Insider Selling: VeriSign (NASDAQ:VRSN) CEO Sells $878,097.00 in Stock

Key Points

• VeriSign CEO D. James Bidzos sold 3,300 shares on July 7 at an average price of $266.09, generating about $878,097. The sale was made under a pre-arranged Rule 10b5-1 plan, and he still owns 422,839 shares.
• This was part of a series of recent insider sales by Bidzos, who has been selling 3,300 shares each week over the past several weeks at varying prices. The repeated transactions suggest a planned reduction rather than a one-off move.
• VeriSign’s stock edged up 0.3% to $267.58 despite the insider sale. The company also reported quarterly earnings and revenue that beat estimates, and analysts currently rate the stock a Moderate Buy with a consensus target price of $327.67.

VeriSign, Inc. (NASDAQ:VRSN - Get Free Report) CEO D James Bidzos sold 3,300 shares of the stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $266.09, for a total transaction of $878,097.00. Following the completion of the transaction, the chief executive officer directly owned 422,839 shares of the company's stock, valued at $112,513,229.51. This trade represents a 0.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, June 30th, D James Bidzos sold 3,300 shares of VeriSign stock. The shares were sold at an average price of $250.94, for a total transaction of $828,102.00.
• On Tuesday, June 23rd, D James Bidzos sold 3,300 shares of VeriSign stock. The shares were sold at an average price of $248.53, for a total transaction of $820,149.00.
• On Tuesday, June 16th, D James Bidzos sold 3,300 shares of VeriSign stock. The stock was sold at an average price of $274.22, for a total transaction of $904,926.00.
• On Tuesday, June 9th, D James Bidzos sold 3,300 shares of VeriSign stock. The shares were sold at an average price of $284.29, for a total transaction of $938,157.00.
• On Tuesday, June 2nd, D James Bidzos sold 3,300 shares of VeriSign stock. The shares were sold at an average price of $297.47, for a total transaction of $981,651.00.

VeriSign Stock Up 0.3%

Shares of NASDAQ VRSN traded up $0.80 during midday trading on Wednesday, reaching $267.58. 837,574 shares of the company were exchanged, compared to its average volume of 829,433. The stock's 50-day moving average price is $279.30 and its 200-day moving average price is $256.97. The stock has a market cap of $24.35 billion, a P/E ratio of 29.57 and a beta of 0.71. VeriSign, Inc. has a one year low of $208.86 and a one year high of $312.48.

VeriSign (NASDAQ:VRSN - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The information services provider reported $2.34 earnings per share for the quarter, beating the consensus estimate of $2.30 by $0.04. VeriSign had a negative return on equity of 39.98% and a net margin of 49.95%.The company had revenue of $428.90 million for the quarter, compared to the consensus estimate of $424.50 million. During the same quarter last year, the business posted $2.10 EPS. VeriSign's revenue for the quarter was up 6.6% on a year-over-year basis. On average, equities research analysts anticipate that VeriSign, Inc. will post 9.47 EPS for the current year.

VeriSign Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 27th. Stockholders of record on Tuesday, May 19th were paid a $0.81 dividend. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $3.24 annualized dividend and a dividend yield of 1.2%. VeriSign's dividend payout ratio is currently 35.80%.

Institutional Trading of VeriSign

Institutional investors have recently added to or reduced their stakes in the stock. Groupe la Francaise lifted its position in shares of VeriSign by 2.8% in the 1st quarter. Groupe la Francaise now owns 1,413 shares of the information services provider's stock worth $351,000 after purchasing an additional 39 shares during the period. Advisors Asset Management Inc. raised its stake in VeriSign by 25.3% during the first quarter. Advisors Asset Management Inc. now owns 198 shares of the information services provider's stock worth $50,000 after buying an additional 40 shares during the last quarter. Tranquilli Financial Advisor LLC raised its stake in VeriSign by 5.1% during the fourth quarter. Tranquilli Financial Advisor LLC now owns 872 shares of the information services provider's stock worth $212,000 after buying an additional 42 shares during the last quarter. Waverly Advisors LLC lifted its holdings in VeriSign by 2.1% in the first quarter. Waverly Advisors LLC now owns 2,069 shares of the information services provider's stock valued at $514,000 after buying an additional 42 shares during the period. Finally, One Wealth Advisors LLC boosted its position in VeriSign by 3.8% during the fourth quarter. One Wealth Advisors LLC now owns 1,215 shares of the information services provider's stock valued at $295,000 after acquiring an additional 44 shares during the last quarter. 92.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Weiss Ratings reiterated a "buy (b-)" rating on shares of VeriSign in a research report on Wednesday, June 24th. Robert W. Baird raised their price target on shares of VeriSign from $305.00 to $355.00 and gave the company an "outperform" rating in a research note on Friday, April 24th. JPMorgan Chase & Co. lifted their price target on shares of VeriSign from $285.00 to $308.00 and gave the stock a "neutral" rating in a report on Thursday, June 18th. Finally, Citigroup increased their price objective on VeriSign from $295.00 to $320.00 and gave the company a "buy" rating in a report on Friday, April 24th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $327.67.

VeriSign Company Profile

VeriSign, Inc NASDAQ: VRSN is an internet infrastructure company that operates critical components of the global Domain Name System (DNS) and provides cybersecurity-related services. The company is best known as the authoritative registry operator for the .com and .net top-level domains, maintaining the central databases and zone files that enable domain name resolution for millions of websites. VeriSign's registry role is performed under contractual agreements with Internet Corporation for Assigned Names and Numbers (ICANN) and involves high-availability, highly secure operations to support continuous internet connectivity.

In addition to its registry business, VeriSign offers a suite of services designed to protect and accelerate DNS and internet traffic for enterprises and service providers.

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