VeriSign (NASDAQ:VRSN) Releases Earnings Results, Beats Expectations By $0.06 EPS

VeriSign (NASDAQ:VRSN) issued its earnings results on Thursday. The information services provider reported $1.92 EPS for the quarter, topping analysts’ consensus estimates of $1.86 by $0.06, Briefing.com reports. The firm had revenue of $384.30 million for the quarter, compared to the consensus estimate of $381.85 million. VeriSign had a negative return on equity of 46.56% and a net margin of 54.74%. The company’s revenue was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.70 earnings per share. VeriSign updated its FY 2024 guidance to EPS.

VeriSign Stock Down 3.9 %

Shares of VeriSign stock traded down $7.20 during mid-day trading on Friday, reaching $175.48. 1,931,522 shares of the stock traded hands, compared to its average volume of 607,025. The business has a 50-day moving average of $189.66 and a 200 day moving average of $200.25. VeriSign has a fifty-two week low of $174.51 and a fifty-two week high of $229.72. The stock has a market capitalization of $17.57 billion, a PE ratio of 22.71 and a beta of 0.88.

Analyst Upgrades and Downgrades

VRSN has been the subject of a number of analyst reports. StockNews.com cut VeriSign from a “buy” rating to a “hold” rating in a report on Wednesday, April 3rd. Robert W. Baird reduced their price target on VeriSign from $215.00 to $200.00 and set a “neutral” rating for the company in a report on Friday. Finally, Citigroup reduced their price target on VeriSign from $237.00 to $236.00 and set a “buy” rating for the company in a report on Tuesday, April 2nd.

Insider Buying and Selling at VeriSign

In other news, EVP Thomas C. Indelicarto sold 614 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $190.00, for a total value of $116,660.00. Following the completion of the sale, the executive vice president now directly owns 42,569 shares in the company, valued at $8,088,110. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Thomas C. Indelicarto sold 614 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $190.00, for a total value of $116,660.00. Following the completion of the transaction, the executive vice president now directly owns 42,569 shares in the company, valued at $8,088,110. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Danny R. Mcpherson sold 2,875 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $194.19, for a total value of $558,296.25. Following the completion of the transaction, the executive vice president now owns 30,895 shares of the company’s stock, valued at $5,999,500.05. The disclosure for this sale can be found here. Insiders sold 14,877 shares of company stock valued at $2,878,864 over the last quarter. 0.94% of the stock is currently owned by insiders.

About VeriSign

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 thirteen internet root servers; and offering registration services and authoritative resolution for the .com and .net domains, which supports global e-commerce.