1,287,918 Shares in VeriSign, Inc. $VRSN Acquired by Norges Bank
by Jessica Moore · The Cerbat GemNorges Bank bought a new position in shares of VeriSign, Inc. (NASDAQ:VRSN – Free Report) during the 4th quarter, HoldingsChannel.com reports. The fund bought 1,287,918 shares of the information services provider’s stock, valued at approximately $312,900,000.
Other large investors have also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. increased its stake in VeriSign by 429.2% during the 3rd quarter. Sunbelt Securities Inc. now owns 127 shares of the information services provider’s stock worth $36,000 after buying an additional 103 shares during the period. Board of the Pension Protection Fund purchased a new stake in VeriSign during the 4th quarter worth approximately $39,000. Advisors Asset Management Inc. increased its position in shares of VeriSign by 25.3% in the 1st 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 last quarter. Activest Wealth Management increased its position in shares of VeriSign by 788.0% in the 4th 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 during the last quarter. Finally, Fideuram Asset Management Ireland dac purchased a new stake in shares of VeriSign in the 4th quarter valued at approximately $58,000. 92.90% of the stock is owned by hedge funds and other institutional investors.
VeriSign Stock Performance
VRSN opened at $296.59 on Tuesday. The stock has a market capitalization of $26.99 billion, a PE ratio of 32.77 and a beta of 0.68. VeriSign, Inc. has a 1 year low of $208.86 and a 1 year high of $312.48. The company’s 50 day simple moving average is $275.78 and its 200 day simple moving average is $253.27.
VeriSign (NASDAQ:VRSN – Get Free Report) last posted its 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 net margin of 49.95% and a negative return on equity of 39.98%. The business had revenue of $428.90 million for the quarter, compared to analysts’ expectations of $424.50 million. During the same period in the previous year, the company posted $2.10 earnings per share. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. As a group, sell-side analysts expect that VeriSign, Inc. will post 9.46 earnings per share for the current fiscal year.
VeriSign Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, May 27th. Investors of record on Tuesday, May 19th were paid 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 was Tuesday, May 19th. VeriSign’s payout ratio is 35.80%.
Insiders Place Their Bets
In related news, EVP Thomas C. Indelicarto sold 498 shares of VeriSign stock in a transaction on Tuesday, April 14th. The shares were sold at an average price of $270.06, for a total value of $134,489.88. Following the completion of the sale, the executive vice president owned 38,202 shares in the company, valued at approximately $10,316,832.12. The trade was a 1.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Danny R. Mcpherson sold 5,000 shares of VeriSign stock in a transaction on 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 completion of the sale, the executive vice president 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 position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 6,328 shares of company stock valued at $1,705,928. Insiders own 0.56% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages have commented on VRSN. Citigroup increased their price objective on shares of VeriSign from $295.00 to $320.00 and gave the company a “buy” 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 report on Friday, March 27th. JPMorgan Chase & Co. increased their price target on shares of VeriSign from $273.00 to $278.00 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Zacks Research upgraded shares of VeriSign from a “strong sell” rating to a “hold” rating in a research note on Monday, February 9th. Finally, Robert W. Baird raised their target price on shares of VeriSign from $305.00 to $355.00 and gave the stock an “outperform” rating in a research note on Friday, April 24th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $317.67.
View Our Latest Stock Analysis on VRSN
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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