SteelPeak Wealth LLC Invests $2.04 Million in VeriSign, Inc. $VRSN

SteelPeak Wealth LLC acquired a new stake in VeriSign, Inc. (NASDAQ:VRSN) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 8,385 shares of the information services provider’s stock, valued at approximately $2,037,000.

Several other large investors have also recently added to or reduced their stakes in the business. Salomon & Ludwin LLC lifted its holdings in VeriSign by 112.5% during the 3rd quarter. Salomon & Ludwin LLC now owns 102 shares of the information services provider’s stock worth $28,000 after buying an additional 54 shares in the last quarter. Root Financial Partners LLC acquired a new position in shares of VeriSign in the third quarter worth $29,000. Sunbelt Securities Inc. grew its stake in shares of VeriSign by 429.2% in the third quarter. Sunbelt Securities Inc. now owns 127 shares of the information services provider’s stock worth $36,000 after acquiring an additional 103 shares in the last quarter. North Capital Inc. increased its position in shares of VeriSign by 239.0% during the third quarter. North Capital Inc. now owns 139 shares of the information services provider’s stock worth $39,000 after acquiring an additional 98 shares during the period. Finally, Bruce G. Allen Investments LLC raised its stake in shares of VeriSign by 51.5% in the third quarter. Bruce G. Allen Investments LLC now owns 147 shares of the information services provider’s stock valued at $41,000 after acquiring an additional 50 shares in the last quarter. 92.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on VRSN shares. Zacks Research upgraded VeriSign from a “strong sell” rating to a “hold” rating in a report on Monday, February 9th. Citigroup increased their price target on VeriSign from $280.00 to $295.00 and gave the company a “buy” rating in a research report on Thursday. Weiss Ratings upgraded VeriSign from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, March 27th. Finally, JPMorgan Chase & Co. boosted their price objective on VeriSign from $270.00 to $271.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 6th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $297.00.

Insider Transactions at VeriSign

In other VeriSign news, EVP Thomas C. Indelicarto sold 332 shares of the firm’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $240.62, for a total transaction of $79,885.84. Following the transaction, the executive vice president directly owned 39,696 shares of the company’s stock, valued at approximately $9,551,651.52. This trade represents a 0.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO D James Bidzos sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $248.28, for a total value of $496,560.00. Following the transaction, the chief executive officer directly owned 414,099 shares in the company, valued at approximately $102,812,499.72. This represents a 0.48% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 9,490 shares of company stock valued at $2,338,621. Insiders own 0.84% of the company’s stock.

VeriSign Stock Performance

VeriSign stock opened at $259.85 on Friday. The company has a fifty day simple moving average of $235.92 and a 200-day simple moving average of $247.68. The stock has a market cap of $23.83 billion, a P/E ratio of 29.49 and a beta of 0.70. VeriSign, Inc. has a 12-month low of $208.86 and a 12-month high of $310.60.

VeriSign (NASDAQ:VRSN) last posted its earnings results 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 analysts’ expectations of $424.04 million. During the same period last year, the company earned $2.00 EPS. The business’s quarterly 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. Investors of record on Thursday, February 19th were given a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 1.2%. This is a boost from VeriSign’s previous quarterly dividend of $0.77. The ex-dividend date of this dividend was Thursday, February 19th. VeriSign’s dividend payout ratio is presently 36.78%.

VeriSign 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.