5,860 Shares in VeriSign, Inc. $VRSN Acquired by Summit Global Investments

Key Points

• Summit Global Investments acquired 5,860 VeriSign shares during the second quarter, valued at approximately $1.47 million. Institutional investors collectively own 92.9% of VRSN’s outstanding stock.
• VeriSign reported quarterly EPS of $2.38, surpassing estimates of $2.36, while revenue rose 6% year over year to $434.6 million. Analysts maintain a consensus “Buy” rating with an average price target of $328.75.
• The company declared a quarterly dividend of $0.81 per share, implying an annualized dividend of $3.24 and a 1.1% yield. Meanwhile, company insiders sold 33,200 shares worth roughly $9.14 million during the last quarter.

Summit Global Investments acquired a new position in shares of VeriSign, Inc. (NASDAQ:VRSN - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 5,860 shares of the information services provider's stock, valued at approximately $1,474,000.

A number of other institutional investors and hedge funds have also bought and sold shares of VRSN. DV Equities LLC purchased a new stake in shares of VeriSign in the 4th quarter worth $28,000. Sunbelt Securities Inc. increased its stake in shares of VeriSign by 429.2% during the third quarter. Sunbelt Securities Inc. now owns 127 shares of the information services provider's stock valued at $36,000 after buying an additional 103 shares during the period. Advisors Asset Management Inc. increased its stake in shares of VeriSign by 25.3% during the first quarter. Advisors Asset Management Inc. now owns 198 shares of the information services provider's stock valued at $50,000 after buying an additional 40 shares during the period. Activest Wealth Management raised its holdings in shares of VeriSign by 788.0% in the fourth quarter. Activest Wealth Management now owns 222 shares of the information services provider's stock valued at $54,000 after acquiring an additional 197 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of VeriSign by 120.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 234 shares of the information services provider's stock valued at $57,000 after acquiring an additional 128 shares in the last quarter. 92.90% of the stock is owned by institutional investors.

VeriSign Stock Performance

Shares of VRSN opened at $284.24 on Friday. The stock has a 50-day moving average of $273.27 and a two-hundred day moving average of $263.57. VeriSign, Inc. has a one year low of $208.86 and a one year high of $312.48. The stock has a market cap of $25.67 billion, a P/E ratio of 30.83 and a beta of 0.70.

VeriSign (NASDAQ:VRSN - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The information services provider reported $2.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.36 by $0.02. The company had revenue of $434.60 million during the quarter, compared to analyst estimates of $433.19 million. VeriSign had a net margin of 49.76% and a negative return on equity of 39.20%. VeriSign's revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period last year, the firm posted $2.21 EPS. Analysts predict that VeriSign, Inc. will post 9.56 EPS for the current fiscal year.

VeriSign Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Wednesday, August 19th will be given a dividend of $0.81 per share. The ex-dividend date is Wednesday, August 19th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 1.1%. VeriSign's dividend payout ratio (DPR) is 35.14%.

Insider Buying and Selling

In other news, CEO D James Bidzos sold 3,300 shares of VeriSign stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $297.47, for a total value of $981,651.00. Following the sale, the chief executive officer owned 439,339 shares in the company, valued at $130,690,172.33. This trade represents a 0.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Thomas C. Indelicarto sold 500 shares of the business's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $283.54, for a total value of $141,770.00. Following the sale, the executive vice president owned 36,551 shares of the company's stock, valued at approximately $10,363,670.54. This trade represents a 1.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 33,200 shares of company stock worth $9,142,891 in the last quarter. Insiders own 0.56% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Citigroup increased their target price on shares of VeriSign from $295.00 to $320.00 and gave the stock a "buy" rating in a report on Friday, April 24th. Robert W. Baird boosted their price target on shares of VeriSign from $305.00 to $355.00 and gave the company an "outperform" rating in a report on Friday, April 24th. Wedbush upped their price target on shares of VeriSign from $318.00 to $324.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Zacks Research upgraded shares of VeriSign from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 27th. Finally, JPMorgan Chase & Co. lifted their price objective 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 research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, VeriSign presently has an average rating of "Buy" and a consensus price target of $328.75.

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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