Insider Selling: VeriSign (NASDAQ:VRSN) EVP Sells 2,500 Shares of Stock

VeriSign, Inc. (NASDAQ:VRSN) EVP Danny Mcpherson sold 2,500 shares of the stock in a transaction on Friday, October 31st. The shares were sold at an average price of $236.87, for a total value of $592,175.00. Following the sale, the executive vice president directly owned 28,577 shares in the company, valued at $6,769,033.99. This trade represents a 8.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

VeriSign Stock Up 2.0%

Shares of NASDAQ VRSN traded up $4.76 during trading hours on Monday, hitting $244.56. 1,170,409 shares of the stock were exchanged, compared to its average volume of 871,307. The company has a market cap of $22.67 billion, a PE ratio of 28.50 and a beta of 0.79. The firm has a fifty day moving average price of $270.17 and a 200-day moving average price of $274.88. VeriSign, Inc. has a 12 month low of $175.90 and a 12 month high of $310.60.

VeriSign (NASDAQ:VRSN) last posted its quarterly earnings data on Thursday, October 23rd. The information services provider reported $2.27 EPS for the quarter, topping the consensus estimate of $2.25 by $0.02. The firm had revenue of $419.10 million during the quarter, compared to analyst estimates of $416.71 million. VeriSign had a net margin of 49.86% and a negative return on equity of 40.66%. VeriSign’s revenue was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.07 EPS. VeriSign has set its FY 2025 guidance at EPS.

VeriSign announced that its board has authorized a stock buyback plan on Thursday, July 24th that permits the company to buyback $1.11 billion in outstanding shares. This buyback authorization permits the information services provider to reacquire up to 4.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

VeriSign Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders of record on Tuesday, November 18th will be issued a dividend of $0.77 per share. The ex-dividend date of this dividend is Tuesday, November 18th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 1.3%. VeriSign’s payout ratio is 35.90%.

Analyst Ratings Changes

A number of research analysts have issued reports on VRSN shares. Citigroup reissued a “buy” rating on shares of VeriSign in a report on Friday, October 24th. Zacks Research upgraded shares of VeriSign to a “hold” rating in a research report on Thursday. JPMorgan Chase & Co. started coverage on shares of VeriSign in a research report on Tuesday, October 28th. They set a “neutral” rating and a $270.00 price objective for the company. Weiss Ratings restated a “buy (b-)” rating on shares of VeriSign in a research report on Wednesday, October 8th. Finally, Robert W. Baird set a $325.00 price target on shares of VeriSign in a research note on Friday, October 24th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, VeriSign currently has a consensus rating of “Moderate Buy” and an average target price of $281.67.

Institutional Investors Weigh In On VeriSign

A number of hedge funds have recently modified their holdings of the company. Livelsberger Financial Advisory purchased a new position in VeriSign during the second quarter worth about $27,000. Bruce G. Allen Investments LLC increased its holdings in shares of VeriSign by 56.5% during the 2nd 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 last quarter. Salomon & Ludwin LLC raised its position in shares of VeriSign by 112.5% during the 3rd quarter. Salomon & Ludwin LLC now owns 102 shares of the information services provider’s stock valued at $28,000 after buying an additional 54 shares during the period. Root Financial Partners LLC purchased a new stake in shares of VeriSign during the 3rd quarter valued at approximately $29,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in VeriSign in the first quarter valued at approximately $34,000. Hedge funds and other institutional investors own 92.90% of the company’s stock.

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.