VeriSign (NASDAQ:VRSN) EVP Sells $79,885.84 in Stock

Key Points

• VeriSign EVP Thomas Indelicarto sold 332 shares on March 10 at an average price of $240.62 for $79,885.84, trimming his position by 0.83% to 39,696 shares (about $9.55M).
• The company reported Q EPS of $2.23 (missing the $2.29 estimate) on revenue of $425.3M, and raised its quarterly dividend to $0.81 (annualized $3.24, 1.4% yield).
• Shares traded around $235.73 with a market cap near $21.6B; analysts hold a MarketBeat consensus of "Hold" with an average target price of $292, indicating mixed outlooks.

VeriSign, Inc. (NASDAQ:VRSN - Get Free Report) EVP Thomas Indelicarto sold 332 shares of VeriSign stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $240.62, for a total value of $79,885.84. Following the completion of the sale, the executive vice president owned 39,696 shares in the company, valued at $9,551,651.52. This represents a 0.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

VeriSign Stock Performance

Shares of NASDAQ VRSN traded down $2.88 during mid-day trading on Wednesday, reaching $235.73. 500,403 shares of the company's stock were exchanged, compared to its average volume of 747,836. The firm has a market capitalization of $21.62 billion, a price-to-earnings ratio of 26.76 and a beta of 0.76. VeriSign, Inc. has a 52-week low of $208.86 and a 52-week high of $310.60. The company's 50-day moving average is $236.46 and its 200-day moving average is $251.58.

VeriSign (NASDAQ:VRSN - Get Free Report) last issued its quarterly earnings data on Thursday, February 5th. The information services provider reported $2.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($0.06). VeriSign had a net margin of 49.84% and a negative return on equity of 40.40%. The company had revenue of $425.30 million during the quarter, compared to analysts' expectations of $424.04 million. During the same quarter last year, the firm posted $2.00 earnings per share. The firm's quarterly revenue was up 7.6% on a year-over-year basis.

VeriSign Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Thursday, February 19th were issued a $0.81 dividend. The ex-dividend date was Thursday, February 19th. This represents a $3.24 annualized dividend and a dividend yield of 1.4%. This is an increase from VeriSign's previous quarterly dividend of $0.77. VeriSign's dividend payout ratio (DPR) is currently 36.78%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on VRSN shares. Weiss Ratings reissued a "hold (c+)" rating on shares of VeriSign in a research report on Monday, December 29th. JPMorgan Chase & Co. lifted their price objective on VeriSign from $270.00 to $271.00 and gave the company a "neutral" rating in a research note on Tuesday, January 6th. Zacks Research raised VeriSign from a "strong sell" rating to a "hold" rating in a research note on Monday, February 9th. Finally, Citigroup lowered their target price on VeriSign from $337.00 to $280.00 and set a "buy" rating for the company in a report on Monday, February 9th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $292.00.

Institutional Investors Weigh In On VeriSign

Hedge funds have recently bought and sold shares of the stock. Salomon & Ludwin LLC raised its holdings in VeriSign by 112.5% in the third quarter. Salomon & Ludwin LLC now owns 102 shares of the information services provider's stock valued at $28,000 after acquiring an additional 54 shares in the last quarter. DV Equities LLC acquired a new stake in shares of VeriSign in the 4th quarter valued at $28,000. Root Financial Partners LLC acquired a new stake in shares of VeriSign in the 3rd quarter valued at $29,000. Sunbelt Securities Inc. lifted its position 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 last quarter. Finally, North Capital Inc. grew its stake in shares of VeriSign by 239.0% during the third quarter. North Capital Inc. now owns 139 shares of the information services provider's stock worth $39,000 after purchasing an additional 98 shares in the last quarter. Institutional investors and hedge funds own 92.90% of the company's stock.

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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