Raiffeisen Bank International AG Sells 13,077 Shares of VeriSign, Inc. $VRSN

Key Points

• Raiffeisen Bank International AG cut its VeriSign stake by 38.3% in the fourth quarter, selling 13,077 shares and leaving it with 21,103 shares worth about $5.19 million.
• Several other institutional investors also adjusted positions, and hedge funds and institutions now own 92.90% of VeriSign’s stock. Insider selling has also been active, with executives selling 13,596 shares over the last three months.
• VeriSign’s latest quarter beat earnings and revenue expectations, and analysts remain broadly positive with a Moderate Buy consensus and a price target of $317.67. The company also paid a quarterly dividend of $0.81 per share, or $3.24 annualized.

Raiffeisen Bank International AG lessened its position in shares of VeriSign, Inc. (NASDAQ:VRSN - Free Report) by 38.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,103 shares of the information services provider's stock after selling 13,077 shares during the period. Raiffeisen Bank International AG's holdings in VeriSign were worth $5,190,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Sunbelt Securities Inc. lifted its position in shares of VeriSign by 429.2% during the 3rd quarter. Sunbelt Securities Inc. now owns 127 shares of the information services provider's stock valued at $36,000 after buying an additional 103 shares during the last quarter. Board of the Pension Protection Fund purchased a new position in shares of VeriSign during the 4th quarter valued at $39,000. Advisors Asset Management Inc. lifted its position in shares of VeriSign by 25.3% during the 1st quarter. Advisors Asset Management Inc. now owns 198 shares of the information services provider's stock valued at $50,000 after buying an additional 40 shares during the last quarter. Activest Wealth Management lifted its position in shares of VeriSign by 788.0% during the 4th quarter. Activest Wealth Management now owns 222 shares of the information services provider's stock valued at $54,000 after buying an additional 197 shares during the last quarter. Finally, Fideuram Asset Management Ireland dac purchased a new position in shares of VeriSign during the 4th quarter valued at $58,000. Hedge funds and other institutional investors own 92.90% of the company's stock.

Insider Activity

In other news, EVP Danny R. Mcpherson sold 5,000 shares of the firm's stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $271.02, for a total transaction of $1,355,100.00. Following the transaction, the executive vice president directly owned 35,195 shares of the company's stock, valued at approximately $9,538,548.90. This trade represents a 12.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Thomas C. Indelicarto sold 500 shares of the firm's stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $283.54, for a total value of $141,770.00. Following the transaction, the executive vice president directly owned 36,551 shares in the company, valued at $10,363,670.54. This trade represents a 1.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 13,596 shares of company stock valued at $3,834,345. 0.56% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Citigroup upped their price target on VeriSign from $295.00 to $320.00 and gave the company a "buy" rating in a research report on Friday, April 24th. Robert W. Baird increased their target price on VeriSign from $305.00 to $355.00 and gave the stock an "outperform" rating in a research report on Friday, April 24th. JPMorgan Chase & Co. increased their target price on VeriSign from $273.00 to $278.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Finally, Weiss Ratings upgraded VeriSign from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $317.67.

VeriSign Stock Down 3.0%

NASDAQ VRSN opened at $279.57 on Friday. The stock's 50-day simple moving average is $282.73 and its two-hundred day simple moving average is $255.51. VeriSign, Inc. has a twelve month low of $208.86 and a twelve month high of $312.48. The company has a market capitalization of $25.44 billion, a price-to-earnings ratio of 30.89 and a beta of 0.69.

VeriSign (NASDAQ:VRSN - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The information services provider reported $2.34 earnings per share for the quarter, beating 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 the consensus estimate of $424.50 million. During the same quarter last year, the business posted $2.10 earnings per share. The company's revenue for the quarter was up 6.6% on a year-over-year basis. On average, equities analysts expect that VeriSign, Inc. will post 9.49 earnings per share for the current fiscal year.

VeriSign Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 27th. Stockholders of record on Tuesday, May 19th were paid a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Tuesday, May 19th. VeriSign's dividend payout ratio (DPR) is 35.80%.

VeriSign Company 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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