Convergence Investment Partners LLC Has $3.51 Million Stock Position in VeriSign, Inc. $VRSN

Key Points

• Convergence Investment Partners increased its VeriSign stake by 33.4% in the fourth quarter, holding 14,441 shares valued at about $3.51 million.
• VeriSign reported better-than-expected quarterly results, with EPS of $2.34 and revenue of $428.9 million, while revenue rose 6.6% year over year.
• The company declared a $0.81 quarterly dividend payable on May 27, and analysts currently rate the stock Moderate Buy with an average price target of $317.67.

Convergence Investment Partners LLC boosted its stake in shares of VeriSign, Inc. (NASDAQ:VRSN - Free Report) by 33.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 14,441 shares of the information services provider's stock after buying an additional 3,619 shares during the period. Convergence Investment Partners LLC's holdings in VeriSign were worth $3,508,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of VRSN. Root Financial Partners LLC acquired a new stake in VeriSign during the 3rd quarter worth approximately $29,000. Sunbelt Securities Inc. raised its holdings in VeriSign by 429.2% during the 3rd quarter. Sunbelt Securities Inc. now owns 127 shares of the information services provider's stock worth $36,000 after buying an additional 103 shares during the period. Board of the Pension Protection Fund acquired a new stake in VeriSign during the 4th quarter worth approximately $39,000. Bruce G. Allen Investments LLC raised its holdings in VeriSign by 51.5% during the 3rd quarter. Bruce G. Allen Investments LLC now owns 147 shares of the information services provider's stock worth $41,000 after buying an additional 50 shares during the period. Finally, Advisors Asset Management Inc. raised its holdings in VeriSign by 25.3% during the 1st quarter. Advisors Asset Management Inc. now owns 198 shares of the information services provider's stock worth $50,000 after buying an additional 40 shares during the period. 92.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at VeriSign

In related news, EVP Danny R. Mcpherson sold 5,000 shares of the firm's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $271.02, for a total value of $1,355,100.00. Following the completion of the transaction, the executive vice president directly owned 35,195 shares of the company's stock, valued at approximately $9,538,548.90. This trade represents a 12.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thomas C. Indelicarto sold 498 shares of the firm's stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $231.78, for a total transaction of $115,426.44. Following the completion of the transaction, the executive vice president directly owned 40,028 shares of the company's stock, valued at $9,277,689.84. This represents a 1.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 6,826 shares of company stock valued at $1,821,354 over the last three months. 0.56% of the stock is owned by company insiders.

VeriSign Stock Up 1.6%

Shares of VRSN opened at $297.57 on Friday. The stock has a market capitalization of $27.08 billion, a P/E ratio of 32.88 and a beta of 0.68. VeriSign, Inc. has a twelve month low of $208.86 and a twelve month high of $310.60. The company has a 50 day moving average of $262.13 and a 200-day moving average of $248.59.

VeriSign (NASDAQ:VRSN - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The information services provider reported $2.34 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.04. The company had revenue of $428.90 million during 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 business's quarterly revenue was up 6.6% on a year-over-year basis. During the same period last year, the business earned $2.10 EPS. On average, sell-side analysts anticipate that VeriSign, Inc. will post 9.46 earnings per share for the current fiscal year.

VeriSign Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 27th. Investors of record on Tuesday, May 19th will be paid a $0.81 dividend. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $3.24 annualized dividend and a dividend yield of 1.1%. VeriSign's dividend payout ratio (DPR) is currently 35.80%.

Analyst Ratings Changes

Several brokerages have commented on VRSN. Citigroup raised their target price on shares of VeriSign from $295.00 to $320.00 and gave the stock a "buy" rating in a report on Friday, April 24th. Robert W. Baird raised 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. Zacks Research raised shares of VeriSign from a "strong sell" rating to a "hold" rating in a research note on Monday, February 9th. JPMorgan Chase & Co. raised 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, Weiss Ratings raised shares of VeriSign from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, March 27th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $317.67.

About VeriSign

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.

Want to see what other hedge funds are holding VRSN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for VeriSign, Inc. (NASDAQ:VRSN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.