Orion Porfolio Solutions LLC Raises Stock Position in VeriSign, Inc. $VRSN

Orion Porfolio Solutions LLC lifted its holdings in VeriSign, Inc. (NASDAQ:VRSN) by 37.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 14,176 shares of the information services provider’s stock after buying an additional 3,844 shares during the period. Orion Porfolio Solutions LLC’s holdings in VeriSign were worth $3,963,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Strategy Asset Managers LLC bought a new stake in shares of VeriSign in the 3rd quarter valued at approximately $654,000. Allianz Asset Management GmbH increased its position in shares of VeriSign by 11.5% during the 3rd quarter. Allianz Asset Management GmbH now owns 357,611 shares of the information services provider’s stock valued at $99,977,000 after purchasing an additional 36,829 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of VeriSign by 9.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 27,719 shares of the information services provider’s stock valued at $7,749,000 after purchasing an additional 2,435 shares during the last quarter. Compass Wealth Management LLC purchased a new stake in VeriSign during the 3rd quarter valued at $17,800,000. Finally, Abacus FCF Advisors LLC raised its holdings in VeriSign by 25.2% during the 3rd quarter. Abacus FCF Advisors LLC now owns 68,706 shares of the information services provider’s stock valued at $19,208,000 after buying an additional 13,837 shares during the period. 92.90% of the stock is currently owned by hedge funds and other institutional investors.

VeriSign Stock Performance

Shares of VRSN stock opened at $243.78 on Monday. The stock has a 50 day moving average price of $236.81 and a 200 day moving average price of $252.12. VeriSign, Inc. has a 52-week low of $208.86 and a 52-week high of $310.60. The firm has a market capitalization of $22.35 billion, a P/E ratio of 27.67 and a beta of 0.76.

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

VeriSign Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Thursday, February 19th were issued a $0.81 dividend. 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 dividend on an annualized basis and a dividend yield of 1.3%. VeriSign’s dividend payout ratio (DPR) is currently 36.78%.

Analyst Upgrades and Downgrades

Several research firms have commented on VRSN. JPMorgan Chase & Co. lifted their price objective on shares of VeriSign from $270.00 to $271.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 6th. Weiss Ratings restated a “hold (c+)” rating on shares of VeriSign in a report on Monday, December 29th. Citigroup dropped their price target 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. Finally, Zacks Research upgraded shares of VeriSign from a “strong sell” rating to a “hold” rating in a report on Monday, February 9th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $292.00.

Insider Transactions at VeriSign

In related news, EVP Thomas C. Indelicarto sold 501 shares of the firm’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $250.07, for a total value of $125,285.07. Following the transaction, the executive vice president owned 31,609 shares of the company’s stock, valued at $7,904,462.63. This trade represents a 1.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO D James Bidzos sold 5,000 shares of VeriSign stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $244.59, for a total transaction of $1,222,950.00. Following the sale, the chief executive officer owned 434,099 shares of the company’s stock, valued at $106,176,274.41. The trade was a 1.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 23,659 shares of company stock worth $5,788,560. Company insiders own 0.84% of the company’s stock.

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.