Peak Financial Advisors LLC Invests $2.66 Million in VeriSign, Inc. $VRSN

Key Points

• Peak Financial Advisors LLC invested approximately $2.66 million in VeriSign, acquiring 9,226 shares, which constitutes about 1.4% of its investment portfolio, positioning it as the firm's 19th largest holding.
• VeriSign's recent quarterly earnings showed an EPS of $2.21, beating estimates by $0.01, while its revenue increased by 5.9% year-over-year to $409.90 million.
• The company recently announced a quarterly dividend of $0.77 per share and authorized a share repurchase plan worth $1.11 billion, signifying confidence in its stock valuation.

Peak Financial Advisors LLC acquired a new position in shares of VeriSign, Inc. (NASDAQ:VRSN - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 9,226 shares of the information services provider's stock, valued at approximately $2,664,000. VeriSign accounts for approximately 1.4% of Peak Financial Advisors LLC's investment portfolio, making the stock its 19th biggest position.

A number of other hedge funds and other institutional investors have also made changes to their positions in VRSN. Focus Partners Wealth grew its stake in shares of VeriSign by 31.4% during the 4th quarter. Focus Partners Wealth now owns 5,226 shares of the information services provider's stock worth $1,082,000 after purchasing an additional 1,249 shares during the period. Jefferies Financial Group Inc. acquired a new stake in shares of VeriSign during the 4th quarter worth approximately $367,000. Lazard Asset Management LLC grew its stake in shares of VeriSign by 13.4% during the 4th quarter. Lazard Asset Management LLC now owns 6,414 shares of the information services provider's stock worth $1,327,000 after purchasing an additional 758 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of VeriSign by 188.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,936 shares of the information services provider's stock worth $5,781,000 after purchasing an additional 18,263 shares during the period. Finally, NorthRock Partners LLC acquired a new stake in shares of VeriSign during the 4th quarter worth approximately $350,000. Institutional investors and hedge funds own 92.90% of the company's stock.

VeriSign Stock Performance

VeriSign stock opened at $285.52 on Friday. The company's fifty day moving average price is $277.61 and its 200 day moving average price is $268.47. The stock has a market capitalization of $26.67 billion, a P/E ratio of 34.07 and a beta of 0.79. VeriSign, Inc. has a 1 year low of $175.62 and a 1 year high of $310.60.

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 for the quarter, beating analysts' consensus estimates of $2.20 by $0.01. The company had revenue of $409.90 million for the quarter, compared to analyst estimates of $410.35 million. VeriSign had a negative return on equity of 40.87% and a net margin of 50.05%.The firm's revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter last year, the firm posted $2.01 EPS. VeriSign has set its FY 2025 guidance at EPS.

VeriSign Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 27th. Shareholders of record on Tuesday, August 19th were issued a $0.77 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $3.08 dividend on an annualized basis and a yield of 1.1%. VeriSign's dividend payout ratio (DPR) is presently 36.75%.

VeriSign declared that its Board of Directors has authorized a share repurchase plan on Thursday, July 24th that permits the company to repurchase $1.11 billion in outstanding shares. This repurchase authorization permits the information services provider to reacquire up to 4.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

VRSN has been the topic of a number of research analyst reports. Citigroup reissued a "buy" rating on shares of VeriSign in a research note on Tuesday, July 8th. Robert W. Baird lifted their price target on shares of VeriSign from $285.00 to $305.00 and gave the company an "outperform" rating in a research note on Tuesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company's stock. According to MarketBeat.com, VeriSign presently has an average rating of "Buy" and an average target price of $277.50.

Insiders Place Their Bets

In other VeriSign news, CEO D James Bidzos sold 5,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $264.15, for a total value of $1,320,750.00. Following the transaction, the chief executive officer owned 508,772 shares in the company, valued at approximately $134,392,123.80. This trade represents a 0.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last 90 days, insiders sold 47,706 shares of company stock valued at $13,265,439. Company insiders own 0.84% of the company's stock.

About VeriSign

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.

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