Jupiter Asset Management Ltd. Buys 190,868 Shares of VeriSign, Inc. $VRSN

Key Points

• Jupiter Asset Management increased its stake in VeriSign by 85.8% in the fourth quarter, buying 190,868 additional shares and bringing its total holding to 413,446 shares worth about $100.4 million.
• VeriSign reported strong quarterly results, with EPS of $2.34 beating estimates and revenue of $428.9 million topping expectations; revenue rose 6.6% year over year.
• The company also maintained a quarterly dividend of $0.81 per share, while analysts currently rate the stock a Moderate Buy with an average price target of $317.67.

Jupiter Asset Management Ltd. grew its stake in VeriSign, Inc. (NASDAQ:VRSN - Free Report) by 85.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 413,446 shares of the information services provider's stock after purchasing an additional 190,868 shares during the period. VeriSign comprises about 0.8% of Jupiter Asset Management Ltd.'s investment portfolio, making the stock its 27th biggest position. Jupiter Asset Management Ltd. owned about 0.45% of VeriSign worth $100,447,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Sunbelt Securities Inc. increased its stake in VeriSign by 429.2% during the third quarter. Sunbelt Securities Inc. now owns 127 shares of the information services provider's stock valued at $36,000 after acquiring an additional 103 shares during the period. Board of the Pension Protection Fund bought a new stake in shares of VeriSign during the fourth quarter valued at approximately $39,000. Advisors Asset Management Inc. increased its position in shares of VeriSign by 25.3% during the first quarter. Advisors Asset Management Inc. now owns 198 shares of the information services provider's stock valued at $50,000 after purchasing an additional 40 shares during the period. Activest Wealth Management raised its stake in shares of VeriSign by 788.0% in the fourth quarter. Activest Wealth Management now owns 222 shares of the information services provider's stock valued at $54,000 after purchasing an additional 197 shares in the last quarter. Finally, Abich Financial Wealth Management LLC bought a new position in VeriSign in the third quarter worth $59,000. Institutional investors own 92.90% of the company's stock.

VeriSign Trading Up 0.2%

NASDAQ VRSN opened at $296.14 on Friday. VeriSign, Inc. has a 1-year low of $208.86 and a 1-year high of $312.48. The company has a 50 day moving average of $273.71 and a 200-day moving average of $252.66. The firm has a market cap of $26.95 billion, a price-to-earnings ratio of 32.72 and a beta of 0.68.

VeriSign (NASDAQ:VRSN - Get Free Report) last released its quarterly 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. VeriSign had a negative return on equity of 39.98% and a net margin of 49.95%.The business had revenue of $428.90 million for the quarter, compared to analyst estimates of $424.50 million. During the same period in the prior year, the company earned $2.10 EPS. VeriSign's revenue for the quarter was up 6.6% on a year-over-year basis. On average, analysts forecast that VeriSign, Inc. will post 9.46 earnings per share for the current year.

VeriSign Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 27th. Investors of record on Tuesday, May 19th were issued a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Tuesday, May 19th. VeriSign's payout ratio is currently 35.80%.

Insider Activity

In other VeriSign news, EVP Danny R. Mcpherson sold 5,000 shares of the business's stock in a transaction dated 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. The trade was a 12.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Thomas C. Indelicarto sold 498 shares of the business's stock in a transaction that occurred on Tuesday, March 3rd. The stock was 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 owned 40,028 shares of the company's stock, valued at $9,277,689.84. This trade represents a 1.23% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 6,826 shares of company stock worth $1,821,354. 0.56% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. boosted their price target on shares of VeriSign from $273.00 to $278.00 and gave the company a "neutral" rating in a report on Friday, April 24th. Robert W. Baird lifted their target price on shares of VeriSign from $305.00 to $355.00 and gave the company an "outperform" rating in a research report on Friday, April 24th. Weiss Ratings upgraded shares of VeriSign from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, March 27th. Citigroup lifted their price objective on VeriSign from $295.00 to $320.00 and gave the company a "buy" rating in a report on Friday, April 24th. Finally, Zacks Research raised VeriSign from a "strong sell" rating to a "hold" rating in a report on Monday, February 9th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $317.67.

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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