VeriSign, Inc. (NASDAQ:VRSN – Get Free Report) EVP Thomas Indelicarto sold 500 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $292.20, for a total value of $146,100.00. Following the transaction, the executive vice president owned 35,051 shares in the company, valued at $10,241,902.20. This represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
VeriSign Stock Performance
Shares of NASDAQ:VRSN traded up $0.31 during trading on Tuesday, hitting $299.20. 821,269 shares of the stock were exchanged, compared to its average volume of 831,235. The company has a market capitalization of $27.02 billion, a price-to-earnings ratio of 32.45 and a beta of 0.70. VeriSign, Inc. has a 1-year low of $208.86 and a 1-year high of $312.48. The company’s fifty day simple moving average is $274.25 and its 200-day simple moving average is $261.10.
VeriSign (NASDAQ:VRSN – Get Free Report) last issued its earnings results on Thursday, July 23rd. The information services provider reported $2.38 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.02. VeriSign had a negative return on equity of 39.20% and a net margin of 49.76%.The business had revenue of $434.60 million during the quarter, compared to analyst estimates of $433.19 million. During the same period in the prior year, the company posted $2.21 earnings per share. VeriSign’s revenue was up 6.0% on a year-over-year basis. On average, research analysts forecast that VeriSign, Inc. will post 9.56 earnings per share for the current fiscal year.
VeriSign Announces Dividend
Wall Street Analysts Forecast Growth
Several research analysts recently issued reports on the stock. Zacks Research raised shares of VeriSign from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 27th. Weiss Ratings reiterated a “buy (b-)” rating on shares of VeriSign in a research note on Wednesday, June 24th. JPMorgan Chase & Co. raised their target price on VeriSign from $308.00 to $316.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Citigroup boosted their price target on VeriSign from $295.00 to $320.00 and gave the company a “buy” rating in a research note on Friday, April 24th. Finally, Wedbush upped their price target on VeriSign from $318.00 to $324.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $328.75.
View Our Latest Stock Analysis on VRSN
Hedge Funds Weigh In On VeriSign
Several institutional investors have recently added to or reduced their stakes in VRSN. State Street Corp boosted its position in VeriSign by 8.2% in the third quarter. State Street Corp now owns 4,253,980 shares of the information services provider’s stock valued at $1,189,285,000 after buying an additional 321,737 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of VeriSign by 14.1% during the fourth quarter. AQR Capital Management LLC now owns 4,020,169 shares of the information services provider’s stock worth $976,700,000 after buying an additional 496,674 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of VeriSign by 1.4% during the first quarter. Renaissance Technologies LLC now owns 2,818,151 shares of the information services provider’s stock worth $699,916,000 after buying an additional 38,800 shares in the last quarter. Invesco Ltd. raised its stake in shares of VeriSign by 19.8% in the fourth quarter. Invesco Ltd. now owns 1,491,035 shares of the information services provider’s stock valued at $362,247,000 after acquiring an additional 246,887 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of VeriSign in the 4th quarter worth approximately $312,900,000. 92.90% of the stock is owned by institutional investors.
About VeriSign
VeriSign, Inc (NASDAQ: VRSN) is an internet infrastructure company that operates critical components of the global Domain Name System (DNS) and provides cybersecurity-related services. The company is best known as the authoritative registry operator for the .com and .net top-level domains, maintaining the central databases and zone files that enable domain name resolution for millions of websites. VeriSign’s registry role is performed under contractual agreements with Internet Corporation for Assigned Names and Numbers (ICANN) and involves high-availability, highly secure operations to support continuous internet connectivity.
In addition to its registry business, VeriSign offers a suite of services designed to protect and accelerate DNS and internet traffic for enterprises and service providers.
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