Insider Selling: VeriSign (NASDAQ:VRSN) EVP Sells 500 Shares

Key Points

• VeriSign EVP Thomas Indelicarto sold 500 shares at an average price of $292.35, totaling $146,175. The transaction, conducted under a pre-arranged Rule 10b5-1 plan, reduced his holdings by 1.43%.
• VeriSign reported quarterly EPS of $2.38, exceeding estimates by $0.02, while revenue rose 6% year over year to $434.6 million. The company also announced a quarterly dividend of $0.81 per share, representing a 1.1% yield.
• Analysts maintain a broadly positive view, with an average rating of “Buy” and a consensus price target of $328.75. Shares recently traded at $287.63, compared with a 52-week range of $208.86 to $312.48.

VeriSign, Inc. (NASDAQ:VRSN - Get Free Report) EVP Thomas Indelicarto sold 500 shares of the business's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $292.35, for a total value of $146,175.00. Following the completion of the transaction, the executive vice president owned 34,551 shares in the company, valued at $10,100,984.85. This trade represents a 1.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

VeriSign Price Performance

NASDAQ:VRSN traded down $5.71 during mid-day trading on Tuesday, reaching $287.63. The stock had a trading volume of 738,360 shares, compared to its average volume of 831,776. VeriSign, Inc. has a fifty-two week low of $208.86 and a fifty-two week high of $312.48. The business's 50 day moving average is $274.10 and its 200 day moving average is $262.70. The stock has a market cap of $25.97 billion, a P/E ratio of 31.20 and a beta of 0.70.

VeriSign (NASDAQ:VRSN - Get Free Report) last posted its earnings results on Thursday, July 23rd. The information services provider reported $2.38 EPS for the quarter, topping the consensus estimate of $2.36 by $0.02. The firm had revenue of $434.60 million for the quarter, compared to the consensus estimate of $433.19 million. VeriSign had a net margin of 49.76% and a negative return on equity of 39.20%. The business's quarterly revenue was up 6.0% on a year-over-year basis. During the same period in the prior year, the business posted $2.21 earnings per share. Equities analysts expect that VeriSign, Inc. will post 9.56 EPS for the current year.

VeriSign Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Wednesday, August 19th will be paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Wednesday, August 19th. VeriSign's dividend payout ratio (DPR) is presently 35.14%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of VRSN. DV Equities LLC acquired a new stake in shares of VeriSign in the fourth quarter worth $28,000. Addison Advisors LLC bought a new stake in VeriSign in the 2nd quarter valued at $30,000. Sunbelt Securities Inc. increased its holdings in shares of VeriSign by 429.2% during the 3rd quarter. Sunbelt Securities Inc. now owns 127 shares of the information services provider's stock worth $36,000 after purchasing an additional 103 shares during the period. Advisors Asset Management Inc. increased its holdings in shares of VeriSign by 25.3% during the 1st quarter. Advisors Asset Management Inc. now owns 198 shares of the information services provider's stock worth $50,000 after purchasing an additional 40 shares during the period. Finally, Activest Wealth Management raised its position in shares of VeriSign by 788.0% during the fourth quarter. Activest Wealth Management now owns 222 shares of the information services provider's stock valued at $54,000 after buying an additional 197 shares during the last quarter. 92.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have issued reports on VRSN shares. Citigroup upped their target price on VeriSign from $295.00 to $320.00 and gave the stock a "buy" rating in a research report on Friday, April 24th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of VeriSign in a report on Wednesday, June 24th. Zacks Research upgraded shares of VeriSign from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 27th. Robert W. Baird lifted their target price on shares of VeriSign from $305.00 to $355.00 and gave the stock an "outperform" rating in a report on Friday, April 24th. Finally, Wedbush boosted their target price on shares of VeriSign from $318.00 to $324.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $328.75.

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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