VeriSign (NASDAQ:VRSN) EVP Thomas Indelicarto Sells 501 Shares

Key Points

• Thomas Indelicarto, EVP of VeriSign, sold 501 shares at an average price of $282.28 for a total of $141,422.28, resulting in a 1.40% decrease in his holding.
• VeriSign reported $2.21 earnings per share (EPS) for the last quarter, surpassing analysts' expectations, with a revenue of $409.90 million, indicating a 5.9% increase year-over-year.
• The company has authorized a $1.11 billion share buyback plan, which allows it to repurchase up to 4.1% of its outstanding shares, reinforcing management's outlook on the stock's valuation.

VeriSign, Inc. (NASDAQ:VRSN - Get Free Report) EVP Thomas Indelicarto sold 501 shares of the business's stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $282.28, for a total value of $141,422.28. Following the completion of the sale, the executive vice president owned 35,191 shares of the company's stock, valued at $9,933,715.48. The trade was a 1.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

VeriSign Stock Performance

VeriSign stock traded down $2.23 during mid-day trading on Wednesday, reaching $283.48. 555,267 shares of the company were exchanged, compared to its average volume of 867,375. The business has a fifty day moving average of $277.36 and a 200 day moving average of $267.42. The firm has a market cap of $26.48 billion, a P/E ratio of 33.83 and a beta of 0.79. VeriSign, Inc. has a 12-month low of $175.62 and a 12-month high of $310.60.

VeriSign (NASDAQ:VRSN - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The information services provider reported $2.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $410.35 million. During the same period in the prior year, the firm posted $2.01 earnings per share. The business's quarterly revenue was up 5.9% on a year-over-year basis. VeriSign has set its FY 2025 guidance at EPS.

VeriSign Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 27th. Stockholders of record on Tuesday, August 19th were paid a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Tuesday, August 19th. VeriSign's dividend payout ratio is presently 36.75%.

VeriSign declared that its Board of Directors has authorized a share buyback plan on Thursday, July 24th that authorizes the company to repurchase $1.11 billion in outstanding shares. This repurchase authorization authorizes the information services provider to repurchase up to 4.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Institutional Trading of VeriSign

Several institutional investors have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. increased its holdings in VeriSign by 125.0% in the 2nd quarter. Osaic Holdings Inc. now owns 5,967 shares of the information services provider's stock valued at $1,723,000 after purchasing an additional 3,315 shares during the last quarter. Centaurus Financial Inc. acquired a new stake in VeriSign in the 2nd quarter valued at approximately $103,000. Orion Porfolio Solutions LLC increased its holdings in VeriSign by 12.3% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 10,332 shares of the information services provider's stock valued at $2,984,000 after purchasing an additional 1,130 shares during the last quarter. MASTERINVEST Kapitalanlage GmbH acquired a new stake in VeriSign in the 2nd quarter valued at approximately $205,000. Finally, Neuberger Berman Group LLC increased its holdings in VeriSign by 266.4% in the 2nd quarter. Neuberger Berman Group LLC now owns 29,044 shares of the information services provider's stock valued at $8,388,000 after purchasing an additional 21,117 shares during the last quarter. Institutional investors and hedge funds own 92.90% of the company's stock.

Analysts Set New Price Targets

VRSN has been the topic of a number of research reports. Citigroup reissued a "buy" rating on shares of VeriSign in a research note on Tuesday, July 8th. 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 note on Tuesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $277.50.

About VeriSign

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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