VeriSign (NASDAQ:VRSN – Free Report) had its price objective hoisted by Wedbush from $341.00 to $351.00 in a research note released on Monday, Marketbeat reports. Wedbush currently has an outperform rating on the information services provider’s stock.
Several other equities analysts also recently commented on the stock. Zacks Research downgraded shares of VeriSign from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 23rd. JPMorgan Chase & Co. raised their price target on shares of VeriSign from $308.00 to $316.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Finally, Weiss Ratings upgraded shares of VeriSign from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, October 12th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $335.50.
View Our Latest Stock Report on VRSN
VeriSign Price Performance
VRSN opened at $307.25 on Monday. The business has a fifty day simple moving average of $292.48 and a 200 day simple moving average of $283.15. VeriSign has a 1 year low of $208.86 and a 1 year high of $312.48. The company has a market capitalization of $27.74 billion, a PE ratio of 33.25 and a beta of 0.69.
VeriSign (NASDAQ:VRSN – Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The information services provider reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.02. VeriSign had a negative return on equity of 39.20% and a net margin of 49.76%. The firm had revenue of $434.60 million for the quarter, compared to analysts’ expectations of $433.19 million. During the same quarter last year, the business earned $2.21 EPS. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. Equities analysts anticipate that VeriSign will post 9.59 earnings per share for the current fiscal year.
Insider Buying and Selling
In other VeriSign news, CEO D. Bidzos sold 3,300 shares of the firm’s stock in a transaction on Tuesday, October 20th. The stock was sold at an average price of $306.30, for a total transaction of $1,010,790.00. Following the transaction, the chief executive officer owned 371,827 shares in the company, valued at $113,890,610.10. This trade represents a 0.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Thomas Indelicarto sold 500 shares of VeriSign stock in a transaction on Thursday, October 8th. The shares were sold at an average price of $293.14, for a total value of $146,570.00. Following the completion of the transaction, the executive vice president directly owned 31,895 shares of the company’s stock, valued at $9,349,700.30. This represents a 1.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 43,100 shares of company stock worth $12,574,391 in the last three months. 0.56% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the stock. Addison Advisors LLC acquired a new position in VeriSign in the second quarter valued at about $30,000. PenderFund Capital Management Ltd. acquired a new stake in VeriSign during the second quarter worth about $40,000. Caitong International Asset Management Co. Ltd grew its stake in VeriSign by 120.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 234 shares of the information services provider’s stock worth $57,000 after buying an additional 128 shares in the last quarter. NewEdge Advisors LLC grew its stake in VeriSign by 40.5% during the second quarter. NewEdge Advisors LLC now owns 243 shares of the information services provider’s stock worth $61,000 after buying an additional 70 shares in the last quarter. Finally, Global Assets Advisory LLC bought a new position in VeriSign in the 1st quarter valued at about $64,000. Institutional investors own 92.90% of the company’s stock.
VeriSign Company Profile
VeriSign, Inc (NASDAQ: VRSN) provides internet infrastructure services that support the global domain name system. The company operates the authoritative registry for the .com and .net top-level domains and provides registry services for certain other domains, helping maintain the databases that connect domain names with internet addresses.
The company’s services include domain name registry operations, domain name registration-related support for accredited registrars, and infrastructure designed to improve the availability, stability, and security of internet naming services.
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