RESTON, Va.—John Calys, Senior Vice President and Chief Accounting Officer at Verisign Inc . (NASDAQ:VRSN), recently sold 1,066 shares of the company’s common stock. The transaction took place on November 7, 2024, at an average price of $186.492 per share, amounting to a total sale of approximately $198,800.
Following this transaction, Calys retains ownership of 21,095 shares directly. This sale was documented in a Form 4 filing with the Securities and Exchange Commission, as signed by Thomas C. Indelicarto under power of attorney for Calys.
In other recent news, VeriSign reported a mixed bag of results for Q3 2024. The company recorded a modest revenue growth of 3.8% year-over-year to $391 million. However, it also experienced a decline in the total domain name base and projected lower renewal rates. Despite these challenges, VeriSign's earnings per share increased by 13.1% to $2.07.
The company has also been actively discussing the .com registry agreement renewal with the NTIA. As part of its strategy to navigate these market conditions, VeriSign plans to introduce new marketing programs aimed at stimulating growth in the domain name base. These programs are expected to extend into 2025.
Investors should note that the company's full-year 2024 revenue is projected to be between $1.554 billion and $1.559 billion, with operating income expected to fall between $1.054 billion and $1.059 billion. Despite facing challenges in domain name registrations and renewal rates, VeriSign maintains a stable liquidity position with $645 million in cash and has repurchased 1.7 million shares for $301 million during the quarter.
InvestingPro Insights
While John Calys's recent stock sale might raise eyebrows, it's essential to consider Verisign's broader financial picture. According to InvestingPro data, Verisign boasts a market capitalization of $17.62 billion and trades at a P/E ratio of 21.41, suggesting a relatively moderate valuation for a tech company.
An InvestingPro Tip highlights that management has been aggressively buying back shares, which could indicate confidence in the company's future prospects and potentially offset the impact of insider sales. Additionally, Verisign's impressive gross profit margins, standing at 87.58% for the last twelve months as of Q3 2024, underscore the company's operational efficiency.
Another noteworthy InvestingPro Tip reveals that Verisign operates with a moderate level of debt, which may provide financial flexibility in a dynamic tech landscape. For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips that could provide deeper insights into Verisign's financial health and market position.
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