VeriSign (NASDAQ:VRSN) Downgraded by StockNews.com

Posted by on Sep 24th, 2023

VeriSign (NASDAQ:VRSN – Get Free Report) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Friday.

A number of other equities analysts have also weighed in on the company. Robert W. Baird lowered VeriSign from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $265.00 to $245.00 in a research note on Tuesday, July 11th. Citigroup reduced their price objective on VeriSign from $252.00 to $249.00 and set a “buy” rating for the company in a research note on Monday, July 24th.

Check Out Our Latest Stock Report on VRSN

VeriSign Trading Down 0.3 %

Shares of NASDAQ:VRSN opened at $199.72 on Friday. VeriSign has a twelve month low of $169.24 and a twelve month high of $229.72. The company has a market cap of $20.60 billion, a PE ratio of 29.50 and a beta of 0.96. The company’s 50 day moving average is $206.02 and its 200 day moving average is $212.56.

VeriSign (NASDAQ:VRSN – Get Free Report) last released its quarterly earnings data on Thursday, July 27th. The information services provider reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.70 by $0.09. The firm had revenue of $372.00 million for the quarter, compared to analyst estimates of $373.00 million. VeriSign had a net margin of 48.74% and a negative return on equity of 45.15%. The business’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.54 earnings per share. Equities research analysts predict that VeriSign will post 7.02 earnings per share for the current fiscal year.

Insider Buying and Selling at VeriSign

In other VeriSign news, EVP Thomas C. Indelicarto sold 614 shares of VeriSign stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $222.08, for a total transaction of $136,357.12. Following the completion of the transaction, the executive vice president now owns 40,499 shares in the company, valued at approximately $8,994,017.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, COO Todd B. Strubbe sold 8,000 shares of VeriSign stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $210.29, for a total value of $1,682,320.00. Following the completion of the transaction, the chief operating officer now owns 111,224 shares in the company, valued at approximately $23,389,294.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Thomas C. Indelicarto sold 614 shares of VeriSign stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $222.08, for a total value of $136,357.12. Following the completion of the transaction, the executive vice president now owns 40,499 shares of the company’s stock, valued at approximately $8,994,017.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,182 shares of company stock worth $5,361,660. Insiders own 0.94% of the company’s stock.

Hedge Funds Weigh In On VeriSign

Institutional investors and hedge funds have recently modified their holdings of the business. Resurgent Financial Advisors LLC purchased a new position in shares of VeriSign in the 4th quarter valued at about $25,000. West Tower Group LLC acquired a new stake in VeriSign in the 2nd quarter worth about $30,000. V Square Quantitative Management LLC acquired a new stake in VeriSign in the 2nd quarter worth about $38,000. Altshuler Shaham Ltd acquired a new stake in VeriSign in the 4th quarter worth about $36,000. Finally, Ten Capital Wealth Advisors LLC acquired a new stake in VeriSign in the 1st quarter worth about $37,000. Hedge funds and other institutional investors own 90.95% of the company’s stock.

VeriSign Company Profile

(Get Free Report)

VeriSign, Inc, together with its subsidiaries, provides domain name registry services and internet infrastructure that enables internet navigation for various recognized domain names worldwide. The company enables the security, stability, and resiliency of internet infrastructure and services, including providing root zone maintainer services, operating two of the 13 internet root servers; and offering registration services and authoritative resolution for the .com and .net domains, which supports global e-commerce.

Read More

Receive News & Ratings for VeriSign Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for VeriSign and related companies with MarketBeat.com's FREE daily email newsletter.