BLI Banque de Luxembourg Investments Takes $7.71 Million Position in VeriSign, Inc. $VRSN

Key Points

• BLI Banque de Luxembourg Investments opened a new position in VeriSign, buying 31,340 shares worth about $7.71 million in the fourth quarter.
• VeriSign reported better-than-expected quarterly earnings, posting $2.34 EPS versus $2.30 expected, with revenue of $428.9 million beating estimates and rising 6.6% year over year.
• Analysts remain generally constructive on the stock, with a Moderate Buy consensus and an average price target of $317.67, even as insiders have recently sold shares.

BLI Banque de Luxembourg Investments acquired a new stake in VeriSign, Inc. (NASDAQ:VRSN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 31,340 shares of the information services provider's stock, valued at approximately $7,707,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Sunbelt Securities Inc. boosted its stake in shares of VeriSign by 429.2% in the third quarter. Sunbelt Securities Inc. now owns 127 shares of the information services provider's stock valued at $36,000 after purchasing an additional 103 shares during the period. Board of the Pension Protection Fund purchased a new position in shares of VeriSign in the fourth quarter valued at approximately $39,000. Advisors Asset Management Inc. boosted its stake in shares of VeriSign by 25.3% in the first quarter. Advisors Asset Management Inc. now owns 198 shares of the information services provider's stock valued at $50,000 after purchasing an additional 40 shares during the period. Abich Financial Wealth Management LLC purchased a new position in shares of VeriSign in the third quarter valued at approximately $59,000. Finally, Activest Wealth Management boosted its stake 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 purchasing an additional 197 shares during the period. Hedge funds and other institutional investors own 92.90% of the company's stock.

Insider Activity

In other news, EVP Thomas C. Indelicarto sold 500 shares of VeriSign stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $293.45, for a total value of $146,725.00. Following the transaction, the executive vice president directly owned 37,051 shares of the company's stock, valued at $10,872,615.95. The trade was a 1.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Danny R. Mcpherson sold 5,000 shares of VeriSign stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $271.02, for a total transaction of $1,355,100.00. Following the completion of the transaction, the executive vice president directly owned 35,195 shares in the company, valued at $9,538,548.90. The trade was a 12.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 9,796 shares of company stock valued at $2,754,418 in the last ninety days. 0.56% of the stock is currently owned by company insiders.

VeriSign Trading Down 3.9%

VRSN stock opened at $283.41 on Tuesday. VeriSign, Inc. has a twelve month low of $208.86 and a twelve month high of $312.48. The company's 50 day moving average is $280.61 and its two-hundred day moving average is $254.76. The stock has a market cap of $25.79 billion, a P/E ratio of 31.32 and a beta of 0.69.

VeriSign (NASDAQ:VRSN - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The information services provider reported $2.34 earnings per share for the quarter, topping analysts' consensus estimates of $2.30 by $0.04. The company had revenue of $428.90 million for the quarter, compared to analysts' expectations of $424.50 million. VeriSign had a net margin of 49.95% and a negative return on equity of 39.98%. The firm's revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter last year, the company earned $2.10 earnings per share. On average, equities research analysts predict that VeriSign, Inc. will post 9.49 earnings per share for the current year.

VeriSign Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 27th. Stockholders of record on Tuesday, May 19th were issued a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Tuesday, May 19th. VeriSign's payout ratio is presently 35.80%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Weiss Ratings upgraded shares of VeriSign from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, March 27th. Zacks Research upgraded shares of VeriSign from a "strong sell" rating to a "hold" rating in a research note on Monday, February 9th. Citigroup lifted their price target on shares of VeriSign from $295.00 to $320.00 and gave the stock a "buy" rating in a research note on Friday, April 24th. JPMorgan Chase & Co. lifted their price target on shares of VeriSign from $273.00 to $278.00 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Finally, Robert W. Baird lifted their price target on shares of VeriSign from $305.00 to $355.00 and gave the stock an "outperform" rating in a research note on Friday, April 24th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $317.67.

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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