In a recent transaction, Thomas C. Indelicarto, the Executive Vice President, General Counsel, and Secretary of VeriSign Inc. (NASDAQ:VRSN), sold 614 shares of the company's common stock. The sale took place on April 11, 2024, with the stock priced at $190.00 per share, amounting to a total value of $116,660.
Following the sale, Indelicarto's remaining stake in the company totals 41,955 shares of common stock, directly owned. This transaction was publicly reported in compliance with SEC regulations on April 12, 2024.
Investors often monitor insider sales as they can provide insights into an executive's perspective on the company's current valuation and future prospects. However, such transactions can occur for various reasons and may not necessarily indicate a bearish outlook by the insider.
VeriSign, a company specializing in domain name registry services and internet security, is headquartered in Reston, Virginia, and operates under the Computer Programming Services industry as classified by the SIC code 7371.
Details of the transaction are available in the latest SEC filings, which provide transparency into the trading activities of the company's executives and major shareholders.
InvestingPro Insights
As VeriSign Inc. (NASDAQ:VRSN) navigates the ever-evolving landscape of internet security and domain registry services, recent market data from InvestingPro offers a snapshot of the company's financial standing. VeriSign boasts an impressive gross profit margin of 86.79% for the last twelve months as of Q4 2023, underscoring its efficiency in generating revenue relative to the costs associated with goods sold.
While the company's management has been actively buying back shares, reflecting confidence in the business, it's also worth noting that VeriSign is trading at a low price-to-earnings (P/E) ratio of 22.88, adjusted for the last twelve months as of Q4 2023. This could suggest that the stock is undervalued relative to its near-term earnings growth potential, as highlighted by an InvestingPro Tip. Additionally, the company's moderate level of debt should not overshadow its profitability over the past year and the high return it has delivered over the last decade.
With a market capitalization of $18.57 billion, VeriSign is a significant player in its industry. However, investors should be aware that the stock is trading near its 52-week low, with a price 81.48% of its 52-week high, which could present a potential buying opportunity for long-term investors considering the company's solid fundamentals.
For those interested in a deeper analysis, InvestingPro offers additional insights on VeriSign Inc., with a total of 12 InvestingPro Tips available for review. Users can access these tips and more detailed metrics by visiting https://www.investing.com/pro/VRSN. To enhance your investment strategy, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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