Transcend Capital Advisors LLC Invests $565,000 in VeriSign, Inc. $VRSN

by · The Markets Daily

Transcend Capital Advisors LLC purchased a new position in shares of VeriSign, Inc. (NASDAQ:VRSN – Free Report) during the second quarter, HoldingsChannel reports. The firm purchased 1,955 shares of the information services provider’s stock, valued at approximately $565,000.

A number of other institutional investors and hedge funds have also made changes to their positions in VRSN. Bruce G. Allen Investments LLC grew its position in VeriSign by 56.5% during the second quarter. Bruce G. Allen Investments LLC now owns 97 shares of the information services provider’s stock worth $28,000 after buying an additional 35 shares during the period. Whittier Trust Co. of Nevada Inc. grew its position in VeriSign by 2.5% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,506 shares of the information services provider’s stock worth $382,000 after buying an additional 37 shares during the period. Flputnam Investment Management Co. grew its position in VeriSign by 1.8% during the first quarter. Flputnam Investment Management Co. now owns 2,183 shares of the information services provider’s stock worth $554,000 after buying an additional 39 shares during the period. Advisors Asset Management Inc. grew its position in VeriSign by 25.3% during the first quarter. Advisors Asset Management Inc. now owns 198 shares of the information services provider’s stock worth $50,000 after buying an additional 40 shares during the period. Finally, Cromwell Holdings LLC grew its position in VeriSign by 32.3% during the first quarter. Cromwell Holdings LLC now owns 172 shares of the information services provider’s stock worth $44,000 after buying an additional 42 shares during the period. 92.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at VeriSign

In other news, CEO D James Bidzos sold 5,000 shares of VeriSign stock in a transaction dated 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 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 at this link. In the last quarter, insiders sold 45,706 shares of company stock valued at $12,451,906. Company insiders own 0.84% of the company’s stock.

VeriSign Stock Performance

Shares of VRSN opened at $240.37 on Wednesday. The company has a market capitalization of $22.28 billion, a price-to-earnings ratio of 28.02 and a beta of 0.79. The company’s 50 day simple moving average is $272.70 and its 200 day simple moving average is $274.95. 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, October 23rd. The information services provider reported $2.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.25 by $0.02. The business had revenue of $419.10 million for the quarter, compared to the consensus estimate of $416.71 million. VeriSign had a net margin of 49.86% and a negative return on equity of 40.66%. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.07 earnings per share. VeriSign has set its FY 2025 guidance at EPS.

VeriSign announced that its board has initiated a share buyback program on Thursday, July 24th that allows the company to buyback $1.11 billion in shares. This buyback authorization allows the information services provider to buy up to 4.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

VeriSign Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, November 18th will be given a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Tuesday, November 18th. VeriSign’s dividend payout ratio (DPR) is 35.90%.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Robert W. Baird set a $325.00 target price on shares of VeriSign in a research report on Friday. Citigroup reiterated a “buy” rating on shares of VeriSign in a research report on Friday. Weiss Ratings reiterated a “buy (b-)” rating on shares of VeriSign in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. assumed coverage on shares of VeriSign in a research report on Tuesday. They issued a “neutral” rating and a $270.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $281.67.

Check Out Our Latest Report on VRSN

About VeriSign

(Free Report)

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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