Insider Selling: VeriSign (NASDAQ:VRSN) CEO Sells 2,000 Shares of Stock

Key Points

• D. James Bidzos, CEO of VeriSign, sold a total of 2,000 shares at an average price of $261.54, resulting in a sale of $523,080 and a slight reduction in his ownership to 460,439 shares.
• In addition to the recent sale, Bidzos has engaged in multiple stock transactions over the past month, including a notable sale of 5,000 shares at $267.43 each.
• VeriSign reported earnings of $2.27 per share for the most recent quarter, exceeding analysts' expectations, while also announcing a stock buyback authorization of $1.11 billion.

VeriSign, Inc. (NASDAQ:VRSN - Get Free Report) CEO D James Bidzos sold 2,000 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer owned 460,439 shares of the company's stock, valued at approximately $120,423,216.06. This represents a 0.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Tuesday, October 21st, D James Bidzos sold 5,000 shares of VeriSign stock. The shares were sold at an average price of $267.43, for a total value of $1,337,150.00.
• On Wednesday, October 15th, D James Bidzos sold 2,000 shares of VeriSign stock. The shares were sold at an average price of $264.06, for a total transaction of $528,120.00.
• On Tuesday, October 14th, D James Bidzos sold 5,000 shares of VeriSign stock. The shares were sold at an average price of $265.57, for a total transaction of $1,327,850.00.
• On Wednesday, September 17th, D James Bidzos sold 2,000 shares of VeriSign stock. The shares were sold at an average price of $288.48, for a total transaction of $576,960.00.
• On Tuesday, September 16th, D James Bidzos sold 5,000 shares of VeriSign stock. The shares were sold at an average price of $287.34, for a total transaction of $1,436,700.00.
• On Wednesday, September 10th, D James Bidzos sold 2,000 shares of VeriSign stock. The stock was sold at an average price of $283.87, for a total transaction of $567,740.00.
• On Tuesday, September 9th, D James Bidzos sold 5,000 shares of VeriSign stock. The stock was sold at an average price of $283.24, for a total transaction of $1,416,200.00.
• On Wednesday, August 20th, D James Bidzos sold 2,000 shares of VeriSign stock. The stock was sold at an average price of $270.71, for a total transaction of $541,420.00.
• On Tuesday, August 19th, D James Bidzos sold 5,000 shares of VeriSign stock. The stock was sold at an average price of $268.43, for a total transaction of $1,342,150.00.
• On Wednesday, August 13th, D James Bidzos sold 2,000 shares of VeriSign stock. The stock was sold at an average price of $266.45, for a total transaction of $532,900.00.

VeriSign Stock Performance

VRSN traded down $1.36 during mid-day trading on Thursday, reaching $250.58. 1,384,744 shares of the stock were exchanged, compared to its average volume of 846,249. The stock has a market capitalization of $23.41 billion, a PE ratio of 29.90 and a beta of 0.79. The company has a 50 day moving average price of $274.15 and a two-hundred day moving average price of $274.39. VeriSign, Inc. has a 1 year low of $175.62 and a 1 year high of $310.60.

VeriSign (NASDAQ:VRSN - Get Free Report) last issued its quarterly earnings results on Thursday, October 23rd. The information services provider reported $2.27 earnings per share for the quarter, topping analysts' consensus estimates of $2.25 by $0.02. VeriSign had a net margin of 50.05% and a negative return on equity of 40.87%. VeriSign has set its FY 2025 guidance at EPS.

VeriSign declared that its Board of Directors has authorized a stock repurchase plan on Thursday, July 24th that permits the company to buyback $1.11 billion in 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 usually an indication that the company's management believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have recently commented on VRSN. Citigroup reaffirmed a "buy" rating on shares of VeriSign in a research report on Tuesday, July 8th. Weiss Ratings reiterated a "buy (b-)" rating on shares of VeriSign in a research report on Wednesday, October 8th. Finally, Robert W. Baird increased their target price 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. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $277.50.

Institutional Investors Weigh In On VeriSign

Institutional investors and hedge funds have recently modified their holdings of the company. Quarry LP purchased a new stake in shares of VeriSign in the first quarter worth about $641,000. Canada Pension Plan Investment Board increased its stake in shares of VeriSign by 118.3% in the first quarter. Canada Pension Plan Investment Board now owns 220,285 shares of the information services provider's stock worth $55,924,000 after buying an additional 119,368 shares during the period. Gabelli Funds LLC bought a new position in VeriSign during the 1st quarter valued at about $508,000. Gamco Investors INC. ET AL bought a new position in VeriSign during the 1st quarter valued at about $351,000. Finally, GAMMA Investing LLC lifted its stake in VeriSign by 35.6% during the 1st quarter. GAMMA Investing LLC now owns 2,746 shares of the information services provider's stock valued at $697,000 after acquiring an additional 721 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.

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