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AE Wealth Management LLC Raises Stock Position in VeriSign, Inc. (NASDAQ:VRSN)

VeriSign logo with Computer and Technology background

Key Points

  • AE Wealth Management LLC increased its stake in VeriSign, Inc. by 7.2%, holding 22,975 shares valued at $5.83 million at the end of the latest quarter.
  • Insider activity shows CEO D. James Bidzos and EVP Thomas C. Indelicarto sold shares recently, indicating a slight decrease in their holdings.
  • The company reported a 6.7% increase in stock price, reaching $305.79, alongside initiating a $1.11 billion share buyback plan.
  • MarketBeat previews the top five stocks to own by September 1st.

AE Wealth Management LLC grew its holdings in VeriSign, Inc. (NASDAQ:VRSN - Free Report) by 7.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,975 shares of the information services provider's stock after purchasing an additional 1,542 shares during the quarter. AE Wealth Management LLC's holdings in VeriSign were worth $5,833,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of VRSN. Rakuten Securities Inc. grew its position in shares of VeriSign by 13,000.0% in the first quarter. Rakuten Securities Inc. now owns 131 shares of the information services provider's stock valued at $33,000 after purchasing an additional 130 shares during the last quarter. UMB Bank n.a. grew its position in shares of VeriSign by 106.5% in the first quarter. UMB Bank n.a. now owns 159 shares of the information services provider's stock valued at $40,000 after purchasing an additional 82 shares during the last quarter. Cromwell Holdings LLC grew its position in shares of VeriSign by 32.3% in the first quarter. Cromwell Holdings LLC now owns 172 shares of the information services provider's stock valued at $44,000 after purchasing an additional 42 shares during the last quarter. Whipplewood Advisors LLC grew its position in shares of VeriSign by 48.8% in the first quarter. Whipplewood Advisors LLC now owns 186 shares of the information services provider's stock valued at $47,000 after purchasing an additional 61 shares during the last quarter. Finally, Golden State Wealth Management LLC acquired a new stake in shares of VeriSign in the first quarter valued at approximately $47,000. 92.90% of the stock is currently owned by institutional investors and hedge funds.

VeriSign Stock Performance

NASDAQ VRSN traded up $2.35 during mid-day trading on Monday, reaching $308.14. 137,211 shares of the stock were exchanged, compared to its average volume of 823,953. VeriSign, Inc. has a 1-year low of $172.49 and a 1-year high of $310.60. The business's fifty day simple moving average is $282.03 and its 200 day simple moving average is $255.55. The stock has a market capitalization of $28.93 billion, a PE ratio of 36.85 and a beta of 0.78.

VeriSign (NASDAQ:VRSN - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The information services provider reported $2.21 earnings per share for the quarter, topping analysts' consensus estimates of $2.20 by $0.01. The company had revenue of $409.90 million for the quarter, compared to the consensus estimate of $410.35 million. VeriSign had a net margin of 50.05% and a negative return on equity of 40.87%. VeriSign's revenue was up 5.9% on a year-over-year basis. During the same quarter last year, the firm posted $2.01 earnings per share.

VeriSign Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 27th. Shareholders of record on Tuesday, August 19th will be paid a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date of this dividend is Tuesday, August 19th. VeriSign's dividend payout ratio is currently 36.75%.

VeriSign declared that its board has authorized a share buyback program on Thursday, July 24th that authorizes the company to buyback $1.11 billion in outstanding shares. This buyback authorization authorizes the information services provider to buy up to 4.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on VRSN shares. Robert W. Baird raised their target price on shares of VeriSign from $285.00 to $305.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 1st. Wall Street Zen upgraded shares of VeriSign from a "hold" rating to a "buy" rating in a research report on Saturday, April 12th. Finally, Citigroup restated a "buy" rating on shares of VeriSign in a research report on Tuesday, July 8th.

Read Our Latest Stock Analysis on VeriSign

Insiders Place Their Bets

In other VeriSign news, CEO D James Bidzos sold 5,000 shares of the stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $276.71, for a total transaction of $1,383,550.00. Following the transaction, the chief executive officer owned 544,772 shares of the company's stock, valued at $150,743,860.12. This trade represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 40,004 shares of company stock worth $11,278,592 over the last quarter. Company insiders own 0.84% of the company's stock.

VeriSign Profile

(Free Report)

VeriSign, Inc, together with its subsidiaries, provides domain name registry services and internet infrastructure that enables internet navigation for various recognized domain names worldwide. The company enables the security, stability, and resiliency of internet infrastructure and services, including providing root zone maintainer services, operating two of thirteen internet root servers; and offering registration services and authoritative resolution for the .com and .net domains, which supports global e-commerce.

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Institutional Ownership by Quarter for VeriSign (NASDAQ:VRSN)

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