According to Zacks, “VeriSign has been benefiting from strong growth in both developed and emerging economies. The renewal of the .com contract and price hikes for the .com and .net domain names remain primary growth drivers for the company. Also, an expected increase in the domain name base will continue to be a growth catalyst. Recently, the company won a bid for the distribution of .web top-level domain, which is likely to add to revenues going ahead. However, the company can be affected by the impact of search engine adjustments on domain monetization, rising expenses and increasing competition. Estimates have been stable lately ahead of the company’s third quarter 2016 earnings release. “
Several other analysts also recently weighed in on the stock. Citigroup Inc. reissued a sell rating and set a $70.00 target price on shares of VeriSign in a research report on Friday, September 23rd. Cowen and Company reissued a market perform rating and set a $80.00 target price on shares of VeriSign in a research report on Tuesday, September 6th. Finally, JPMorgan Chase & Co. boosted their target price on shares of VeriSign from $84.00 to $88.00 and gave the stock an underweight rating in a research report on Friday, July 29th.
Shares of VeriSign (NASDAQ:VRSN) traded down 0.78% during mid-day trading on Wednesday, hitting $78.80. 69,248 shares of the stock traded hands. The stock has a market cap of $8.41 billion, a price-to-earnings ratio of 25.10 and a beta of 1.26. The firm has a 50 day moving average of $77.14 and a 200 day moving average of $83.82. VeriSign has a 12 month low of $70.21 and a 12 month high of $93.94.
VeriSign (NASDAQ:VRSN) last released its earnings results on Thursday, July 28th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.05. The company had revenue of $286 million for the quarter, compared to the consensus estimate of $284.34 million. VeriSign had a net margin of 37.47% and a negative return on equity of 37.96%. VeriSign’s revenue was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.74 EPS. On average, equities analysts expect that VeriSign will post $3.49 EPS for the current fiscal year.
In other news, Director Timothy Tomlinson sold 1,477 shares of the company’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $85.30, for a total value of $125,988.10. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.92% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in VeriSign during the second quarter valued at approximately $333,000. Kentucky Retirement Systems purchased a new stake in shares of VeriSign during the second quarter worth about $702,000. Mason Street Advisors LLC purchased a new stake in shares of VeriSign during the second quarter worth about $1,112,000. Calvert Investment Management Inc. increased its stake in shares of VeriSign by 4.1% in the second quarter. Calvert Investment Management Inc. now owns 5,034 shares of the company’s stock worth $435,000 after buying an additional 200 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of VeriSign by 5.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 511,994 shares of the company’s stock worth $44,269,000 after buying an additional 28,375 shares during the period.
VeriSign Company Profile
VeriSign, Inc is a provider of domain name registry services and Internet security, enabling Internet navigation for domain names and providing protection for Websites and enterprises around the world (Registry Services). The Company operates in Registry Services and Security Services segment. Its product suite also includes Security Services consisting of Distributed Denial of Service (DDoS) Protection Services, Verisign iDefense Security Intelligence Services (iDefense) and Managed Domain Name System (Managed DNS) Services.
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