Zacks Investment Research upgraded shares of Verisign (NASDAQ:VRSN) from a sell rating to a hold rating in a research note issued to investors on Tuesday, December 26th.
According to Zacks, “VeriSign is benefiting from rise in domain name registrations in the global market. Moreover, strong gTLD prospects, international expansion through IDNs and investments in intellectual properties bode well for long-term growth. Shares have also outperformed the industry in the past one year. However, VeriSign can get affected by soft growth in the active domain name business for .com and .net TLDs. Rising operating expenses related to sales and marketing will remain an overhang on its margins. The negative impact of search engine adjustments on domain monetization is also a headwind. Additionally, overall renewal rate for domains have been softening, especially for first-time renewals, which will continue to affect its top-line growth.”
VRSN has been the topic of several other reports. Robert W. Baird reaffirmed a hold rating and set a $105.00 target price on shares of Verisign in a report on Thursday, August 31st. Citigroup raised their target price on shares of Verisign from $101.00 to $111.00 and gave the stock a neutral rating in a report on Friday, October 27th. Finally, Cowen reaffirmed a hold rating and set a $103.00 target price on shares of Verisign in a report on Sunday, October 29th. Five equities research analysts have rated the stock with a hold rating, Verisign has an average rating of Hold and a consensus target price of $106.33.
Shares of Verisign (NASDAQ VRSN) opened at $113.61 on Tuesday. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of -1.45. The stock has a market cap of $11,160.00, a PE ratio of 30.71 and a beta of 1.04. Verisign has a fifty-two week low of $79.21 and a fifty-two week high of $118.28.
Verisign (NASDAQ:VRSN) last issued its earnings results on Thursday, October 26th. The information services provider reported $1.00 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.97 by $0.03. The company had revenue of $292.40 million for the quarter, compared to analysts’ expectations of $290.90 million. Verisign had a net margin of 39.79% and a negative return on equity of 36.88%. Verisign’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.93 EPS. analysts predict that Verisign will post 3.65 earnings per share for the current year.
A number of institutional investors have recently modified their holdings of VRSN. Grove Bank & Trust boosted its position in Verisign by 186.5% in the third quarter. Grove Bank & Trust now owns 1,060 shares of the information services provider’s stock valued at $113,000 after buying an additional 690 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its position in Verisign by 21.9% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,420 shares of the information services provider’s stock valued at $133,000 after buying an additional 255 shares in the last quarter. Acrospire Investment Management LLC boosted its position in Verisign by 128.6% in the second quarter. Acrospire Investment Management LLC now owns 1,600 shares of the information services provider’s stock valued at $149,000 after buying an additional 900 shares in the last quarter. Visionary Asset Management Inc. acquired a new stake in Verisign in the third quarter valued at approximately $200,000. Finally, Hikari Power Ltd acquired a new position in shares of Verisign during the second quarter worth $207,000.
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Verisign Company Profile
VeriSign, Inc is a provider of domain name registry services and Internet security. The Company operates through Registry Services and Security Services segment. Registry Services ensure the security, stability and resiliency of Internet infrastructure and services, including the .com and .net domains, and operation of the root-zone maintainer functions for the core of the Internet’s Domain Name System (DNS).
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