AlphaQuest LLC Grows Stock Holdings in VeriSign, Inc. $VRSN

Key Points

• AlphaQuest LLC significantly increased its position in VeriSign, Inc. by 37,565.5% in Q1, holding a total of 10,923 shares now valued at approximately $2.77 million.
• VeriSign's recent quarterly earnings report indicated earnings per share of $2.21, slightly exceeding analyst estimates, while the company's revenue rose by 5.9% year-over-year.
• The company has declared a quarterly dividend of $0.77 per share, with a dividend yield of 1.1% and plans for a $1.11 billion share repurchase program to buy back 4.1% of its shares.

AlphaQuest LLC raised its position in shares of VeriSign, Inc. (NASDAQ:VRSN - Free Report) by 37,565.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,923 shares of the information services provider's stock after buying an additional 10,894 shares during the period. AlphaQuest LLC's holdings in VeriSign were worth $2,773,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Whittier Trust Co. of Nevada Inc. raised its stake in VeriSign by 2.5% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,506 shares of the information services provider's stock valued at $382,000 after buying an additional 37 shares in the last quarter. Cromwell Holdings LLC increased its position in shares of VeriSign by 32.3% during the first quarter. Cromwell Holdings LLC now owns 172 shares of the information services provider's stock worth $44,000 after purchasing an additional 42 shares in the last quarter. Hohimer Wealth Management LLC increased its position in shares of VeriSign by 0.3% during the first quarter. Hohimer Wealth Management LLC now owns 14,461 shares of the information services provider's stock worth $3,671,000 after purchasing an additional 43 shares in the last quarter. Kovitz Investment Group Partners LLC increased its position in shares of VeriSign by 3.1% during the first quarter. Kovitz Investment Group Partners LLC now owns 1,861 shares of the information services provider's stock worth $472,000 after purchasing an additional 56 shares in the last quarter. Finally, IFP Advisors Inc increased its position in shares of VeriSign by 17.0% during the first quarter. IFP Advisors Inc now owns 406 shares of the information services provider's stock worth $103,000 after purchasing an additional 59 shares in the last quarter. 92.90% of the stock is currently owned by hedge funds and other institutional investors.

VeriSign Stock Up 0.3%

NASDAQ VRSN opened at $272.24 on Friday. VeriSign, Inc. has a 52-week low of $175.62 and a 52-week high of $310.60. The business's 50-day moving average price is $279.70 and its 200 day moving average price is $262.85. The firm has a market cap of $25.43 billion, a P/E ratio of 32.49 and a beta of 0.78.

VeriSign (NASDAQ:VRSN - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The information services provider reported $2.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.20 by $0.01. VeriSign had a negative return on equity of 40.87% and a net margin of 50.05%.The firm had revenue of $409.90 million for the quarter, compared to analyst estimates of $410.35 million. During the same quarter last year, the company posted $2.01 earnings per share. The business's revenue was up 5.9% on a year-over-year basis. VeriSign has set its FY 2025 guidance at EPS.

VeriSign Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 27th. Investors of record on Tuesday, August 19th will be issued a dividend of $0.77 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 1.1%. VeriSign's dividend payout ratio (DPR) is currently 36.75%.

VeriSign announced that its Board of Directors has authorized a share repurchase program on Thursday, July 24th that allows the company to buyback $1.11 billion in shares. This buyback authorization allows the information services provider to repurchase up to 4.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on VRSN shares. Robert W. Baird lifted their target price on VeriSign from $285.00 to $305.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 1st. Citigroup reiterated a "buy" rating on shares of VeriSign in a research report on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $277.50.

Insider Buying and Selling at VeriSign

In other news, Director Timothy Tomlinson sold 700 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $270.00, for a total transaction of $189,000.00. Following the sale, the director owned 15,284 shares of the company's stock, valued at $4,126,680. The trade was a 4.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Thomas C. Indelicarto sold 501 shares of the company's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $264.50, for a total value of $132,514.50. Following the sale, the executive vice president owned 36,767 shares of the company's stock, valued at approximately $9,724,871.50. The trade was a 1.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,706 shares of company stock valued at $13,225,964. 0.84% of the stock is owned by corporate insiders.

VeriSign Profile

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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