VeriSign, Inc. (VRSN) Raised to Strong-Buy at BidaskClub
BidaskClub upgraded shares of VeriSign, Inc. (NASDAQ:VRSN) from a buy rating to a strong-buy rating in a report released on Saturday.
A number of other research analysts also recently weighed in on the stock. Zacks Investment Research downgraded shares of VeriSign from a hold rating to a sell rating in a research report on Wednesday, August 2nd. Cowen and Company reissued a market perform rating and set a $94.00 target price on shares of VeriSign in a research report on Monday, July 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the company. The stock has an average rating of Hold and an average price target of $87.75.
VeriSign (NASDAQ VRSN) opened at 101.62 on Friday. The firm has a market cap of $10.15 billion, a PE ratio of 27.70 and a beta of 1.20. The company’s 50 day moving average price is $99.03 and its 200 day moving average price is $91.09. VeriSign has a 52-week low of $74.01 and a 52-week high of $103.79.
VeriSign (NASDAQ:VRSN) last released its earnings results on Thursday, July 27th. The information services provider reported $1.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.06. VeriSign had a net margin of 39.92% and a negative return on equity of 36.99%. The firm had revenue of $289 million during the quarter, compared to the consensus estimate of $287.47 million. During the same period in the prior year, the firm earned $0.91 EPS. The company’s revenue was up .9% compared to the same quarter last year. Analysts predict that VeriSign will post $3.97 earnings per share for the current fiscal year.
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In related news, Director Kathleen A. Cote sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $99.94, for a total transaction of $149,910.00. Following the sale, the director now directly owns 38,294 shares in the company, valued at approximately $3,827,102.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Timothy Tomlinson sold 1,240 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $101.00, for a total transaction of $125,240.00. The disclosure for this sale can be found here. Corporate insiders own 0.92% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Korea Investment CORP boosted its stake in shares of VeriSign by 492.0% in the first quarter. Korea Investment CORP now owns 95,900 shares of the information services provider’s stock worth $8,354,000 after buying an additional 79,700 shares during the last quarter. Fisher Asset Management LLC acquired a new stake in shares of VeriSign during the first quarter worth approximately $231,000. Sumitomo Mitsui Asset Management Company LTD boosted its stake in shares of VeriSign by 13.8% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 8,377 shares of the information services provider’s stock worth $729,000 after buying an additional 1,015 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of VeriSign by 34,193.5% in the first quarter. Canada Pension Plan Investment Board now owns 10,631 shares of the information services provider’s stock worth $926,000 after buying an additional 10,600 shares during the last quarter. Finally, Advisor Partners LLC acquired a new stake in shares of VeriSign during the first quarter worth approximately $223,000.
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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