VIRGINIA RETIREMENT SYSTEMS ET Al Makes New $124.07 Million Investment in VeriSign, Inc. $VRSN

Key Points

• VIRGINIA RETIREMENT SYSTEMS ET Al invested approximately $124.07 million in VeriSign, Inc., purchasing 429,591 shares, which now constitutes 0.9% of their portfolio.
• VeriSign announced a $1.11 billion share buyback program, allowing it to repurchase up to 4.1% of its stock, indicating the board's belief that shares are undervalued.
• VeriSign reported a quarterly EPS of $2.21, surpassing estimates, and achieved a revenue of $409.90 million, marking a 5.9% year-over-year increase.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in VeriSign, Inc. (NASDAQ:VRSN - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm bought 429,591 shares of the information services provider's stock, valued at approximately $124,066,000. VeriSign comprises approximately 0.9% of VIRGINIA RETIREMENT SYSTEMS ET Al's portfolio, making the stock its 14th biggest position. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.46% of VeriSign as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of VRSN. Livelsberger Financial Advisory acquired a new position in VeriSign in the 2nd quarter valued at about $27,000. Bruce G. Allen Investments LLC raised its position in shares of VeriSign by 56.5% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 97 shares of the information services provider's stock valued at $28,000 after buying an additional 35 shares during the period. Bayforest Capital Ltd purchased a new position in VeriSign in the second quarter worth approximately $34,000. Ameritas Advisory Services LLC acquired a new stake in VeriSign during the second quarter worth $34,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in VeriSign in the first quarter valued at $34,000. Institutional investors and hedge funds own 92.90% of the company's stock.

VeriSign Price Performance

Shares of NASDAQ:VRSN opened at $264.79 on Friday. The firm has a market capitalization of $24.73 billion, a PE ratio of 31.60 and a beta of 0.79. VeriSign, Inc. has a 1 year low of $175.62 and a 1 year high of $310.60. The firm's 50-day moving average is $274.72 and its two-hundred day moving average is $274.17.

VeriSign (NASDAQ:VRSN - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The information services provider reported $2.21 EPS for the quarter, beating the consensus estimate of $2.20 by $0.01. VeriSign had a net margin of 50.05% and a negative return on equity of 40.87%. The business had revenue of $409.90 million during the quarter, compared to analyst estimates of $410.35 million. During the same quarter last year, the firm posted $2.01 earnings per share. The business's revenue for the quarter was up 5.9% compared to the same quarter last year. 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 buyback $1.11 billion in outstanding shares. This buyback authorization permits the information services provider to purchase up to 4.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

VeriSign Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 27th. Stockholders of record on Tuesday, August 19th were paid a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Tuesday, August 19th. VeriSign's dividend payout ratio (DPR) is presently 36.75%.

Insider Transactions at VeriSign

In related news, CEO D James Bidzos sold 5,000 shares of the business's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $264.15, for a total transaction of $1,320,750.00. Following the completion of the transaction, the chief executive officer directly owned 508,772 shares of the company's stock, valued at $134,392,123.80. The trade was a 0.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 38,706 shares of company stock valued at $10,591,676 in the last ninety days. Company insiders own 0.84% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on VRSN shares. Weiss Ratings reiterated a "buy (b-)" rating on shares of VeriSign in a report on Wednesday, October 8th. Citigroup reaffirmed a "buy" rating on shares of VeriSign in a research note on Tuesday, July 8th. Finally, 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 report on Tuesday, July 1st. One analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $277.50.

VeriSign 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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