Diamond Hill Capital Management LLC Investment Advisor Takes Position in VeriSign, Inc. $VRSN

Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in VeriSign, Inc. (NASDAQ:VRSNFree Report) in the 2nd quarter, Holdings Channel reports. The fund acquired 211,217 shares of the information services provider’s stock, valued at approximately $53,134,000.

Other hedge funds also recently made changes to their positions in the company. Groupe la Francaise boosted its position in shares of VeriSign by 2.8% in the 1st quarter. Groupe la Francaise now owns 1,413 shares of the information services provider’s stock valued at $351,000 after purchasing an additional 39 shares during the period. Advisors Asset Management Inc. increased its position in VeriSign by 25.3% during the first quarter. Advisors Asset Management Inc. now owns 198 shares of the information services provider’s stock worth $50,000 after buying an additional 40 shares during the period. Tranquilli Financial Advisor LLC lifted its stake in VeriSign by 5.1% in the fourth quarter. Tranquilli Financial Advisor LLC now owns 872 shares of the information services provider’s stock valued at $212,000 after buying an additional 42 shares during the last quarter. Waverly Advisors LLC boosted its holdings in shares of VeriSign by 2.1% in the first quarter. Waverly Advisors LLC now owns 2,069 shares of the information services provider’s stock valued at $514,000 after acquiring an additional 42 shares during the period. Finally, One Wealth Advisors LLC boosted its holdings in shares of VeriSign by 3.8% in the fourth quarter. One Wealth Advisors LLC now owns 1,215 shares of the information services provider’s stock valued at $295,000 after acquiring an additional 44 shares during the period. Hedge funds and other institutional investors own 92.90% of the company’s stock.

Analyst Ratings Changes

VRSN has been the topic of a number of recent research reports. Zacks Research raised shares of VeriSign from a “hold” rating to a “strong-buy” rating in a report on Monday, July 27th. Weiss Ratings reiterated a “buy (b-)” rating on shares of VeriSign in a research note on Wednesday, June 24th. Robert W. Baird raised their price objective on shares of VeriSign from $305.00 to $355.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Wedbush lifted their price objective on shares of VeriSign from $318.00 to $324.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Finally, JPMorgan Chase & Co. upped their target price on shares of VeriSign from $308.00 to $316.00 and gave the company a “neutral” rating in a report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, VeriSign has a consensus rating of “Buy” and a consensus target price of $328.75.

Read Our Latest Research Report on VRSN

VeriSign Price Performance

Shares of NASDAQ:VRSN opened at $284.24 on Monday. VeriSign, Inc. has a fifty-two week low of $208.86 and a fifty-two week high of $312.48. The firm’s 50-day simple moving average is $273.27 and its 200-day simple moving average is $263.65. The company has a market cap of $25.67 billion, a price-to-earnings ratio of 30.83 and a beta of 0.70.

VeriSign (NASDAQ:VRSNGet Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The information services provider reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.02. The firm had revenue of $434.60 million for the quarter, compared to analyst estimates of $433.19 million. VeriSign had a negative return on equity of 39.20% and a net margin of 49.76%.VeriSign’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.21 earnings per share. On average, research analysts forecast that VeriSign, Inc. will post 9.56 EPS for the current year.

VeriSign Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Wednesday, August 19th will be issued a $0.81 dividend. This represents a $3.24 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Wednesday, August 19th. VeriSign’s dividend payout ratio is 35.14%.

Insider Buying and Selling at VeriSign

In related news, EVP Thomas C. Indelicarto sold 500 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $292.35, for a total value of $146,175.00. Following the sale, the executive vice president owned 34,551 shares of the company’s stock, valued at approximately $10,100,984.85. This represents a 1.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO D James Bidzos sold 3,300 shares of the company’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $296.54, for a total value of $978,582.00. Following the completion of the sale, the chief executive officer owned 409,639 shares in the company, valued at $121,474,349.06. This represents a 0.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 33,200 shares of company stock valued at $9,142,891 over the last quarter. Corporate insiders own 0.56% of the company’s stock.

About VeriSign

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for VeriSign (NASDAQ:VRSN)

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