Thomas C. Indelicarto, Executive Vice President, General Counsel & Secretary at Verisign Inc . (NASDAQ:VRSN), has recently sold 1,228 shares of the company's common stock. The transaction, which took place on October 15, 2024, was executed at a price of $190 per share, resulting in a total value of $233,320. Following this sale, Indelicarto holds 33,593 shares of Verisign stock.
In other recent news, VeriSign has been the subject of several financial analyses and discussions. Citi has maintained its Buy rating on VeriSign, with a steady price target of $215.00, despite a slight decrease in the domain name base. The firm has also adjusted its revenue projections for the third quarter of 2024, leading to a minor revision of the full-year 2024 estimates. On the other hand, Baird has kept its Neutral rating on VeriSign, anticipating that the company's third-quarter results will align with expectations.
In the midst of these analyses, VeriSign reported a 4.1% increase in revenue, growth in operating income, and earnings per share in the second quarter of 2024, but also faced a decrease in its domain name base. The company also executed a significant share repurchase program, buying back 2.2 million shares for $388 million, and authorized an additional $1.11 billion for future repurchases.
Furthermore, VeriSign has been in discussions with the National Telecommunications and Information Administration (NTIA) regarding the pricing of .com domains and the overall health of the ecosystem. The company is also preparing for the renewal of the .com registry and the pursuit of the new Top-Level Domain (TLD) .web. These are recent developments that could significantly influence VeriSign's future operations and financial performance.
InvestingPro Insights
As Thomas C. Indelicarto reduces his stake in Verisign Inc. (NASDAQ:VRSN), investors might be curious about the company's current financial standing and market position. According to InvestingPro data, Verisign boasts a market capitalization of $18.25 billion, reflecting its significant presence in the internet infrastructure services sector.
The company's financial health appears robust, with a P/E ratio of 22.35, suggesting a reasonable valuation relative to its earnings. This is further supported by an InvestingPro Tip indicating that Verisign is trading at a low P/E ratio relative to its near-term earnings growth, which could be attractive to value-oriented investors.
Verisign's impressive gross profit margin of 87.35% for the last twelve months as of Q2 2024 underscores its operational efficiency. This aligns with another InvestingPro Tip highlighting the company's impressive gross profit margins, which may contribute to its ability to generate strong cash flows.
It's worth noting that while Indelicarto has sold shares, management has been aggressively buying back stock, according to an InvestingPro Tip. This could signal confidence in the company's future prospects and potentially support share prices.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 10 more tips available for Verisign. These tips could provide valuable context for understanding the company's financial position and growth potential in light of recent insider transactions.
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