265,444 Shares in VeriSign, Inc. $VRSN Bought by Everstar Asset Management LLC

Key Points

• Everstar Asset Management LLC has acquired a new stake in VeriSign, purchasing 265,444 shares worth approximately $67.4 million, making it the firm's second-largest position.
• VeriSign's recent quarterly earnings showed earnings per share of $2.21, slightly exceeding analysts' expectations, while revenue increased by 5.9% year-over-year to $409.9 million.
• VeriSign has announced a quarterly dividend of $0.77 per share, representing an annualized dividend of $3.08 with a yield of 1.1%, and has also authorized a $1.11 billion share repurchase program.

Everstar Asset Management LLC purchased a new position in shares of VeriSign, Inc. (NASDAQ:VRSN - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 265,444 shares of the information services provider's stock, valued at approximately $67,388,000. VeriSign accounts for approximately 12.7% of Everstar Asset Management LLC's investment portfolio, making the stock its 2nd largest holding. Everstar Asset Management LLC owned approximately 0.28% of VeriSign at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Rakuten Securities Inc. lifted its holdings in shares of VeriSign by 13,000.0% in the 1st quarter. Rakuten Securities Inc. now owns 131 shares of the information services provider's stock worth $33,000 after buying an additional 130 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in VeriSign in the first quarter worth about $34,000. UMB Bank n.a. lifted its stake in VeriSign by 106.5% in the first quarter. UMB Bank n.a. now owns 159 shares of the information services provider's stock worth $40,000 after acquiring an additional 82 shares during the period. WPG Advisers LLC purchased a new stake in VeriSign in the first quarter worth about $42,000. Finally, Cromwell Holdings LLC lifted its position in shares of VeriSign by 32.3% in the 1st quarter. Cromwell Holdings LLC now owns 172 shares of the information services provider's stock worth $44,000 after purchasing an additional 42 shares during the period. Hedge funds and other institutional investors own 92.90% of the company's stock.

VeriSign Stock Down 1.2%

Shares of NASDAQ:VRSN traded down $3.61 during trading on Friday, hitting $285.76. The stock had a trading volume of 311,658 shares, compared to its average volume of 862,736. VeriSign, Inc. has a 12-month low of $175.62 and a 12-month high of $310.60. The stock has a market capitalization of $26.69 billion, a price-to-earnings ratio of 34.10 and a beta of 0.79. The stock has a 50-day simple moving average of $277.54 and a two-hundred day simple moving average of $267.92.

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 (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $410.35 million. During the same period last year, the business posted $2.01 earnings per share. The company's revenue for the quarter was up 5.9% compared to the same quarter last year. VeriSign has set its FY 2025 guidance at EPS.

VeriSign declared that its Board of Directors has authorized a stock 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 stock through open market purchases. Stock repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

VeriSign Dividend Announcement

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

Insider Buying and Selling at VeriSign

In other news, CEO D James Bidzos sold 5,000 shares of VeriSign stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $264.15, for a total transaction of $1,320,750.00. Following the completion of the transaction, the chief executive officer directly owned 508,772 shares of the company's stock, valued at $134,392,123.80. The trade was a 0.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders sold 47,706 shares of company stock worth $13,265,439. Company insiders own 0.84% of the company's stock.

Wall Street Analysts Forecast Growth

VRSN has been the subject of a number of analyst reports. Robert W. Baird upped their target price on VeriSign from $285.00 to $305.00 and gave the stock an "outperform" rating in a report on Tuesday, July 1st. Citigroup reiterated a "buy" rating on shares of VeriSign in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, VeriSign presently has a consensus rating of "Buy" and a consensus target price of $277.50.

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.