Wall Street analysts expect Verisign, Inc. (NASDAQ:VRSN) to post sales of $297.99 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Verisign’s earnings, with the highest sales estimate coming in at $298.00 million and the lowest estimate coming in at $297.97 million. Verisign posted sales of $288.61 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 3.3%. The company is scheduled to announce its next earnings report on Thursday, April 26th.
According to Zacks, analysts expect that Verisign will report full-year sales of $297.99 million for the current financial year. For the next financial year, analysts anticipate that the company will report sales of $1.26 billion per share, with estimates ranging from $1.25 billion to $1.26 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that that provide coverage for Verisign.
Verisign (NASDAQ:VRSN) last issued its earnings results on Thursday, February 8th. The information services provider reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). The company had revenue of $295.50 million for the quarter, compared to analysts’ expectations of $294.93 million. Verisign had a net margin of 39.25% and a negative return on equity of 36.88%. The company’s revenue was up 3.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.92 earnings per share.
A number of research analysts have recently commented on the company. BidaskClub raised Verisign from a “buy” rating to a “strong-buy” rating in a research report on Friday. ValuEngine raised Verisign from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. JPMorgan Chase & Co. raised their price objective on Verisign to $106.00 and gave the company an “underweight” rating in a research report on Monday, February 26th. Finally, Zacks Investment Research raised Verisign from a “sell” rating to a “hold” rating in a research report on Tuesday, December 26th. One analyst has rated the stock with a sell rating, four have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $106.25.
Verisign (NASDAQ:VRSN) traded up $1.49 during midday trading on Tuesday, reaching $126.80. The company’s stock had a trading volume of 847,590 shares, compared to its average volume of 1,044,932. Verisign has a 1-year low of $86.16 and a 1-year high of $127.24. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of -1.41. The stock has a market cap of $11,946.80, a PE ratio of 34.24 and a beta of 0.89.
Verisign announced that its board has approved a share buyback program on Thursday, February 8th that allows the company to repurchase $586.00 million in shares. This repurchase authorization allows the information services provider to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
Several hedge funds have recently added to or reduced their stakes in VRSN. Renaissance Technologies LLC lifted its position in Verisign by 15.5% during the fourth quarter. Renaissance Technologies LLC now owns 6,826,054 shares of the information services provider’s stock valued at $781,174,000 after purchasing an additional 916,278 shares in the last quarter. APG Asset Management N.V. lifted its position in Verisign by 76.3% during the fourth quarter. APG Asset Management N.V. now owns 2,054,186 shares of the information services provider’s stock valued at $195,770,000 after purchasing an additional 888,710 shares in the last quarter. Bank of Montreal Can lifted its position in Verisign by 187.6% during the fourth quarter. Bank of Montreal Can now owns 653,586 shares of the information services provider’s stock valued at $74,797,000 after purchasing an additional 426,334 shares in the last quarter. BlackRock Inc. lifted its position in Verisign by 2.3% during the fourth quarter. BlackRock Inc. now owns 8,531,215 shares of the information services provider’s stock valued at $976,313,000 after purchasing an additional 194,074 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in Verisign by 14.9% during the fourth quarter. First Trust Advisors LP now owns 1,370,201 shares of the information services provider’s stock valued at $156,806,000 after purchasing an additional 177,169 shares in the last quarter.
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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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