Verisign (NASDAQ:VRSN) Upgraded by BidaskClub to “Hold”

BidaskClub upgraded shares of Verisign (NASDAQ:VRSN) from a sell rating to a hold rating in a research report released on Tuesday morning, BidAskClub reports.

Several other research firms have also weighed in on VRSN. Citigroup raised their target price on Verisign from $220.00 to $235.00 and gave the company a neutral rating in a report on Monday, April 27th. Robert W. Baird restated a buy rating and set a $250.00 price target on shares of Verisign in a research note on Tuesday, June 23rd. Zacks Investment Research upgraded Verisign from a hold rating to a buy rating and set a $216.00 price target on the stock in a research note on Saturday, April 18th. Finally, Cfra boosted their price target on Verisign from $199.00 to $204.00 and gave the company a hold rating in a research note on Monday, April 27th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $226.25.

VRSN opened at $204.10 on Tuesday. The stock has a market cap of $23.58 billion, a price-to-earnings ratio of 30.65 and a beta of 0.92. Verisign has a 1 year low of $148.77 and a 1 year high of $221.78. The stock has a fifty day moving average price of $210.68 and a 200 day moving average price of $201.20.

Verisign (NASDAQ:VRSN) last released its quarterly earnings data on Thursday, April 23rd. The information services provider reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.23. Verisign had a negative return on equity of 54.28% and a net margin of 63.33%. The firm had revenue of $313.00 million during the quarter, compared to analysts’ expectations of $309.25 million. During the same quarter last year, the firm earned $1.31 earnings per share. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. As a group, research analysts forecast that Verisign will post 5.18 earnings per share for the current year.

In related news, COO Todd B. Strubbe sold 6,300 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $208.05, for a total value of $1,310,715.00. Following the completion of the transaction, the chief operating officer now owns 130,441 shares in the company, valued at approximately $27,138,250.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Thomas C. Indelicarto sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $214.09, for a total transaction of $3,211,350.00. Following the completion of the transaction, the executive vice president now owns 69,137 shares of the company’s stock, valued at approximately $14,801,540.33. The disclosure for this sale can be found here. Insiders sold a total of 23,300 shares of company stock worth $4,951,505 over the last three months. 1.35% of the stock is owned by company insiders.

Several institutional investors have recently modified their holdings of the business. Ipswich Investment Management Co. Inc. raised its position in shares of Verisign by 1.6% during the 1st quarter. Ipswich Investment Management Co. Inc. now owns 3,575 shares of the information services provider’s stock valued at $644,000 after acquiring an additional 55 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of Verisign by 2.2% during the 1st quarter. Fisher Asset Management LLC now owns 2,631 shares of the information services provider’s stock valued at $474,000 after acquiring an additional 56 shares during the last quarter. Checchi Capital Advisers LLC raised its position in shares of Verisign by 4.1% during the 1st quarter. Checchi Capital Advisers LLC now owns 1,416 shares of the information services provider’s stock valued at $255,000 after acquiring an additional 56 shares during the last quarter. Bessemer Group Inc. raised its position in shares of Verisign by 16.2% during the 1st quarter. Bessemer Group Inc. now owns 496 shares of the information services provider’s stock valued at $89,000 after acquiring an additional 69 shares during the last quarter. Finally, Camden Capital LLC raised its position in shares of Verisign by 6.6% during the 1st quarter. Camden Capital LLC now owns 1,252 shares of the information services provider’s stock valued at $225,000 after acquiring an additional 78 shares during the last quarter. Institutional investors own 91.60% of the company’s stock.

About Verisign

VeriSign, Inc provides domain name registry services and Internet infrastructure in the United States and internationally. The company offers registry services that operate the authoritative directory of and/or the back-end systems for .com, .net, .cc, .tv, .gov, .jobs, .edu, .name, and other domain names.

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