VeriSign, Inc. $VRSN Shares Acquired by Empowered Funds LLC

Empowered Funds LLC increased its holdings in VeriSign, Inc. (NASDAQ:VRSN) by 204.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,447 shares of the information services provider’s stock after buying an additional 19,101 shares during the quarter. Empowered Funds LLC’s holdings in VeriSign were worth $8,215,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Quarry LP acquired a new stake in VeriSign in the first quarter worth about $641,000. Canada Pension Plan Investment Board increased its stake in VeriSign by 118.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 220,285 shares of the information services provider’s stock valued at $55,924,000 after buying an additional 119,368 shares during the period. Gabelli Funds LLC bought a new stake in shares of VeriSign during the 1st quarter worth about $508,000. Gamco Investors INC. ET AL bought a new stake in shares of VeriSign during the 1st quarter worth about $351,000. Finally, Peak Financial Advisors LLC acquired a new stake in shares of VeriSign in the 2nd quarter worth approximately $2,664,000. Institutional investors own 92.90% of the company’s stock.

VeriSign Price Performance

VRSN stock opened at $245.76 on Thursday. The firm has a market cap of $22.78 billion, a PE ratio of 28.64 and a beta of 0.76. VeriSign, Inc. has a 12 month low of $177.95 and a 12 month high of $310.60. The firm has a 50 day simple moving average of $263.06 and a 200 day simple moving average of $273.30.

VeriSign (NASDAQ:VRSN) last posted its quarterly earnings results on Thursday, October 23rd. The information services provider reported $2.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.25 by $0.02. VeriSign had a net margin of 49.86% and a negative return on equity of 40.66%. The firm had revenue of $419.10 million for the quarter, compared to analyst estimates of $416.71 million. During the same quarter in the previous year, the business posted $2.07 earnings per share. The firm’s quarterly revenue was up 7.3% compared to the same quarter last year. VeriSign has set its FY 2025 guidance at EPS.

VeriSign declared that its Board of Directors has approved a share buyback plan on Thursday, July 24th that authorizes the company to buyback $1.11 billion in outstanding shares. This buyback authorization authorizes the information services provider to repurchase up to 4.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

VeriSign Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders of record on Tuesday, November 18th will be given a dividend of $0.77 per share. The ex-dividend date of this dividend is Tuesday, November 18th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 1.3%. VeriSign’s payout ratio is 35.90%.

Insider Buying and Selling

In other VeriSign news, EVP John Calys sold 1,001 shares of the business’s stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $242.71, for a total transaction of $242,952.71. Following the sale, the executive vice president owned 24,734 shares in the company, valued at approximately $6,003,189.14. The trade was a 3.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO D James Bidzos sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $251.27, for a total transaction of $502,540.00. Following the completion of the sale, the chief executive officer owned 451,439 shares of the company’s stock, valued at approximately $113,433,077.53. This trade represents a 0.44% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 40,839 shares of company stock valued at $10,918,189. 0.84% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

VRSN has been the subject of several recent analyst reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of VeriSign in a report on Thursday, November 13th. Citigroup restated a “buy” rating on shares of VeriSign in a research report on Friday, October 24th. Robert W. Baird set a $325.00 price target on VeriSign in a research note on Friday, October 24th. Zacks Research raised VeriSign to a “hold” rating in a research note on Thursday, October 30th. Finally, JPMorgan Chase & Co. initiated coverage on VeriSign in a report on Tuesday, October 28th. They issued a “neutral” rating and a $270.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, VeriSign presently has an average rating of “Moderate Buy” and a consensus target price of $281.67.

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.