.90% of the company’s stock.
Analyst Upgrades and Downgrades
VRSN has been the subject of several research reports. JPMorgan Chase & Co. boosted their price objective on shares of VeriSign from $285.00 to $308.00 and gave the stock a “neutral” rating in a research note on Thursday, June 18th. Citigroup upped their target price on VeriSign from $295.00 to $320.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Weiss Ratings reiterated a “buy (b-)” rating on shares of VeriSign in a report on Wednesday, June 24th. Finally, Robert W. Baird upped their price target on VeriSign from $305.00 to $355.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, VeriSign presently has an average rating of “Moderate Buy” and a consensus price target of $327.67.
Insider Activity at VeriSign
In related news, CEO D James Bidzos sold 3,300 shares of the firm’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $250.94, for a total transaction of $828,102.00. Following the transaction, the chief executive officer directly owned 426,139 shares in the company, valued at $106,935,320.66. This trade represents a 0.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Thomas C. Indelicarto sold 250 shares of the business’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $255.83, for a total transaction of $63,957.50. Following the sale, the executive vice president owned 36,301 shares of the company’s stock, valued at approximately $9,286,884.83. The trade was a 0.68% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 23,746 shares of company stock valued at $6,451,479. Corporate insiders own 0.56% of the company’s stock.
VeriSign Price Performance
Shares of VRSN stock opened at $256.43 on Friday. The firm has a fifty day moving average of $279.70 and a two-hundred day moving average of $256.58. The firm has a market cap of $23.34 billion, a P/E ratio of 28.33 and a beta of 0.71. VeriSign, Inc. has a 1-year low of $208.86 and a 1-year high of $312.48.
VeriSign (NASDAQ:VRSN – Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The information services provider reported $2.34 EPS for the quarter, topping the consensus estimate of $2.30 by $0.04. The business had revenue of $428.90 million for the quarter, compared to analysts’ expectations of $424.50 million. VeriSign had a net margin of 49.95% and a negative return on equity of 39.98%. The company’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the company posted $2.10 earnings per share. On average, sell-side analysts expect that VeriSign, Inc. will post 9.47 EPS for the current year.
VeriSign Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, May 27th. Stockholders of record on Tuesday, May 19th were issued a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Tuesday, May 19th. VeriSign’s payout ratio is 35.80%.
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.
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