Everstar Asset Management LLC Makes New $67.39 Million Investment in VeriSign, Inc. $VRSN

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 stake in shares of VeriSign, Inc. (NASDAQ:VRSN - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 265,444 shares of the information services provider's stock, valued at approximately $67,388,000. VeriSign accounts for 12.7% of Everstar Asset Management LLC's holdings, making the stock its 2nd biggest position. Everstar Asset Management LLC owned approximately 0.28% of VeriSign at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rakuten Securities Inc. grew its position in VeriSign by 13,000.0% during the first quarter. Rakuten Securities Inc. now owns 131 shares of the information services provider's stock valued at $33,000 after buying an additional 130 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in VeriSign during the first quarter valued at $34,000. UMB Bank n.a. grew its position in VeriSign by 106.5% during the first quarter. UMB Bank n.a. now owns 159 shares of the information services provider's stock valued at $40,000 after buying an additional 82 shares during the period. WPG Advisers LLC acquired a new stake in VeriSign during the first quarter valued at $42,000. Finally, Cromwell Holdings LLC grew its position in VeriSign by 32.3% during the first quarter. Cromwell Holdings LLC now owns 172 shares of the information services provider's stock valued at $44,000 after buying an additional 42 shares during the period. Institutional investors and hedge funds own 92.90% of the company's stock.

VeriSign Stock Down 1.3%

Shares of NASDAQ VRSN traded down $3.85 during trading on Friday, hitting $285.52. The company had a trading volume of 449,907 shares, compared to its average volume of 700,890. The stock has a fifty day simple moving average of $277.61 and a two-hundred day simple moving average of $268.47. The firm has a market capitalization of $26.67 billion, a price-to-earnings ratio of 34.07 and a beta of 0.79. VeriSign, Inc. has a fifty-two week low of $175.62 and a fifty-two week high of $310.60.

VeriSign (NASDAQ:VRSN - Get Free Report) last posted its quarterly earnings results 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. The firm had revenue of $409.90 million for the quarter, compared to the consensus estimate of $410.35 million. VeriSign had a net margin of 50.05% and a negative return on equity of 40.87%. The company's revenue for the quarter was up 5.9% on a year-over-year basis. During the same period last year, the firm posted $2.01 earnings per share. VeriSign has set its FY 2025 guidance at EPS.

VeriSign declared that its Board of Directors has approved a share repurchase program on Thursday, July 24th that permits the company to buyback $1.11 billion in outstanding shares. This buyback authorization permits the information services provider to purchase up to 4.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

VeriSign Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 27th. Stockholders of record on Tuesday, August 19th were paid a $0.77 dividend. 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 currently 36.75%.

Insider Buying and Selling at VeriSign

In other VeriSign news, CEO D James Bidzos sold 5,000 shares of VeriSign stock in a transaction dated 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 47,706 shares of company stock valued at $13,265,439 over the last quarter. Company insiders own 0.84% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on VRSN shares. Robert W. Baird raised their price target on shares of VeriSign from $285.00 to $305.00 and gave the company an "outperform" rating in a research report on Tuesday, July 1st. Citigroup reiterated a "buy" rating on shares of VeriSign in a research report on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $277.50.

VeriSign Company 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.