VeriSign (NASDAQ:VRSN) Announces Earnings Results, Beats Expectations By $0.08 EPS

VeriSign (NASDAQ:VRSN) announced its earnings results on Thursday. The information services provider reported $2.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.08, Briefing.com reports. The business had revenue of $387.10 million during the quarter, compared to analyst estimates of $385.80 million. VeriSign had a net margin of 55.40% and a negative return on equity of 48.07%. VeriSign’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.79 earnings per share. VeriSign updated its FY 2024 guidance to EPS.

VeriSign Stock Performance

NASDAQ:VRSN traded up $7.36 during trading hours on Friday, reaching $184.10. The company’s stock had a trading volume of 1,328,546 shares, compared to its average volume of 626,725. The firm has a market capitalization of $18.34 billion, a price-to-earnings ratio of 22.62 and a beta of 0.90. The firm has a 50-day simple moving average of $176.94 and a 200-day simple moving average of $185.34. VeriSign has a 1 year low of $167.04 and a 1 year high of $220.91.

Insider Buying and Selling at VeriSign

In related news, Director Yehuda Ari Buchalter sold 866 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $170.01, for a total transaction of $147,228.66. Following the transaction, the director now directly owns 3,661 shares in the company, valued at approximately $622,406.61. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other VeriSign news, Director Yehuda Ari Buchalter sold 866 shares of the firm’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $170.01, for a total value of $147,228.66. Following the sale, the director now owns 3,661 shares of the company’s stock, valued at approximately $622,406.61. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Danny R. Mcpherson sold 1,200 shares of the business’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $170.14, for a total transaction of $204,168.00. Following the completion of the transaction, the executive vice president now owns 29,181 shares in the company, valued at approximately $4,964,855.34. The disclosure for this sale can be found here. Insiders sold a total of 2,067 shares of company stock worth $351,567 over the last three months. Company insiders own 0.84% of the company’s stock.

Analyst Ratings Changes

VRSN has been the topic of a number of research analyst reports. Citigroup reduced their target price on VeriSign from $237.00 to $236.00 and set a “buy” rating on the stock in a research note on Tuesday, April 2nd. StockNews.com lowered VeriSign from a “buy” rating to a “hold” rating in a research report on Sunday, June 16th. Finally, Robert W. Baird reissued a “neutral” rating and set a $200.00 price objective on shares of VeriSign in a report on Thursday, June 27th.

VeriSign Company Profile

VeriSign, Inc, together with its subsidiaries, provides domain name registry services and internet infrastructure that enables internet navigation for various recognized domain names worldwide. The company enables the security, stability, and resiliency of internet infrastructure and services, including providing root zone maintainer services, operating two of thirteen internet root servers; and offering registration services and authoritative resolution for the .com and .net domains, which supports global e-commerce.