VeriSign, Inc. (NASDAQ:VRSN) CEO D James Bidzos Sells 2,000 Shares

Key Points

• VeriSign CEO D James Bidzos sold 2,000 shares of stock on August 13th at an average price of $266.45, bringing his total ownership to 506,772 shares valued at over $135 million.
• The company reported a 5.9% year-over-year increase in quarterly revenue, totaling $409.90 million, and earnings per share of $2.21, slightly above analysts' expectations.
• VeriSign's board recently approved a $1.11 billion share repurchase program and announced a quarterly dividend of $0.77 per share, reflecting confidence in the company's valuation.

VeriSign, Inc. (NASDAQ:VRSN - Get Free Report) CEO D James Bidzos sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $266.45, for a total value of $532,900.00. Following the transaction, the chief executive officer owned 506,772 shares in the company, valued at $135,029,399.40. This trade represents a 0.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

D James Bidzos also recently made the following trade(s):

• On Tuesday, August 12th, D James Bidzos sold 5,000 shares of VeriSign stock. The stock was sold at an average price of $264.15, for a total value of $1,320,750.00.
• On Wednesday, July 16th, D James Bidzos sold 2,000 shares of VeriSign stock. The stock was sold at an average price of $281.35, for a total value of $562,700.00.
• On Tuesday, July 15th, D James Bidzos sold 5,000 shares of VeriSign stock. The shares were sold at an average price of $282.08, for a total value of $1,410,400.00.
• On Wednesday, July 9th, D James Bidzos sold 2,000 shares of VeriSign stock. The shares were sold at an average price of $289.29, for a total value of $578,580.00.
• On Tuesday, July 8th, D James Bidzos sold 5,000 shares of VeriSign stock. The shares were sold at an average price of $284.82, for a total value of $1,424,100.00.
• On Wednesday, June 18th, D James Bidzos sold 4,000 shares of VeriSign stock. The stock was sold at an average price of $281.87, for a total value of $1,127,480.00.
• On Tuesday, June 17th, D James Bidzos sold 5,000 shares of VeriSign stock. The stock was sold at an average price of $283.67, for a total value of $1,418,350.00.
• On Wednesday, June 11th, D James Bidzos sold 2,000 shares of VeriSign stock. The stock was sold at an average price of $279.28, for a total value of $558,560.00.
• On Tuesday, June 10th, D James Bidzos sold 5,000 shares of VeriSign stock. The stock was sold at an average price of $276.71, for a total value of $1,383,550.00.
• On Wednesday, May 21st, D James Bidzos sold 2,000 shares of VeriSign stock. The shares were sold at an average price of $280.66, for a total value of $561,320.00.

VeriSign Trading Up 1.2%

Shares of VRSN traded up $3.07 during midday trading on Friday, reaching $269.89. 1,296,375 shares of the stock were exchanged, compared to its average volume of 1,200,774. VeriSign, Inc. has a 52 week low of $175.62 and a 52 week high of $310.60. The company's 50 day moving average is $280.49 and its two-hundred day moving average is $261.65. The company has a market capitalization of $25.21 billion, a P/E ratio of 32.21 and a beta of 0.78.

VeriSign (NASDAQ:VRSN - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The information services provider reported $2.21 EPS for the quarter, topping analysts' consensus estimates of $2.20 by $0.01. The company had revenue of $409.90 million during the quarter, compared to the consensus estimate of $410.35 million. VeriSign had a net margin of 50.05% and a negative return on equity of 40.87%. VeriSign's revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.01 earnings per share.

VeriSign Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 27th. Shareholders of record on Tuesday, August 19th will be issued a $0.77 dividend. This represents a $3.08 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Tuesday, August 19th. VeriSign's payout ratio is currently 36.75%.

VeriSign announced that its Board of Directors has authorized a share repurchase plan on Thursday, July 24th that authorizes the company to buyback $1.11 billion in outstanding shares. This buyback authorization authorizes the information services provider to purchase up to 4.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have recently weighed in on VRSN. Citigroup restated a "buy" rating on shares of VeriSign in a research report on Tuesday, July 8th. Robert W. Baird lifted their price target on VeriSign from $285.00 to $305.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 1st.

Institutional Investors Weigh In On VeriSign

A number of large investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in VeriSign in the second quarter valued at $300,249,000. AQR Capital Management LLC boosted its holdings in VeriSign by 75.5% in the first quarter. AQR Capital Management LLC now owns 2,329,640 shares of the information services provider's stock valued at $586,417,000 after purchasing an additional 1,002,510 shares during the last quarter. GAMMA Investing LLC raised its position in shares of VeriSign by 34,326.0% in the first quarter. GAMMA Investing LLC now owns 697,127 shares of the information services provider's stock worth $176,980,000 after acquiring an additional 695,102 shares during the period. Alliancebernstein L.P. raised its position in shares of VeriSign by 477.1% in the first quarter. Alliancebernstein L.P. now owns 791,271 shares of the information services provider's stock worth $200,880,000 after acquiring an additional 654,170 shares during the period. Finally, Robeco Institutional Asset Management B.V. raised its position in shares of VeriSign by 161.4% in the second quarter. Robeco Institutional Asset Management B.V. now owns 860,068 shares of the information services provider's stock worth $248,388,000 after acquiring an additional 531,041 shares during the period. 92.90% of the stock is owned by hedge funds and other institutional investors.

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.