VeriSign (NASDAQ:VRSN) CEO D James Bidzos Sells 3,300 Shares of Company Stock

Key Points

• VeriSign CEO D. James Bidzos sold 3,300 shares for about $1.02 million at an average price of $307.99 under a pre-arranged Rule 10b5-1 plan. He retained 361,927 shares after the sale.
• The sale continued a pattern of weekly 3,300-share sales dating back to September.
• VeriSign’s latest quarterly earnings per share of $2.35 missed analyst expectations of $2.46, while revenue rose 5.7% year over year to $443 million.

VeriSign, Inc. (NASDAQ:VRSN - Get Free Report) CEO D. Bidzos sold 3,300 shares of the company's stock in a transaction that occurred on Tuesday, November 10th. The stock was sold at an average price of $307.99, for a total transaction of $1,016,367.00. Following the sale, the chief executive officer directly owned 361,927 shares in the company, valued at $111,469,896.73. This trade represents a 0.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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, November 3rd, D. Bidzos sold 3,300 shares of VeriSign stock. The stock was sold at an average price of $311.99, for a total transaction of $1,029,567.00.
• On Tuesday, October 27th, D. Bidzos sold 3,300 shares of VeriSign stock. The stock was sold at an average price of $303.67, for a total transaction of $1,002,111.00.
• On Tuesday, October 20th, D. Bidzos sold 3,300 shares of VeriSign stock. The shares were sold at an average price of $306.30, for a total transaction of $1,010,790.00.
• On Tuesday, October 13th, D. Bidzos sold 3,300 shares of VeriSign stock. The shares were sold at an average price of $302.85, for a total transaction of $999,405.00.
• On Tuesday, October 6th, D. Bidzos sold 3,300 shares of VeriSign stock. The shares were sold at an average price of $292.33, for a total transaction of $964,689.00.
• On Tuesday, September 29th, D. Bidzos sold 3,300 shares of VeriSign stock. The stock was sold at an average price of $278.78, for a total transaction of $919,974.00.
• On Tuesday, September 22nd, D. Bidzos sold 3,300 shares of VeriSign stock. The stock was sold at an average price of $304.74, for a total transaction of $1,005,642.00.
• On Tuesday, September 15th, D. Bidzos sold 3,300 shares of VeriSign stock. The stock was sold at an average price of $296.58, for a total value of $978,714.00.
• On Tuesday, September 8th, D. Bidzos sold 3,300 shares of VeriSign stock. The shares were sold at an average price of $284.40, for a total value of $938,520.00.
• On Tuesday, September 1st, D. Bidzos sold 3,300 shares of VeriSign stock. The shares were sold at an average price of $291.09, for a total value of $960,597.00.

VeriSign Stock Performance

VeriSign stock traded down $1.61 during midday trading on Thursday, hitting $312.48. 410,652 shares of the company's stock were exchanged, compared to its average volume of 842,510. VeriSign, Inc. has a 52-week low of $208.86 and a 52-week high of $324.63. The stock has a 50-day moving average price of $299.37 and a two-hundred day moving average price of $273.85. The company has a market cap of $28.03 billion, a P/E ratio of 33.60 and a beta of 0.66.

VeriSign (NASDAQ:VRSN - Get Free Report) last announced its earnings results on Thursday, October 22nd. The information services provider reported $2.35 earnings per share for the quarter, missing analysts' consensus estimates of $2.46 by ($0.11). VeriSign had a negative return on equity of 38.40% and a net margin of 49.06%. The business had revenue of $443.00 million during the quarter, compared to the consensus estimate of $440.58 million. During the same quarter in the prior year, the company earned $2.27 earnings per share. VeriSign's revenue was up 5.7% compared to the same quarter last year. As a group, sell-side analysts expect that VeriSign, Inc. will post 9.57 earnings per share for the current year.

VeriSign Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 24th. Investors of record on Tuesday, November 17th will be given a $0.81 dividend. This represents a $3.24 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Tuesday, November 17th. VeriSign's dividend payout ratio is 34.84%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on VRSN. JPMorgan Chase & Co. raised their target price on shares of VeriSign from $308.00 to $316.00 and gave the company a "neutral" rating in a research note on Friday, July 24th. Robert W. Baird set a $380.00 target price on shares of VeriSign in a research report on Friday, October 23rd. Citigroup boosted their price target on shares of VeriSign from $325.00 to $345.00 and gave the stock a "buy" rating in a research note on Friday, October 23rd. Weiss Ratings raised shares of VeriSign from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, October 12th. Finally, Wedbush increased their price target on shares of VeriSign from $351.00 to $367.00 and gave the stock an "outperform" rating in a report on Monday, October 26th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, VeriSign presently has an average rating of "Moderate Buy" and an average target price of $352.00.

Hedge Funds Weigh In On VeriSign

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Livelsberger Financial Advisory bought a new stake in VeriSign in the 3rd quarter worth approximately $27,000. Addison Advisors LLC purchased a new stake in VeriSign in the second quarter worth approximately $30,000. PenderFund Capital Management Ltd. bought a new position in VeriSign during the second quarter valued at approximately $40,000. NewEdge Advisors LLC grew its position in VeriSign by 40.5% during the second quarter. NewEdge Advisors LLC now owns 243 shares of the information services provider's stock valued at $61,000 after acquiring an additional 70 shares during the last quarter. Finally, Basecamp Wealth Advisors LLC grew its position in VeriSign by 19.0% during the first quarter. Basecamp Wealth Advisors LLC now owns 295 shares of the information services provider's stock valued at $73,000 after acquiring an additional 47 shares during the last quarter. 92.90% of the stock is currently owned by hedge funds and other institutional investors.

About VeriSign

VeriSign, Inc. operates critical internet infrastructure, best known for managing the domain-name registries for .com and .net. It provides the systems that allow domain names in these extensions to be registered and resolved through the Domain Name System, working with registrars that serve businesses and individuals. The company also provides registry services for other domain extensions and supports the security and stability of the internet's naming infrastructure. Its services are used globally through a network of registrars and other internet service providers.

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