Renaissance Technologies Portfolio: Top 10 Stock Picks

5. VeriSign, Inc. (NASDAQ:VRSN)

Stake Value as of Q4 2024: $603,344,486

VeriSign, Inc. (NASDAQ:VRSN) is a global provider of network infrastructure and domain name registry services. The company is the sole registry for the .com and .net domains. It is one of the top stock picks from the Renaissance Technologies portfolio, with the hedge fund having investments worth over $603 million in VRSN as of December 31, 2024.

During its Q4 2024 earnings call on February 6, the Reston, Virginia-based company reported a revenue of $395 million, up 3.9% from last year, driven by steady demand for domain registrations. An increasing number of businesses globally are amplifying their digital presence, which is benefiting internet infrastructure and domain registry service providers like VeriSign, Inc. (NASDAQ:VRSN).

In November, VeriSign, Inc. (NASDAQ:VRSN) renewed the .com registry agreement with the Internet Corporation for Assigned Names and Numbers (ICANN). The company will remain the sole operator of the .com registry till November 30, 2030. The National Telecommunications and Information Administration (NTIA) also renewed its cooperative agreement with VRSN for another six years during the quarter.

For the full year, VeriSign, Inc. (NASDAQ:VRSN) posted a revenue of $1.56 billion, up 4.3% year-over-year. Operating income increased to $1.06 billion from $1 billion in 2023. Net income for 2024 stood at $786 million with a diluted EPS of $8.00, down slightly from $818 million and $7.90 per share last year.

Wall Street analysts are bullish on VeriSign, Inc. (NASDAQ:VRSN), with a consensus Strong Buy rating and an average share price upside potential of 8%. Investor sentiment continues to improve as well. According to Insider Monkey’s database, 41 hedge funds held a stake in the company at the end of the fourth quarter of 2024, up from 39 in Q3.