VeriSign, Inc. (NASDAQ: VRSN) announced that its Executive Vice President, Thomas Indelicarto, sold 332 shares of the company’s stock on January 6, 2024. The transaction, valued at $79,955.56, was executed at an average price of $240.83 per share. Following this sale, Indelicarto retains ownership of 31,277 shares, worth approximately $7,532,439.91, marking a 1.05% decrease in his position.
The sale was officially disclosed in a filing with the U.S. Securities and Exchange Commission (SEC), which can be accessed publicly. Following this news, VeriSign’s stock opened at $248.94 on Friday, reflecting a slight increase of 0.7%. Over the past year, shares of VeriSign have fluctuated, reaching a low of $205.37 and a high of $310.60.
Recent Financial Performance and Analyst Ratings
VeriSign’s financial performance remains robust. On October 23, 2023, the company reported earnings of $2.27 per share (EPS) for the quarter, surpassing analysts’ expectations of $2.25 by $0.02. The company achieved a revenue of $419.10 million, exceeding the consensus estimate of $416.71 million. This represents a year-over-year revenue growth of 7.3%, compared to $2.07 EPS for the same quarter last year.
VeriSign maintains a market capitalization of $23.08 billion and reports a price-to-earnings ratio of 29.01. The company’s beta stands at 0.77, indicating less volatility compared to the broader market. Its fifty-day moving average is $246.63, while the two-hundred-day moving average is $264.90.
A variety of research firms have recently provided insights into VeriSign’s stock performance. Weiss Ratings reaffirmed a “hold (C+)” rating on December 29, 2023, while Zacks Research downgraded the stock from “hold” to “strong sell” on December 30, 2023. In contrast, JPMorgan Chase & Co. increased its price target from $270.00 to $271.00, maintaining a “neutral” rating. Citigroup has kept a “buy” rating, while Robert W. Baird set a target price of $325.00.
Currently, two analysts have rated VeriSign with a Buy rating, two have a Hold rating, and one has issued a Sell rating. According to data from MarketBeat.com, the stock holds a consensus rating of “Hold” with an average target price of $282.00.
Institutional Investment Trends
Recent trends reveal that institutional investors own approximately 92.90% of VeriSign’s stock. Several hedge funds have adjusted their holdings in the company. For instance, Livelsberger Financial Advisory acquired a new position during the second quarter valued at around $27,000. Similarly, Bruce G. Allen Investments LLC increased its stake by 56.5% in the same period, now owning 97 shares, worth $28,000.
Additionally, Salomon & Ludwin LLC raised its holdings by 112.5% during the third quarter, now possessing 102 shares valued at approximately $28,000. Other notable movements include Root Financial Partners LLC and Ameritas Advisory Services LLC, both acquiring new positions valued at around $29,000 and $34,000 respectively.
VeriSign, Inc. operates critical components of the global Domain Name System (DNS) and is recognized as the authoritative registry operator for the .com and .net top-level domains. The company plays a vital role in maintaining the central databases that ensure millions of websites can be accessed reliably.
As VeriSign continues to navigate market dynamics, its recent executive stock sale and solid financial performance highlight ongoing investor interest and the company’s strategic positioning within the technology sector.
