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. “
VRSN has been the topic of several other reports. Citigroup Inc. restated a sell rating and issued a $70.00 price target on shares of VeriSign in a research report on Friday, September 23rd. JPMorgan Chase & Co. raised their price target on VeriSign from $84.00 to $88.00 and gave the stock an underweight rating in a research report on Friday, July 29th. Finally, Cowen and Company restated a market perform rating and issued a $80.00 price target on shares of VeriSign in a research report on Tuesday, September 6th.
VeriSign (NASDAQ:VRSN) opened at 78.24 on Wednesday. The firm has a 50-day moving average price of $76.78 and a 200 day moving average price of $83.72. The firm has a market capitalization of $8.35 billion, a price-to-earnings ratio of 24.93 and a beta of 1.25. VeriSign has a 12 month low of $70.26 and a 12 month high of $93.94.
VeriSign (NASDAQ:VRSN) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.05. VeriSign had a negative return on equity of 37.96% and a net margin of 37.47%. The business had revenue of $286 million for the quarter, compared to analyst estimates of $284.34 million. During the same period last year, the company earned $0.74 EPS. The firm’s revenue was up 9.1% on a year-over-year basis. On average, equities analysts forecast that VeriSign will post $3.49 EPS for the current year.
In other VeriSign news, Director Timothy Tomlinson sold 1,477 shares of VeriSign stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $85.30, for a total transaction of $125,988.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.92% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Commerce Bank acquired a new position in VeriSign during the second quarter valued at $365,000. Bridger Management LLC purchased a new stake in VeriSign during the first quarter valued at about $36,446,000. Smith Asset Management Group LP increased its stake in VeriSign by 1.7% in the second quarter. Smith Asset Management Group LP now owns 404,910 shares of the company’s stock valued at $35,009,000 after buying an additional 6,584 shares in the last quarter. Capstone Asset Management Co. increased its stake in VeriSign by 16.7% in the second quarter. Capstone Asset Management Co. now owns 18,994 shares of the company’s stock valued at $1,642,000 after buying an additional 2,720 shares in the last quarter. Finally, Exxonmobil Investment Management Inc. TX increased its stake in VeriSign by 5.4% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 24,710 shares of the company’s stock valued at $2,136,000 after buying an additional 1,255 shares in the last quarter.
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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