VeriSign (NASDAQ:VRSN) Releases Earnings Results, Misses Expectations By $0.04 EPS

VeriSign (NASDAQ:VRSN) posted its quarterly earnings data on Thursday. The information services provider reported $2.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.04), FiscalAI reports. The business had revenue of $434.60 million for the quarter, compared to analysts’ expectations of $433.19 million. VeriSign had a net margin of 49.95% and a negative return on equity of 39.98%.

VeriSign Price Performance

Shares of NASDAQ:VRSN traded down $1.01 during trading hours on Thursday, hitting $261.58. The company’s stock had a trading volume of 1,110,798 shares, compared to its average volume of 821,215. The firm’s fifty day moving average price is $277.52 and its 200 day moving average price is $258.96. VeriSign has a 52 week low of $208.86 and a 52 week high of $312.48. The company has a market capitalization of $23.80 billion, a price-to-earnings ratio of 28.90 and a beta of 0.71.

Insider Activity

In related news, EVP Thomas C. Indelicarto sold 500 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $283.54, for a total value of $141,770.00. Following the completion of the transaction, the executive vice president owned 36,551 shares of the company’s stock, valued at $10,363,670.54. The trade was a 1.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO D James Bidzos sold 3,300 shares of the company’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $297.47, for a total value of $981,651.00. Following the sale, the chief executive officer owned 439,339 shares of the company’s stock, valued at approximately $130,690,172.33. This represents a 0.75% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 26,300 shares of company stock worth $7,125,942. Corporate insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On VeriSign

A number of hedge funds have recently made changes to their positions in VRSN. Advisors Asset Management Inc. boosted its holdings in VeriSign by 25.3% in the first quarter. Advisors Asset Management Inc. now owns 198 shares of the information services provider’s stock valued at $50,000 after purchasing an additional 40 shares during the period. WealthCollab LLC grew its stake in VeriSign by 19.1% during the 3rd quarter. WealthCollab LLC now owns 312 shares of the information services provider’s stock worth $87,000 after purchasing an additional 50 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in VeriSign by 5.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,205 shares of the information services provider’s stock worth $293,000 after purchasing an additional 58 shares during the period. Parkside Financial Bank & Trust increased its holdings in VeriSign by 23.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 311 shares of the information services provider’s stock worth $76,000 after purchasing an additional 60 shares during the period. Finally, Kestra Private Wealth Services LLC raised its position in VeriSign by 5.5% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 1,242 shares of the information services provider’s stock valued at $347,000 after purchasing an additional 65 shares in the last quarter. 92.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

VRSN has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of VeriSign in a research note on Wednesday, June 24th. Wedbush started coverage on shares of VeriSign in a research note on Thursday, July 16th. They issued an “outperform” rating and a $318.00 price target on the stock. Citigroup lifted their price objective on shares of VeriSign from $295.00 to $320.00 and gave the company a “buy” rating in a report on Friday, April 24th. JPMorgan Chase & Co. upped their target price on shares of VeriSign from $285.00 to $308.00 and gave the stock a “neutral” rating in a research note on Thursday, June 18th. Finally, Robert W. Baird raised their target price on shares of VeriSign from $305.00 to $355.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $325.25.

VeriSign Company Profile

VeriSign, Inc (NASDAQ: VRSN) is an internet infrastructure company that operates critical components of the global Domain Name System (DNS) and provides cybersecurity-related services. The company is best known as the authoritative registry operator for the .com and .net top-level domains, maintaining the central databases and zone files that enable domain name resolution for millions of websites. VeriSign’s registry role is performed under contractual agreements with Internet Corporation for Assigned Names and Numbers (ICANN) and involves high-availability, highly secure operations to support continuous internet connectivity.

In addition to its registry business, VeriSign offers a suite of services designed to protect and accelerate DNS and internet traffic for enterprises and service providers.