Metis Global Partners LLC Reduces Holdings in VeriSign, Inc. $VRSN

Metis Global Partners LLC lowered its position in VeriSign, Inc. (NASDAQ:VRSN) by 30.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,829 shares of the information services provider’s stock after selling 1,676 shares during the quarter. Metis Global Partners LLC’s holdings in VeriSign were worth $1,106,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Livelsberger Financial Advisory purchased a new stake in VeriSign in the 2nd quarter worth about $27,000. Bruce G. Allen Investments LLC grew its stake in shares of VeriSign by 56.5% during the second quarter. Bruce G. Allen Investments LLC now owns 97 shares of the information services provider’s stock valued at $28,000 after buying an additional 35 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of VeriSign in the first quarter worth approximately $34,000. Ameritas Advisory Services LLC purchased a new stake in shares of VeriSign in the second quarter worth approximately $34,000. Finally, Bayforest Capital Ltd bought a new stake in shares of VeriSign during the 2nd quarter worth approximately $34,000. Institutional investors own 92.90% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Weiss Ratings downgraded VeriSign from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday. Robert W. Baird set a $325.00 price target on shares of VeriSign in a report on Friday, October 24th. Citigroup reaffirmed a “buy” rating on shares of VeriSign in a research note on Friday, October 24th. JPMorgan Chase & Co. initiated coverage on shares of VeriSign in a research report on Tuesday, October 28th. They issued a “neutral” rating and a $270.00 price objective for the company. Finally, Zacks Research raised shares of VeriSign to a “hold” rating in a research report on Thursday, October 30th. One 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 stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $281.67.

VeriSign Price Performance

VRSN stock opened at $248.68 on Wednesday. VeriSign, Inc. has a 1-year low of $176.62 and a 1-year high of $310.60. The business has a 50-day moving average price of $266.72 and a 200 day moving average price of $274.52. The company has a market capitalization of $23.05 billion, a P/E ratio of 28.98 and a beta of 0.76.

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

VeriSign Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, November 18th will be paid a $0.77 dividend. The ex-dividend date of this dividend is Tuesday, November 18th. This represents a $3.08 dividend on an annualized basis and a yield of 1.2%. VeriSign’s payout ratio is 35.90%.

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

Insider Buying and Selling

In other VeriSign news, EVP Danny R. Mcpherson sold 2,500 shares of the stock in a transaction on Friday, October 31st. The stock was sold at an average price of $236.87, for a total transaction of $592,175.00. Following the sale, the executive vice president owned 28,577 shares of the company’s stock, valued at approximately $6,769,033.99. This trade represents a 8.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO D James Bidzos sold 2,000 shares of VeriSign stock in a transaction on Wednesday, October 22nd. The shares were sold at an average price of $261.54, for a total value of $523,080.00. Following the completion of the transaction, the chief executive officer owned 460,439 shares in the company, valued at $120,423,216.06. This represents a 0.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 41,539 shares of company stock worth $11,247,519 in the last three months. Corporate insiders own 0.84% of the company’s stock.

About VeriSign

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.