Thomas Indelicarto Sells 332 Shares of VeriSign (NASDAQ:VRSN) Stock

VeriSign, Inc. (NASDAQ:VRSN) EVP Thomas Indelicarto sold 332 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $240.62, for a total transaction of $79,885.84. Following the transaction, the executive vice president directly owned 39,696 shares of the company’s stock, valued at approximately $9,551,651.52. This represents a 0.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

VeriSign Trading Down 0.2%

Shares of VRSN stock opened at $235.15 on Friday. The firm’s 50 day moving average is $236.30 and its 200 day moving average is $251.47. VeriSign, Inc. has a 12 month low of $208.86 and a 12 month high of $310.60. The stock has a market capitalization of $21.56 billion, a P/E ratio of 26.69 and a beta of 0.76.

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

VeriSign Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Thursday, February 19th were issued a dividend of $0.81 per share. This is an increase from VeriSign’s previous quarterly dividend of $0.77. The ex-dividend date of this dividend was Thursday, February 19th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 1.4%. VeriSign’s payout ratio is presently 36.78%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of VeriSign in a research report on Monday, December 29th. Citigroup decreased their price objective on shares of VeriSign from $337.00 to $280.00 and set a “buy” rating on the stock in a research report on Monday, February 9th. Zacks Research raised shares of VeriSign from a “strong sell” rating to a “hold” rating in a research note on Monday, February 9th. Finally, JPMorgan Chase & Co. upped their target price on shares of VeriSign from $270.00 to $271.00 and gave the company a “neutral” rating in a report on Tuesday, January 6th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $292.00.

Hedge Funds Weigh In On VeriSign

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Salomon & Ludwin LLC raised its holdings in VeriSign by 112.5% in the 3rd 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 during the last quarter. DV Equities LLC purchased a new stake in shares of VeriSign in the fourth quarter valued at about $28,000. Root Financial Partners LLC bought a new stake in shares of VeriSign during the 3rd quarter worth $29,000. Sunbelt Securities Inc. raised its stake in VeriSign by 429.2% in the third quarter. Sunbelt Securities Inc. now owns 127 shares of the information services provider’s stock valued at $36,000 after buying an additional 103 shares during the period. Finally, North Capital Inc. grew its holdings in VeriSign by 239.0% during the 3rd quarter. North Capital Inc. now owns 139 shares of the information services provider’s stock valued at $39,000 after buying an additional 98 shares in the last quarter. Hedge funds and other institutional investors own 92.90% of the company’s stock.

About VeriSign

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.