Key Points
- VeriSign EVP Thomas Indelicarto sold 500 shares at an average price of $292.35, generating $146,175. The transaction occurred under a pre-arranged Rule 10b5-1 trading plan, leaving him with 34,551 shares.
- VeriSign reported quarterly revenue of $434.6 million and adjusted earnings of $2.38 per share, narrowly exceeding analyst expectations; revenue rose 6% year over year.
- The company announced a quarterly dividend of $0.81 per share, equivalent to a 1.1% yield, while analysts maintained an overall “Buy” rating with a consensus price target of $328.75.
VeriSign, Inc. (NASDAQ:VRSN - Get Free Report) EVP Thomas Indelicarto sold 500 shares of the business's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $292.35, for a total transaction of $146,175.00. Following the transaction, the executive vice president directly owned 34,551 shares in the company, valued at approximately $10,100,984.85. The trade was a 1.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
VeriSign Trading Down 1.9%
Shares of NASDAQ VRSN opened at $287.63 on Wednesday. The firm has a fifty day simple moving average of $273.90 and a two-hundred day simple moving average of $262.94. VeriSign, Inc. has a 12 month low of $208.86 and a 12 month high of $312.48. The firm has a market capitalization of $25.97 billion, a PE ratio of 31.20 and a beta of 0.70.
VeriSign (NASDAQ:VRSN - Get Free Report) last announced its earnings results on Thursday, July 23rd. The information services provider reported $2.38 earnings per share for the quarter, beating analysts' consensus estimates of $2.36 by $0.02. VeriSign had a net margin of 49.76% and a negative return on equity of 39.20%. The firm had revenue of $434.60 million for the quarter, compared to analyst estimates of $433.19 million. During the same quarter in the previous year, the firm posted $2.21 EPS. The company's revenue for the quarter was up 6.0% compared to the same quarter last year. On average, sell-side analysts predict that VeriSign, Inc. will post 9.56 earnings per share for the current year.
VeriSign Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Wednesday, August 19th will be paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Wednesday, August 19th. VeriSign's dividend payout ratio (DPR) is presently 35.14%.
Institutional Trading of VeriSign
A number of institutional investors and hedge funds have recently modified their holdings of VRSN. Ieq Capital LLC purchased a new position in shares of VeriSign in the second quarter worth $34,865,000. Robinhood Asset Management LLC purchased a new stake in shares of VeriSign during the second quarter valued at $9,501,000. Callan Family Office LLC purchased a new stake in shares of VeriSign during the second quarter valued at $944,000. OneAscent Family Office LLC bought a new stake in VeriSign in the 2nd quarter worth about $203,000. Finally, Allworth Financial LP bought a new stake in VeriSign in the 2nd quarter worth about $1,110,000. Institutional investors own 92.90% of the company's stock.
Analyst Ratings Changes
Several equities research analysts recently weighed in on the company. Citigroup upped their price target on VeriSign from $295.00 to $320.00 and gave the stock a "buy" rating in a research note on Friday, April 24th. Wedbush boosted their target price on shares of VeriSign from $318.00 to $324.00 and gave the company an "outperform" rating in a report on Friday, July 24th. JPMorgan Chase & Co. upped their target price on shares of VeriSign from $308.00 to $316.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Weiss Ratings reiterated a "buy (b-)" rating on shares of VeriSign in a research note on Wednesday, June 24th. Finally, Robert W. Baird increased their price target on shares of VeriSign from $305.00 to $355.00 and gave the stock an "outperform" rating in a research note on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $328.75.
Read Our Latest Report on VRSN
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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