VeriSign, Inc. (NASDAQ:VRSN - Get Free Report) EVP Thomas C. Indelicarto sold 501 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $264.50, for a total transaction of $132,514.50. Following the completion of the sale, the executive vice president directly owned 36,767 shares in the company, valued at approximately $9,724,871.50. This represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
VeriSign Stock Up 1.7%
VRSN traded up $4.48 during trading on Wednesday, hitting $267.50. 811,860 shares of the company's stock were exchanged, compared to its average volume of 882,353. The business's 50 day moving average is $281.15 and its two-hundred day moving average is $260.51. VeriSign, Inc. has a fifty-two week low of $172.49 and a fifty-two week high of $310.60. The stock has a market cap of $24.99 billion, a P/E ratio of 31.92 and a beta of 0.78.
VeriSign (NASDAQ:VRSN - Get Free Report) last announced its earnings results on Thursday, July 24th. The information services provider reported $2.21 EPS for the quarter, beating the consensus estimate 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%. The firm's revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.01 earnings per share.
VeriSign Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 27th. Shareholders of record on Tuesday, August 19th will be given a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Tuesday, August 19th. VeriSign's dividend payout ratio (DPR) is currently 36.75%.
VeriSign declared that its Board of Directors has authorized a share repurchase program on Thursday, July 24th that allows the company to buyback $1.11 billion in shares. This buyback authorization allows the information services provider to buy up to 4.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's leadership believes its shares are undervalued.
Hedge Funds Weigh In On VeriSign
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Livelsberger Financial Advisory bought a new position in shares of VeriSign in the second quarter valued at approximately $27,000. Bruce G. Allen Investments LLC increased its stake in shares of VeriSign by 56.5% in the second quarter. Bruce G. Allen Investments LLC now owns 97 shares of the information services provider's stock worth $28,000 after buying an additional 35 shares during the period. Bayforest Capital Ltd purchased a new position in shares of VeriSign in the second quarter worth $34,000. Ameritas Advisory Services LLC purchased a new position in VeriSign during the 2nd quarter valued at $34,000. Finally, Rakuten Securities Inc. boosted its holdings in shares of VeriSign by 13,000.0% during the 1st quarter. Rakuten Securities Inc. now owns 131 shares of the information services provider's stock valued at $33,000 after buying an additional 130 shares in the last quarter. Institutional investors own 92.90% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages recently issued reports on VRSN. Citigroup reissued a "buy" rating on shares of VeriSign in a research note on Tuesday, July 8th. 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 note on Tuesday, July 1st.
Get Our Latest Stock Report on VeriSign
VeriSign Company Profile
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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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