VeriSign, Inc. $VRSN Shares Sold by QRG Capital Management Inc.

Key Points

• QRG Capital Management Inc. reduced its stake in VeriSign by 41.3% in Q2, now holding 2,159 shares valued at approximately $624,000.
• VeriSign reported earnings per share (EPS) of $2.21, beating estimates of $2.20, while also announcing a $1.11 billion share buyback program.
• CEO D. James Bidzos sold 2,000 shares of VeriSign for $576,960, reflecting a 0.42% decrease in his overall position within the company.

QRG Capital Management Inc. trimmed its position in VeriSign, Inc. (NASDAQ:VRSN - Free Report) by 41.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,159 shares of the information services provider's stock after selling 1,522 shares during the quarter. QRG Capital Management Inc.'s holdings in VeriSign were worth $624,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Livelsberger Financial Advisory acquired a new position in VeriSign in the 2nd quarter valued at about $27,000. Bruce G. Allen Investments LLC lifted its holdings in shares of VeriSign by 56.5% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 97 shares of the information services provider's stock worth $28,000 after acquiring an additional 35 shares during the last quarter. Ameritas Advisory Services LLC acquired a new position in shares of VeriSign in the 2nd quarter worth approximately $34,000. Rakuten Securities Inc. lifted its holdings in shares of VeriSign by 13,000.0% in the 1st quarter. Rakuten Securities Inc. now owns 131 shares of the information services provider's stock worth $33,000 after acquiring an additional 130 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of VeriSign in the 1st quarter worth approximately $34,000. 92.90% of the stock is currently owned by institutional investors and hedge funds.

VeriSign Stock Down 2.2%

Shares of NASDAQ:VRSN opened at $261.95 on Friday. VeriSign, Inc. has a fifty-two week low of $175.62 and a fifty-two week high of $310.60. The firm's 50-day simple moving average is $275.54 and its 200-day simple moving average is $273.55. The company has a market cap of $24.47 billion, a price-to-earnings ratio of 31.26 and a beta of 0.79.

VeriSign (NASDAQ:VRSN - Get Free Report) last announced its earnings results on Thursday, July 24th. The information services provider reported $2.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.20 by $0.01. The company had revenue of $409.90 million during the quarter, compared to analysts' expectations of $410.35 million. VeriSign had a net margin of 50.05% and a negative return on equity of 40.87%. The firm's quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.01 earnings per share. VeriSign has set its FY 2025 guidance at EPS.

VeriSign announced that its board has authorized a share buyback program 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 buy up to 4.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

VeriSign Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 27th. Shareholders of record on Tuesday, August 19th were issued a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Tuesday, August 19th. VeriSign's dividend payout ratio is 36.75%.

Insider Buying and Selling

In related news, CEO D James Bidzos sold 2,000 shares of the stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $288.48, for a total value of $576,960.00. Following the sale, the chief executive officer owned 476,439 shares of the company's stock, valued at $137,443,122.72. This trade represents a 0.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Thomas C. Indelicarto sold 501 shares of the stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $270.87, for a total transaction of $135,705.87. Following the completion of the sale, the executive vice president directly owned 34,690 shares in the company, valued at approximately $9,396,480.30. This trade represents a 1.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 38,205 shares of company stock valued at $10,577,083 in the last quarter. Company insiders own 0.84% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on VRSN shares. Citigroup restated a "buy" rating on shares of VeriSign in a report on Tuesday, July 8th. Weiss Ratings restated a "buy (b-)" rating on shares of VeriSign in a report on Wednesday. Finally, Robert W. Baird upped their price objective on shares of VeriSign from $285.00 to $305.00 and gave the stock an "outperform" rating in a report on Tuesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating and three have issued 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.

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