Wealth Enhancement Advisory Services LLC Boosts Stock Position in VeriSign, Inc. $VRSN

Wealth Enhancement Advisory Services LLC lifted its stake in VeriSign, Inc. (NASDAQ:VRSN) by 152.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 308,091 shares of the information services provider’s stock after acquiring an additional 186,029 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in VeriSign were worth $75,922,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in VRSN. Advisors Asset Management Inc. raised its stake in shares of VeriSign by 25.3% during 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 period. Accretive Wealth Partners LLC boosted its stake in VeriSign by 0.8% in the 3rd quarter. Accretive Wealth Partners LLC now owns 5,779 shares of the information services provider’s stock worth $1,616,000 after purchasing an additional 44 shares during the period. OFI Invest Asset Management boosted its stake in VeriSign by 11.6% in the 3rd quarter. OFI Invest Asset Management now owns 452 shares of the information services provider’s stock worth $126,000 after purchasing an additional 47 shares during the period. Bruce G. Allen Investments LLC grew its holdings in VeriSign by 51.5% during the 3rd quarter. Bruce G. Allen Investments LLC now owns 147 shares of the information services provider’s stock valued at $41,000 after buying an additional 50 shares in the last quarter. Finally, WealthCollab LLC grew its holdings in VeriSign by 19.1% during the 3rd quarter. WealthCollab LLC now owns 312 shares of the information services provider’s stock valued at $87,000 after buying an additional 50 shares in the last quarter. 92.90% of the stock is currently owned by hedge funds and other institutional investors.

VeriSign Stock Up 0.5%

Shares of NASDAQ VRSN opened at $240.78 on Monday. The stock’s 50-day simple moving average is $235.81 and its two-hundred day simple moving average is $249.84. VeriSign, Inc. has a twelve month low of $208.86 and a twelve month high of $310.60. The firm has a market capitalization of $22.08 billion, a P/E ratio of 27.33 and a beta of 0.76.

VeriSign (NASDAQ:VRSN) last issued its quarterly earnings results on Thursday, February 5th. The information services provider reported $2.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.29 by ($0.06). The business had revenue of $425.30 million for the quarter, compared to the consensus estimate of $424.04 million. VeriSign had a net margin of 49.84% and a negative return on equity of 40.40%. The business’s revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.00 EPS.

VeriSign Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Thursday, February 19th were given a dividend of $0.81 per share. The ex-dividend date was Thursday, February 19th. This is a boost from VeriSign’s previous quarterly dividend of $0.77. This represents a $3.24 annualized dividend and a yield of 1.3%. VeriSign’s dividend payout ratio (DPR) is presently 36.78%.

Insider Buying and Selling

In other news, CEO D James Bidzos sold 5,000 shares of the firm’s stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $248.20, for a total transaction of $1,241,000.00. Following the sale, the chief executive officer owned 416,099 shares in the company, valued at approximately $103,275,771.80. This trade represents a 1.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Thomas C. Indelicarto sold 498 shares of VeriSign stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $231.78, for a total transaction of $115,426.44. Following the sale, the executive vice president directly owned 40,028 shares of the company’s stock, valued at $9,277,689.84. This represents a 1.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 9,490 shares of company stock valued at $2,338,621. Corporate insiders own 0.84% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their price target on shares of VeriSign from $270.00 to $271.00 and gave the stock a “neutral” rating in a report on Tuesday, January 6th. Citigroup reduced their price objective on shares of VeriSign from $337.00 to $280.00 and set a “buy” rating for the company in a research note on Monday, February 9th. Weiss Ratings reiterated a “hold (c+)” rating on shares of VeriSign in a research note on Monday, December 29th. Finally, Zacks Research raised shares of VeriSign from a “strong sell” rating to a “hold” rating in a report on Monday, February 9th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, VeriSign presently has a consensus rating of “Hold” and an average target price of $292.00.

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.