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Apollon Wealth Management LLC Buys Shares of 967 VeriSign, Inc. (NASDAQ:VRSN)

VeriSign logo with Computer and Technology background

Apollon Wealth Management LLC purchased a new position in VeriSign, Inc. (NASDAQ:VRSN - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 967 shares of the information services provider's stock, valued at approximately $245,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. HighTower Advisors LLC boosted its holdings in shares of VeriSign by 1.8% in the fourth quarter. HighTower Advisors LLC now owns 3,256 shares of the information services provider's stock worth $674,000 after buying an additional 56 shares during the period. Avantax Advisory Services Inc. raised its position in VeriSign by 25.7% during the fourth quarter. Avantax Advisory Services Inc. now owns 1,742 shares of the information services provider's stock valued at $361,000 after acquiring an additional 356 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its position in VeriSign by 4.6% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,469 shares of the information services provider's stock valued at $304,000 after acquiring an additional 64 shares in the last quarter. Summit Global Investments bought a new position in VeriSign during the fourth quarter valued at approximately $537,000. Finally, Mizuho Securities USA LLC raised its position in VeriSign by 43.9% during the fourth quarter. Mizuho Securities USA LLC now owns 7,833 shares of the information services provider's stock valued at $1,621,000 after acquiring an additional 2,390 shares in the last quarter. 92.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

View Our Latest Report on VRSN

Insider Buying and Selling at VeriSign

In related news, EVP Thomas C. Indelicarto sold 501 shares of the stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $287.10, for a total transaction of $143,837.10. Following the completion of the transaction, the executive vice president owned 37,769 shares in the company, valued at approximately $10,843,479.90. This represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO D James Bidzos sold 2,000 shares of the company's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $281.35, for a total transaction of $562,700.00. Following the sale, the chief executive officer directly owned 515,772 shares in the company, valued at $145,112,452.20. This trade represents a 0.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 40,004 shares of company stock valued at $11,278,592 in the last three months. 0.84% of the stock is owned by insiders.

VeriSign Stock Performance

Shares of NASDAQ:VRSN traded up $19.12 on Friday, hitting $305.79. The stock had a trading volume of 1,260,106 shares, compared to its average volume of 605,056. The company has a market capitalization of $28.71 billion, a price-to-earnings ratio of 36.49 and a beta of 0.78. VeriSign, Inc. has a twelve month low of $172.49 and a twelve month high of $308.00. The firm's 50 day moving average price is $282.03 and its 200-day moving average price is $254.94.

VeriSign (NASDAQ:VRSN - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The information services provider reported $2.21 earnings per share for the quarter, topping the consensus estimate of $2.20 by $0.01. VeriSign had a negative return on equity of 41.12% and a net margin of 50.05%. The firm had revenue of $409.90 million during the quarter, compared to analysts' expectations of $410.35 million. During the same period in the previous year, the business posted $2.01 EPS. The company's quarterly revenue was up 5.9% compared to the same quarter last year.

VeriSign Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 27th. Stockholders of record on Tuesday, August 19th will be given a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a dividend yield of 1.01%. The ex-dividend date of this dividend is Tuesday, August 19th. VeriSign's dividend payout ratio is 37.65%.

VeriSign announced that its Board of Directors has initiated a share buyback plan on Thursday, July 24th that allows the company to repurchase $1.11 billion in shares. This repurchase authorization allows the information services provider to reacquire up to 4.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its stock is undervalued.

VeriSign Company 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.

See Also

Institutional Ownership by Quarter for VeriSign (NASDAQ:VRSN)

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