Convergence Investment Partners LLC Buys 2,322 Shares of VeriSign, Inc. (NASDAQ:VRSN)

Convergence Investment Partners LLC grew its holdings in VeriSign, Inc. (NASDAQ:VRSN - Free Report) by 26.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,264 shares of the information services provider's stock after acquiring an additional 2,322 shares during the period. Convergence Investment Partners LLC's holdings in VeriSign were worth $2,860,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. HighTower Advisors LLC increased its stake in VeriSign by 1.8% during the 4th 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. grew its holdings in VeriSign by 25.7% during the 4th quarter. Avantax Advisory Services Inc. now owns 1,742 shares of the information services provider's stock worth $361,000 after acquiring an additional 356 shares in the last quarter. Summit Global Investments acquired a new position in VeriSign during the 4th quarter worth $537,000. Mizuho Securities USA LLC grew its holdings in VeriSign by 43.9% during the 4th quarter. Mizuho Securities USA LLC now owns 7,833 shares of the information services provider's stock worth $1,621,000 after acquiring an additional 2,390 shares in the last quarter. Finally, Sei Investments Co. grew its holdings in VeriSign by 75.2% during the 4th quarter. Sei Investments Co. now owns 106,766 shares of the information services provider's stock worth $22,096,000 after acquiring an additional 45,830 shares in the last quarter. Hedge funds and other institutional investors own 92.90% of the company's stock.

Insider Transactions at VeriSign

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

VeriSign Stock Up 6.7%

Shares of VeriSign stock traded up $19.12 during trading 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 stock has a 50 day simple moving average of $282.03 and a 200 day simple moving average of $254.94. The company has a market capitalization of $28.71 billion, a PE ratio of 36.49 and a beta of 0.78. VeriSign, Inc. has a 1 year low of $172.49 and a 1 year high of $308.00.

VeriSign (NASDAQ:VRSN - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $409.90 million during the quarter, compared to analysts' expectations of $410.35 million. VeriSign had a net margin of 50.05% and a negative return on equity of 41.12%. VeriSign's revenue for the quarter was up 5.9% on a year-over-year basis. During the same period in the previous year, the company earned $2.01 earnings per share.

VeriSign announced that its board has initiated a share buyback plan on Thursday, July 24th that allows the company to repurchase $1.11 billion in outstanding shares. This repurchase authorization allows the information services provider to purchase up to 4.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

VeriSign Dividend Announcement

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

Wall Street Analysts Forecast Growth

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

About VeriSign

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.