Thomas Indelicarto Sells 501 Shares of VeriSign (NASDAQ:VRSN) Stock

VeriSign, Inc. (NASDAQ:VRSN) EVP Thomas Indelicarto sold 501 shares of the firm’s stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $270.87, for a total transaction of $135,705.87. Following the transaction, the executive vice president directly owned 34,690 shares of the company’s stock, valued at approximately $9,396,480.30. This represents a 1.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

VeriSign Stock Performance

Shares of VeriSign stock opened at $261.95 on Friday. VeriSign, Inc. has a 1 year low of $175.62 and a 1 year high of $310.60. The firm’s 50-day simple moving average is $275.54 and its 200-day simple moving average is $273.55. The firm has a market cap of $24.47 billion, a PE ratio of 31.26 and a beta of 0.79.

VeriSign (NASDAQ:VRSN) last announced its quarterly earnings data on Thursday, July 24th. The information services provider reported $2.21 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.01. VeriSign had a negative return on equity of 40.87% and a net margin of 50.05%.The firm had revenue of $409.90 million during the quarter, compared to analyst estimates of $410.35 million. During the same period in the previous year, the company earned $2.01 earnings per share. VeriSign’s quarterly revenue was up 5.9% on a year-over-year basis. VeriSign has set its FY 2025 guidance at EPS.

VeriSign announced that its board has initiated a stock buyback plan on Thursday, July 24th that permits the company to buyback $1.11 billion in outstanding shares. This buyback authorization permits the information services provider to purchase up to 4.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

VeriSign Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 27th. Stockholders of record on Tuesday, August 19th were issued a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Tuesday, August 19th. VeriSign’s payout ratio is 36.75%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Citigroup reaffirmed a “buy” rating on shares of VeriSign in a report on Tuesday, July 8th. Robert W. Baird raised their price target on shares of VeriSign from $285.00 to $305.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 1st. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of VeriSign in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. Based on data from MarketBeat.com, VeriSign currently has an average rating of “Buy” and a consensus target price of $277.50.

Institutional Investors Weigh In On VeriSign

A number of hedge funds have recently added to or reduced their stakes in VRSN. Livelsberger Financial Advisory bought a new position in shares of VeriSign during the second quarter worth about $27,000. Bruce G. Allen Investments LLC boosted its stake in VeriSign by 56.5% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 97 shares of the information services provider’s stock valued at $28,000 after purchasing an additional 35 shares during the period. Bayforest Capital Ltd bought a new position in VeriSign in the 2nd quarter worth about $34,000. Ameritas Advisory Services LLC acquired a new stake in shares of VeriSign in the second quarter valued at approximately $34,000. Finally, Rakuten Securities Inc. raised its holdings in shares of VeriSign by 13,000.0% during the first quarter. Rakuten Securities Inc. now owns 131 shares of the information services provider’s stock valued at $33,000 after buying an additional 130 shares during the last quarter. 92.90% of the stock is currently owned by institutional investors.

VeriSign Company Profile

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.