On January 6, 2024, Thomas Indelicarto, Executive Vice President of VeriSign, Inc. (NASDAQ: VRSN), sold 332 shares of the company’s stock for a total of $79,955.56. The shares were sold at an average price of $240.83, resulting in a slight reduction of 1.05% in his holdings. Following this transaction, Indelicarto now directly owns 31,277 shares valued at approximately $7,532,439.91.
The sale has been disclosed in a filing with the U.S. Securities and Exchange Commission (SEC). As of the latest trading session, VeriSign’s stock opened at $248.94, showing a 0.7% increase. The company’s stock has fluctuated within a twelve-month range, with a low of $205.37 and a high of $310.60. VeriSign currently has a market capitalization of $23.08 billion and a price-to-earnings ratio of 29.01.
Company Performance and Analyst Ratings
VeriSign recently reported its quarterly earnings on October 23, 2023, revealing earnings per share (EPS) of $2.27, exceeding analysts’ expectations of $2.25 by $0.02. The company generated revenue of $419.10 million for the quarter, also surpassing the consensus estimate of $416.71 million. This represented a 7.3% increase in revenue compared to the same quarter the previous year.
Despite the positive financial results, VeriSign has faced a negative return on equity of 40.66% and a net margin of 49.86%. The company’s performance has drawn mixed reviews from analysts, with several research firms recently adjusting their ratings. For instance, Zacks Research downgraded VeriSign from a “hold” to a “strong sell” rating, while JPMorgan Chase & Co. increased their price target from $270.00 to $271.00, maintaining a “neutral” rating.
As of now, two analysts rate the stock as a Buy, two as Hold, and one as Sell. The consensus rating stands at “Hold,” with an average target price of $282.00, according to data from MarketBeat.com.
Institutional Investments and Company Overview
Institutional ownership constitutes a significant portion of VeriSign, with approximately 92.90% of the company’s shares held by institutional investors. Recent activity has seen several hedge funds adjust their positions in the company. For example, Livelsberger Financial Advisory acquired a new stake in VeriSign valued at about $27,000, while Bruce G. Allen Investments LLC increased its holdings by 56.5% during the second quarter.
VeriSign, based in the United States, plays a crucial role in internet infrastructure by operating key components of the global Domain Name System (DNS) and providing cybersecurity services. The company is recognized as the authoritative registry operator for the .com and .net top-level domains, ensuring the reliable functioning of domain name resolution for millions of websites.
Through contractual agreements with the Internet Corporation for Assigned Names and Numbers (ICANN), VeriSign upholds high-availability and secure operations to support continuous internet connectivity. Alongside its registry services, the company offers a variety of solutions aimed at safeguarding and enhancing DNS and internet traffic for various enterprises and service providers.
