Thomas Indelicarto Sells 501 Shares of VeriSign (NASDAQ:VRSN) Stock

Key Points

• Thomas Indelicarto, EVP of VeriSign, sold 501 shares at $262.92 each, totaling approximately $131,723, reducing his ownership by 1.44% to 34,189 shares.
• VeriSign reported a quarterly earnings per share of $2.21, slightly above the consensus estimate, with a revenue of $409.90 million, a 5.9% increase year-over-year.
• The company announced a quarterly dividend of $0.77 and has a share repurchase plan for up to $1.11 billion, indicating confidence in the stock's value.

VeriSign, Inc. (NASDAQ:VRSN - Get Free Report) EVP Thomas Indelicarto sold 501 shares of the firm's stock in a transaction that occurred on Tuesday, October 14th. The stock was sold at an average price of $262.92, for a total transaction of $131,722.92. Following the completion of the transaction, the executive vice president directly owned 34,189 shares in the company, valued at $8,988,971.88. This trade represents a 1.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

VeriSign Stock Up 0.3%

VRSN stock traded up $0.73 during mid-day trading on Wednesday, hitting $265.74. 814,140 shares of the company were exchanged, compared to its average volume of 844,536. The firm has a market capitalization of $24.82 billion, a P/E ratio of 31.71 and a beta of 0.79. VeriSign, Inc. has a 12-month low of $175.62 and a 12-month high of $310.60. The business has a fifty day simple moving average of $275.15 and a 200-day simple moving average of $273.93.

VeriSign (NASDAQ:VRSN - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The information services provider reported $2.21 EPS for the quarter, topping the consensus estimate of $2.20 by $0.01. The business 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 company's quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.01 earnings per share. VeriSign has set its FY 2025 guidance at EPS.

VeriSign Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 27th. Shareholders of record on Tuesday, August 19th were paid a $0.77 dividend. This represents a $3.08 annualized dividend and a yield of 1.2%. The ex-dividend date was Tuesday, August 19th. VeriSign's dividend payout ratio is currently 36.75%.

VeriSign announced that its Board of Directors has approved a share repurchase plan on Thursday, July 24th that allows the company to repurchase $1.11 billion in shares. This repurchase authorization allows the information services provider to repurchase up to 4.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Livelsberger Financial Advisory acquired a new stake in shares of VeriSign in the second quarter valued at approximately $27,000. Bruce G. Allen Investments LLC boosted its position in VeriSign by 56.5% during the second quarter. Bruce G. Allen Investments LLC now owns 97 shares of the information services provider's stock worth $28,000 after purchasing an additional 35 shares during the period. Rakuten Securities Inc. boosted its position in VeriSign by 13,000.0% during the first quarter. Rakuten Securities Inc. now owns 131 shares of the information services provider's stock worth $33,000 after purchasing an additional 130 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in VeriSign during the 1st quarter worth $34,000. Finally, Ameritas Advisory Services LLC acquired a new position in VeriSign in the second quarter valued at about $34,000. Institutional investors own 92.90% of the company's stock.

Analyst Ratings Changes

VRSN has been the topic of a number of analyst reports. Robert W. Baird raised 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. Weiss Ratings reissued a "buy (b-)" rating on shares of VeriSign in a research report on Wednesday, October 8th. Finally, Citigroup reaffirmed a "buy" rating on shares of VeriSign in a research report on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $277.50.

VeriSign Company Profile

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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