VeriSign (NASDAQ:VRSN – Get Free Report) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.
Several other brokerages also recently commented on VRSN. JPMorgan Chase & Co. increased their target price on VeriSign from $308.00 to $316.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Citigroup boosted their target price on VeriSign from $295.00 to $320.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Robert W. Baird raised their price target on shares of VeriSign from $305.00 to $355.00 and gave the company an “outperform” rating in a report on Friday, April 24th. Wedbush lifted their price target on shares of VeriSign from $318.00 to $324.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of VeriSign in a research report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, VeriSign presently has an average rating of “Buy” and a consensus target price of $328.75.
Check Out Our Latest Stock Report on VRSN
VeriSign Stock Performance
VeriSign (NASDAQ:VRSN – Get Free Report) last posted its quarterly 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. The firm had revenue of $434.60 million for the quarter, compared to analysts’ expectations of $433.19 million. VeriSign had a net margin of 49.76% and a negative return on equity of 39.20%. The business’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.21 earnings per share. As a group, equities research analysts forecast that VeriSign will post 9.56 EPS for the current fiscal year.
Insider Buying and Selling
In other VeriSign news, CEO D James Bidzos sold 3,300 shares of the stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $270.44, for a total value of $892,452.00. Following the transaction, the chief executive officer directly owned 416,239 shares in the company, valued at approximately $112,567,675.16. This trade represents a 0.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Thomas C. Indelicarto sold 500 shares of the stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $280.00, for a total transaction of $140,000.00. Following the completion of the transaction, the executive vice president owned 35,551 shares in the company, valued at $9,954,280. The trade was a 1.39% 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. Over the last ninety days, insiders have sold 25,100 shares of company stock valued at $6,803,294. 0.56% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in VRSN. Advisors Asset Management Inc. increased its holdings in VeriSign by 25.3% in the 1st quarter. Advisors Asset Management Inc. now owns 198 shares of the information services provider’s stock worth $50,000 after acquiring an additional 40 shares in the last quarter. Integrated Wealth Concepts LLC lifted its holdings in VeriSign by 12.3% during the first quarter. Integrated Wealth Concepts LLC now owns 1,232 shares of the information services provider’s stock valued at $313,000 after purchasing an additional 135 shares in the last quarter. NewEdge Advisors LLC boosted its position in shares of VeriSign by 104.5% in the first quarter. NewEdge Advisors LLC now owns 4,125 shares of the information services provider’s stock worth $1,047,000 after purchasing an additional 2,108 shares during the period. Jones Financial Companies Lllp boosted its position in shares of VeriSign by 122.1% in the first quarter. Jones Financial Companies Lllp now owns 3,358 shares of the information services provider’s stock worth $852,000 after purchasing an additional 1,846 shares during the period. Finally, Empowered Funds LLC increased its stake in shares of VeriSign by 2.0% in the first quarter. Empowered Funds LLC now owns 9,346 shares of the information services provider’s stock worth $2,373,000 after purchasing an additional 186 shares in the last quarter. Institutional investors own 92.90% of the company’s stock.
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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