VeriSign (NASDAQ:VRSN) CEO Sells 3,300 Shares of Stock

VeriSign, Inc. (NASDAQ:VRSN) CEO D James Bidzos sold 3,300 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $281.20, for a total value of $927,960.00. Following the completion of the transaction, the chief executive officer owned 412,939 shares of the company’s stock, valued at $116,118,446.80. The trade was a 0.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, July 21st, D James Bidzos sold 3,300 shares of VeriSign stock. The stock was sold at an average price of $270.44, for a total transaction of $892,452.00.
• On Tuesday, July 7th, D James Bidzos sold 3,300 shares of VeriSign stock. The shares were sold at an average price of $266.09, for a total transaction of $878,097.00.
• On Tuesday, June 30th, D James Bidzos sold 3,300 shares of VeriSign stock. The shares were sold at an average price of $250.94, for a total transaction of $828,102.00.
• On Tuesday, June 23rd, D James Bidzos sold 3,300 shares of VeriSign stock. The shares were sold at an average price of $248.53, for a total transaction of $820,149.00.
• On Tuesday, June 16th, D James Bidzos sold 3,300 shares of VeriSign stock. The stock was sold at an average price of $274.22, for a total transaction of $904,926.00.
• On Tuesday, June 9th, D James Bidzos sold 3,300 shares of VeriSign stock. The shares were sold at an average price of $284.29, for a total transaction of $938,157.00.
• On Tuesday, June 2nd, D James Bidzos sold 3,300 shares of VeriSign stock. The shares were sold at an average price of $297.47, for a total transaction of $981,651.00.

VeriSign Trading Up 3.5%

NASDAQ:VRSN traded up $9.77 during mid-day trading on Wednesday, hitting $290.92. The company’s stock had a trading volume of 862,744 shares, compared to its average volume of 829,757. VeriSign, Inc. has a fifty-two week low of $208.86 and a fifty-two week high of $312.48. The company has a market capitalization of $26.27 billion, a price-to-earnings ratio of 31.55 and a beta of 0.71. The stock has a fifty day moving average of $275.50 and a 200-day moving average of $259.86.

VeriSign (NASDAQ:VRSN) last announced its quarterly earnings results on Thursday, July 23rd. The information services provider reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.02. The firm had revenue of $434.60 million during the quarter, compared to analysts’ expectations of $433.19 million. VeriSign had a net margin of 49.76% and a negative return on equity of 39.20%. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same quarter last year, the company earned $2.21 earnings per share. On average, equities analysts anticipate that VeriSign, Inc. will post 9.56 earnings per share for the current fiscal year.

VeriSign Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Wednesday, August 19th will be given a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Wednesday, August 19th. VeriSign’s dividend payout ratio (DPR) is 35.14%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on VRSN shares. JPMorgan Chase & Co. upped their price target on VeriSign from $308.00 to $316.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Weiss Ratings restated a “buy (b-)” rating on shares of VeriSign in a research note on Wednesday, June 24th. Robert W. Baird upped their target price on shares of VeriSign from $305.00 to $355.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Wedbush increased their target price on shares of VeriSign from $318.00 to $324.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Finally, Zacks Research raised shares of VeriSign from a “hold” rating to a “strong-buy” rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, VeriSign currently has an average rating of “Buy” and a consensus target price of $328.75.

VeriSign News Summary

Here are the key news stories impacting VeriSign this week:

• Positive Sentiment: Zacks upgraded VeriSign to a “Strong Buy”, or Zacks Rank #1, citing growing optimism about the company’s earnings prospects. The upgrade is the clearest near-term catalyst behind the stock’s strength. VeriSign Upgraded to Strong Buy
• Positive Sentiment: Analysts remain constructive: VeriSign has a consensus rating of “Moderate Buy” and an average price target of $328.75. Recent target increases from JPMorgan, Wedbush and other firms reinforce expectations for additional upside, although JPMorgan maintains a neutral rating. VeriSign analyst ratings
• Positive Sentiment: The company’s quarterly dividend of $0.81 per share, annualized to $3.24 and yielding about 1.2%, adds to shareholder returns and signals continued cash-generation capacity.
• Neutral Sentiment: VeriSign’s stock has outperformed many competitors recently despite a weaker session, remaining above both its 50-day and 200-day moving averages and near its 52-week high. This indicates strong momentum but also leaves the shares more exposed to profit-taking.
• Negative Sentiment: CEO D. James Bidzos sold 3,300 shares and EVP Thomas Indelicarto sold 500 shares. Both transactions were conducted under pre-arranged Rule 10b5-1 plans and represented small reductions in their holdings, limiting the negative signal, but the insider selling may temper enthusiasm.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Perpetual Ltd raised its position in VeriSign by 159.6% in the 4th quarter. Perpetual Ltd now owns 9,150 shares of the information services provider’s stock valued at $2,223,000 after purchasing an additional 5,626 shares during the last quarter. KLP Kapitalforvaltning AS grew its holdings in shares of VeriSign by 17.7% during the fourth quarter. KLP Kapitalforvaltning AS now owns 146,100 shares of the information services provider’s stock worth $35,495,000 after purchasing an additional 22,020 shares during the last quarter. Danske Bank A S increased its stake in shares of VeriSign by 23.5% in the fourth quarter. Danske Bank A S now owns 64,246 shares of the information services provider’s stock valued at $15,609,000 after buying an additional 12,220 shares in the last quarter. Asset Management One Co. Ltd. increased its stake in shares of VeriSign by 29.3% in the fourth quarter. Asset Management One Co. Ltd. now owns 49,688 shares of the information services provider’s stock valued at $12,179,000 after buying an additional 11,249 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of VeriSign by 2.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 174,140 shares of the information services provider’s stock valued at $41,886,000 after buying an additional 3,691 shares during the last quarter. 92.90% of the stock is owned by institutional investors and hedge funds.

VeriSign Company Profile

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.