Hsbc Holdings PLC Acquires 33,064 Shares of VeriSign, Inc. $VRSN

Key Points

• HSBC Holdings PLC increased its VeriSign stake by 16.1% in the first quarter, adding 33,064 shares to bring its total to 237,966 shares valued at about $59.3 million.
• VeriSign reported better-than-expected quarterly earnings, posting $2.34 EPS versus the $2.30 consensus and revenue of $428.9 million, up 6.6% year over year.
• Analysts remain generally positive on the stock, with a Moderate Buy consensus and an average price target of $325.25, while several insiders have sold shares in recent months under pre-arranged trading plans.

Hsbc Holdings PLC increased its holdings in shares of VeriSign, Inc. (NASDAQ:VRSN - Free Report) by 16.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 237,966 shares of the information services provider's stock after acquiring an additional 33,064 shares during the period. Hsbc Holdings PLC owned approximately 0.26% of VeriSign worth $59,272,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of VRSN. Advisors Asset Management Inc. boosted its position in shares of VeriSign by 25.3% in the 1st quarter. Advisors Asset Management Inc. now owns 198 shares of the information services provider's stock worth $50,000 after purchasing an additional 40 shares in the last quarter. Tranquilli Financial Advisor LLC grew its stake in shares of VeriSign by 5.1% in the 4th quarter. Tranquilli Financial Advisor LLC now owns 872 shares of the information services provider's stock worth $212,000 after buying an additional 42 shares during the last quarter. One Wealth Advisors LLC increased its position in VeriSign by 3.8% during the 4th quarter. One Wealth Advisors LLC now owns 1,215 shares of the information services provider's stock valued at $295,000 after buying an additional 44 shares in the last quarter. Kestra Advisory Services LLC raised its stake in VeriSign by 2.0% during the first quarter. Kestra Advisory Services LLC now owns 2,531 shares of the information services provider's stock valued at $629,000 after buying an additional 49 shares during the last quarter. Finally, WealthCollab LLC raised its stake in VeriSign by 19.1% during the third quarter. WealthCollab LLC now owns 312 shares of the information services provider's stock valued at $87,000 after buying an additional 50 shares during the last quarter. Hedge funds and other institutional investors own 92.90% of the company's stock.

VeriSign Stock Performance

VRSN stock opened at $277.66 on Monday. The stock has a market capitalization of $25.27 billion, a PE ratio of 30.68 and a beta of 0.71. VeriSign, Inc. has a 12-month low of $208.86 and a 12-month high of $312.48. The stock's 50 day simple moving average is $278.74 and its 200 day simple moving average is $258.44.

VeriSign (NASDAQ:VRSN - Get Free Report) last posted its earnings results on Thursday, April 23rd. The information services provider reported $2.34 EPS for the quarter, topping analysts' consensus estimates of $2.30 by $0.04. The business had revenue of $428.90 million during the quarter, compared to analyst estimates of $424.50 million. VeriSign had a negative return on equity of 39.98% and a net margin of 49.95%.The company's quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.10 EPS. On average, research analysts predict that VeriSign, Inc. will post 9.45 earnings per share for the current year.

Insider Buying and Selling at VeriSign

In other VeriSign news, EVP Thomas C. Indelicarto sold 250 shares of the company's stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $269.23, for a total transaction of $67,307.50. Following the transaction, the executive vice president owned 36,051 shares in the company, valued at approximately $9,706,010.73. This represents a 0.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO D James Bidzos sold 3,300 shares of the firm's stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $266.09, for a total transaction of $878,097.00. Following the sale, the chief executive officer directly owned 422,839 shares in the company, valued at approximately $112,513,229.51. The trade was a 0.77% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 26,300 shares of company stock worth $7,125,942 over the last ninety days. 0.56% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Robert W. Baird boosted their target price on VeriSign from $305.00 to $355.00 and gave the stock an "outperform" rating in a report on Friday, April 24th. Citigroup raised their price target on VeriSign from $295.00 to $320.00 and gave the company a "buy" rating in a report on Friday, April 24th. Wedbush started coverage on VeriSign in a research report on Thursday. They issued an "outperform" rating and a $318.00 price target for the company. Weiss Ratings reiterated a "buy (b-)" rating on shares of VeriSign in a research note on Wednesday, June 24th. Finally, JPMorgan Chase & Co. increased their price objective on shares of VeriSign from $285.00 to $308.00 and gave the company a "neutral" rating in a research report on Thursday, June 18th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $325.25.

VeriSign 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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