Insider Selling: VeriSign (NASDAQ:VRSN) CEO Sells $523,080.00 in Stock

VeriSign, Inc. (NASDAQ:VRSN) CEO D James Bidzos sold 2,000 shares of VeriSign stock in a transaction dated Wednesday, October 22nd. The stock was sold at an average price of $261.54, for a total transaction of $523,080.00. Following the transaction, the chief executive officer directly owned 460,439 shares of the company’s stock, valued at approximately $120,423,216.06. This represents a 0.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

D James Bidzos also recently made the following trade(s):

• On Tuesday, October 21st, D James Bidzos sold 5,000 shares of VeriSign stock. The stock was sold at an average price of $267.43, for a total transaction of $1,337,150.00.
• On Wednesday, October 15th, D James Bidzos sold 2,000 shares of VeriSign stock. The stock was sold at an average price of $264.06, for a total transaction of $528,120.00.
• On Tuesday, October 14th, D James Bidzos sold 5,000 shares of VeriSign stock. The stock was sold at an average price of $265.57, for a total transaction of $1,327,850.00.
• On Wednesday, September 17th, D James Bidzos sold 2,000 shares of VeriSign stock. The stock was sold at an average price of $288.48, for a total transaction of $576,960.00.
• On Tuesday, September 16th, D James Bidzos sold 5,000 shares of VeriSign stock. The stock was sold at an average price of $287.34, for a total transaction of $1,436,700.00.
• On Wednesday, September 10th, D James Bidzos sold 2,000 shares of VeriSign stock. The stock was sold at an average price of $283.87, for a total transaction of $567,740.00.
• On Tuesday, September 9th, D James Bidzos sold 5,000 shares of VeriSign stock. The stock was sold at an average price of $283.24, for a total transaction of $1,416,200.00.
• On Wednesday, August 20th, D James Bidzos sold 2,000 shares of VeriSign stock. The stock was sold at an average price of $270.71, for a total transaction of $541,420.00.
• On Tuesday, August 19th, D James Bidzos sold 5,000 shares of VeriSign stock. The stock was sold at an average price of $268.43, for a total transaction of $1,342,150.00.
• On Wednesday, August 13th, D James Bidzos sold 2,000 shares of VeriSign stock. The shares were sold at an average price of $266.45, for a total transaction of $532,900.00.

VeriSign Price Performance

VeriSign stock opened at $247.08 on Friday. The stock has a market cap of $23.08 billion, a price-to-earnings ratio of 28.80 and a beta of 0.79. VeriSign, Inc. has a 1 year low of $175.62 and a 1 year high of $310.60. The firm has a 50-day moving average of $273.69 and a two-hundred day moving average of $274.74.

VeriSign (NASDAQ:VRSN) last released its quarterly earnings data on Thursday, October 23rd. The information services provider reported $2.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.25 by $0.02. The company had revenue of $419.10 million during the quarter, compared to analysts’ expectations of $416.71 million. VeriSign had a net margin of 49.86% and a negative return on equity of 41.04%. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the company earned $2.07 EPS. VeriSign has set its FY 2025 guidance at EPS.

VeriSign Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, November 18th will be given a $0.77 dividend. This represents a $3.08 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Tuesday, November 18th. VeriSign’s payout ratio is 35.90%.

VeriSign announced that its board has initiated a stock repurchase plan on Thursday, July 24th that authorizes the company to repurchase $1.11 billion in 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 often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of VeriSign in a research report on Friday. Citigroup restated a “buy” rating on shares of VeriSign in a report on Friday. Finally, Robert W. Baird set a $325.00 price target on shares of VeriSign in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to MarketBeat.com, VeriSign currently has a consensus rating of “Buy” and an average target price of $287.50.

Institutional Investors Weigh In On VeriSign

Several large investors have recently modified their holdings of the business. Bruce G. Allen Investments LLC raised its holdings in shares of VeriSign by 56.5% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 97 shares of the information services provider’s stock valued at $28,000 after purchasing an additional 35 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in shares of VeriSign by 2.5% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,506 shares of the information services provider’s stock worth $382,000 after acquiring an additional 37 shares in the last quarter. Zions Bancorporation National Association UT raised its stake in shares of VeriSign by 20.2% during the 2nd quarter. Zions Bancorporation National Association UT now owns 226 shares of the information services provider’s stock worth $65,000 after acquiring an additional 38 shares in the last quarter. Flputnam Investment Management Co. raised its stake in shares of VeriSign by 1.8% during the 1st quarter. Flputnam Investment Management Co. now owns 2,183 shares of the information services provider’s stock worth $554,000 after acquiring an additional 39 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its stake 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 worth $50,000 after acquiring an additional 40 shares in the last quarter. 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.