Verisign (VRSN) Given New $155.00 Price Target at Citigroup

Verisign (NASDAQ:VRSN) had its target price upped by stock analysts at Citigroup from $152.00 to $155.00 in a research note issued on Friday. The brokerage currently has a “neutral” rating on the information services provider’s stock. Citigroup’s price target suggests a potential downside of 6.07% from the company’s previous close.

A number of other equities research analysts have also commented on the stock. BidaskClub upgraded shares of Verisign from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 30th. JPMorgan Chase & Co. upped their price objective on shares of Verisign from $123.00 to $125.00 and gave the stock an “average” rating in a report on Monday, September 24th. Cowen restated a “hold” rating and issued a $155.00 price objective on shares of Verisign in a report on Friday, July 27th. Finally, Robert W. Baird upgraded shares of Verisign from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $160.00 to $170.00 in a report on Friday. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $154.40.

NASDAQ:VRSN traded up $24.22 during midday trading on Friday, reaching $165.02. 4,420,065 shares of the stock traded hands, compared to its average volume of 955,053. Verisign has a 12 month low of $105.40 and a 12 month high of $176.76. The firm has a market capitalization of $16.76 billion, a P/E ratio of 44.84 and a beta of 0.89.

Verisign (NASDAQ:VRSN) last posted its quarterly earnings results on Thursday, October 25th. The information services provider reported $1.23 EPS for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.13. Verisign had a net margin of 41.82% and a negative return on equity of 38.09%. The company had revenue of $305.78 million during the quarter, compared to analyst estimates of $305.25 million. Research analysts predict that Verisign will post 4.37 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of VRSN. Braun Bostich & Associates Inc. raised its holdings in Verisign by 1,283.3% in the 2nd quarter. Braun Bostich & Associates Inc. now owns 913 shares of the information services provider’s stock worth $125,000 after purchasing an additional 847 shares in the last quarter. Sandy Spring Bank raised its holdings in Verisign by 100.0% in the 2nd quarter. Sandy Spring Bank now owns 1,000 shares of the information services provider’s stock worth $137,000 after purchasing an additional 500 shares in the last quarter. Piedmont Investment Advisors LLC bought a new position in Verisign in the 2nd quarter worth $149,000. Advisory Services Network LLC raised its holdings in Verisign by 954.9% in the 3rd quarter. Advisory Services Network LLC now owns 960 shares of the information services provider’s stock worth $154,000 after purchasing an additional 869 shares in the last quarter. Finally, Cerebellum GP LLC bought a new position in Verisign in the 3rd quarter worth $181,000. Institutional investors and hedge funds own 92.74% of the company’s stock.

Verisign Company Profile

VeriSign, Inc provides domain name registry services and Internet security worldwide. The company offers registry services that operate the authoritative directory of .com, .net, .cc, .tv, .gov, .jobs, .edu, .name, and other domain names. Its registry services allow individuals and organizations to establish their online identities.

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