Zacks Investment Research upgraded shares of Verisign (NASDAQ:VRSN) from a sell rating to a hold rating in a report issued 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 restated a hold rating and set a $105.00 price target on shares of Verisign in a report on Thursday, August 31st. Cowen reiterated a hold rating and issued a $103.00 target price on shares of Verisign in a report on Sunday, October 29th. Finally, Citigroup upped their target price on Verisign from $101.00 to $111.00 and gave the company a neutral rating in a report on Friday, October 27th. Five analysts have rated the stock with a hold rating, Verisign has a consensus rating of Hold and a consensus price target of $106.33.
Verisign (NASDAQ VRSN) traded down $0.06 during trading hours on Tuesday, hitting $114.48. The stock had a trading volume of 858,912 shares, compared to its average volume of 601,393. The company has a market capitalization of $11,290.22, a PE ratio of 30.94 and a beta of 1.04. The company has a debt-to-equity ratio of -1.45, a quick ratio of 1.57 and a current ratio of 1.57. Verisign has a 52 week low of $79.21 and a 52 week high of $118.28.
Verisign (NASDAQ:VRSN) last released its quarterly earnings results on Thursday, October 26th. The information services provider reported $1.00 earnings per share for the quarter, topping the Thomson Reuters’ 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 negative return on equity of 36.88% and a net margin of 39.79%. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.93 earnings per share. equities analysts forecast that Verisign will post 3.65 earnings per share for the current fiscal year.
A number of hedge funds have recently made changes to their positions in VRSN. Sei Investments Co. boosted its holdings in Verisign by 29.1% in the second quarter. Sei Investments Co. now owns 11,206 shares of the information services provider’s stock valued at $1,041,000 after acquiring an additional 2,527 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in Verisign by 25.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 576,347 shares of the information services provider’s stock valued at $53,578,000 after acquiring an additional 116,615 shares during the last quarter. State of Wisconsin Investment Board boosted its holdings in Verisign by 15.0% in the second quarter. State of Wisconsin Investment Board now owns 69,394 shares of the information services provider’s stock valued at $6,451,000 after acquiring an additional 9,050 shares during the last quarter. BB&T Securities LLC boosted its holdings in Verisign by 14.9% in the second quarter. BB&T Securities LLC now owns 6,095 shares of the information services provider’s stock valued at $566,000 after acquiring an additional 791 shares during the last quarter. Finally, Federated Investors Inc. PA boosted its holdings in Verisign by 27.4% in the second quarter. Federated Investors Inc. PA now owns 15,972 shares of the information services provider’s stock valued at $1,484,000 after acquiring an additional 3,435 shares during the last quarter.
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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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