VeriSign (NASDAQ:VRSN) Posts Earnings Results

VeriSign (NASDAQ:VRSN) posted its quarterly earnings data on Thursday. The information services provider reported $2.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.42 by ($0.04), FiscalAI reports. The business had revenue of $434.60 million for the quarter, compared to analyst estimates of $433.19 million. VeriSign had a negative return on equity of 39.98% and a net margin of 49.95%.

VeriSign Stock Performance

Shares of VRSN stock traded down $1.01 on Thursday, hitting $261.58. The stock had a trading volume of 1,110,903 shares, compared to its average volume of 821,215. VeriSign has a 52-week low of $208.86 and a 52-week high of $312.48. The firm has a market capitalization of $23.80 billion, a price-to-earnings ratio of 28.90 and a beta of 0.71. The stock’s 50 day moving average is $277.52 and its 200-day moving average is $258.96.

Insider Transactions at VeriSign

In related news, EVP Thomas C. Indelicarto sold 250 shares of the business’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $269.23, for a total value of $67,307.50. Following the transaction, the executive vice president owned 36,051 shares in the company, valued at approximately $9,706,010.73. The trade was a 0.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO D James Bidzos sold 3,300 shares of the stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $266.09, for a total value of $878,097.00. Following the completion of the transaction, the chief executive officer directly owned 422,839 shares of the company’s stock, valued at $112,513,229.51. This represents a 0.77% decrease in their position. 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 26,300 shares of company stock worth $7,125,942. Corporate insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On VeriSign

Several large investors have recently modified their holdings of VRSN. Advisors Asset Management Inc. boosted its position in shares of VeriSign by 25.3% in the first quarter. Advisors Asset Management Inc. now owns 198 shares of the information services provider’s stock worth $50,000 after buying an additional 40 shares during the period. WealthCollab LLC boosted its stake in shares of VeriSign by 19.1% during the 3rd quarter. WealthCollab LLC now owns 312 shares of the information services provider’s stock worth $87,000 after acquiring an additional 50 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in VeriSign by 5.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,205 shares of the information services provider’s stock valued at $293,000 after buying an additional 58 shares during the last quarter. Parkside Financial Bank & Trust increased its holdings in shares of VeriSign by 23.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 311 shares of the information services provider’s stock worth $76,000 after purchasing an additional 60 shares during the period. Finally, Kestra Private Wealth Services LLC lifted its stake in shares of VeriSign by 5.5% in the third quarter. Kestra Private Wealth Services LLC now owns 1,242 shares of the information services provider’s stock valued at $347,000 after buying an additional 65 shares during the period. Institutional investors own 92.90% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on VRSN shares. Wedbush initiated coverage on VeriSign in a research report on Thursday, July 16th. They set an “outperform” rating and a $318.00 target price on the stock. Citigroup upped their price objective on shares of VeriSign from $295.00 to $320.00 and gave the company a “buy” rating in a research note on Friday, April 24th. Robert W. Baird increased their price objective on shares of VeriSign from $305.00 to $355.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. JPMorgan Chase & Co. raised their target price on shares of VeriSign from $285.00 to $308.00 and gave the stock a “neutral” rating in a research report on Thursday, June 18th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of VeriSign in a research report on Wednesday, June 24th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, VeriSign has a consensus rating of “Moderate Buy” and a consensus price target of $325.25.

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.