VeriSign, Inc. (NASDAQ:VRSN) EVP Thomas C. Indelicarto Sells 501 Shares

Key Points

• Thomas C. Indelicarto, EVP of VeriSign, sold 501 shares for a total of $135,019.50, reducing his ownership to 37,268 shares worth approximately $10 million.
• VeriSign recently announced a buyback plan worth $1.11 billion to repurchase up to 4.1% of its outstanding shares, suggesting the board believes the stock is undervalued.
• The company declared a quarterly dividend of $0.77 per share, with an annualized yield of 1.1%, scheduled to be paid on August 27.

VeriSign, Inc. (NASDAQ:VRSN - Get Free Report) EVP Thomas C. Indelicarto sold 501 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $269.50, for a total value of $135,019.50. Following the sale, the executive vice president directly owned 37,268 shares of the company's stock, valued at $10,043,726. This represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link.

VeriSign Stock Down 0.8%

Shares of NASDAQ VRSN traded down $2.10 during midday trading on Friday, reaching $271.89. 613,100 shares of the company's stock traded hands, compared to its average volume of 876,654. The company has a market cap of $25.40 billion, a price-to-earnings ratio of 32.45 and a beta of 0.78. The stock's 50 day simple moving average is $281.43 and its 200-day simple moving average is $258.50. VeriSign, Inc. has a one year low of $172.49 and a one year high of $310.60.

VeriSign (NASDAQ:VRSN - Get Free Report) last announced its earnings results on Thursday, July 24th. The information services provider reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.20 by $0.01. VeriSign had a negative return on equity of 40.87% and a net margin of 50.05%. The business had revenue of $409.90 million for the quarter, compared to analysts' expectations of $410.35 million. During the same quarter last year, the firm earned $2.01 EPS. The business's revenue for the quarter was up 5.9% on a year-over-year basis.

VeriSign Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 27th. Investors of record on Tuesday, August 19th will be given a dividend of $0.77 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $3.08 dividend on an annualized basis and a yield of 1.1%. VeriSign's dividend payout ratio (DPR) is presently 36.75%.

VeriSign declared that its Board of Directors has approved a share buyback program on Thursday, July 24th that permits the company to repurchase $1.11 billion in shares. This repurchase authorization permits the information services provider to purchase up to 4.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

VRSN has been the subject of several research analyst reports. Citigroup reaffirmed a "buy" rating on shares of VeriSign in a research note on Tuesday, July 8th. Wall Street Zen upgraded VeriSign from a "hold" rating to a "buy" rating in a report on Saturday, April 12th. Finally, Robert W. Baird raised their price target on VeriSign from $285.00 to $305.00 and gave the company an "outperform" rating in a research note on Tuesday, July 1st.

Institutional Trading of VeriSign

Several hedge funds have recently modified their holdings of VRSN. Livelsberger Financial Advisory acquired a new position in VeriSign during the 2nd quarter valued at about $27,000. Bruce G. Allen Investments LLC grew its stake in shares of 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 acquiring an additional 35 shares during the last quarter. Rakuten Securities Inc. grew its stake in shares of 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 acquiring an additional 130 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of VeriSign during the first quarter valued at about $34,000. Finally, Ameritas Advisory Services LLC purchased a new position in shares of VeriSign in the 2nd quarter valued at approximately $34,000. 92.90% of the stock is owned by hedge funds and other institutional investors.

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.