Insider Selling: VeriSign (NASDAQ:VRSN) EVP Sells 498 Shares of Stock

by · The Cerbat Gem

VeriSign, Inc. (NASDAQ:VRSN – Get Free Report) EVP Thomas Indelicarto sold 498 shares of the business’s stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $248.71, for a total value of $123,857.58. Following the sale, the executive vice president owned 30,613 shares in the company, valued at approximately $7,613,759.23. This represents a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.

VeriSign Stock Up 1.2%

VeriSign stock traded up $2.97 on Wednesday, hitting $249.31. The company’s stock had a trading volume of 496,629 shares, compared to its average volume of 572,092. The company has a fifty day moving average price of $246.84 and a 200-day moving average price of $264.10. The firm has a market cap of $23.11 billion, a P/E ratio of 29.06 and a beta of 0.77. VeriSign, Inc. has a one year low of $205.37 and a one year high of $310.60.

VeriSign (NASDAQ:VRSN – Get Free Report) last posted its quarterly earnings results on Thursday, October 23rd. The information services provider reported $2.27 earnings per share (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%. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.07 earnings per share.

VeriSign Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 25th. Shareholders of record on Tuesday, November 18th were issued a dividend of $0.77 per share. The ex-dividend date of this dividend was Tuesday, November 18th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 1.2%. VeriSign’s dividend payout ratio (DPR) is presently 35.90%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Citigroup reissued a “buy” rating on shares of VeriSign in a report on Friday, October 24th. Zacks Research cut shares of VeriSign from a “hold” rating to a “strong sell” rating in a research note on Tuesday, December 30th. Robert W. Baird set a $325.00 price target on VeriSign in a research report on Friday, October 24th. JPMorgan Chase & Co. raised their price target on VeriSign from $270.00 to $271.00 and gave the company a “neutral” rating in a report on Tuesday, January 6th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of VeriSign in a research note on Monday, December 29th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $282.00.

View Our Latest Stock Report on VRSN

Hedge Funds Weigh In On VeriSign

Several large investors have recently bought and sold shares of VRSN. Advisors Asset Management Inc. raised its position in shares of VeriSign by 25.3% during the 1st quarter. Advisors Asset Management Inc. now owns 198 shares of the information services provider’s stock valued at $50,000 after acquiring an additional 40 shares during the last quarter. Integrated Wealth Concepts LLC lifted its stake in VeriSign by 12.3% in the first quarter. Integrated Wealth Concepts LLC now owns 1,232 shares of the information services provider’s stock valued at $313,000 after buying an additional 135 shares during the period. NewEdge Advisors LLC boosted its holdings in VeriSign by 104.5% during the first quarter. NewEdge Advisors LLC now owns 4,125 shares of the information services provider’s stock worth $1,047,000 after buying an additional 2,108 shares during the last quarter. Jones Financial Companies Lllp grew its position in shares of VeriSign by 122.1% during the 1st quarter. Jones Financial Companies Lllp now owns 3,358 shares of the information services provider’s stock worth $852,000 after buying an additional 1,846 shares during the period. Finally, Empowered Funds LLC grew its position in shares of VeriSign by 2.0% during the 1st quarter. Empowered Funds LLC now owns 9,346 shares of the information services provider’s stock worth $2,373,000 after buying an additional 186 shares during the period. 92.90% of the stock is currently owned by institutional investors and hedge funds.

VeriSign Company Profile

(Get Free Report)

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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