VeriSign, Inc. (NASDAQ:VRSN) Given Average Rating of “Hold” by Analysts

VeriSign, Inc. (NASDAQ:VRSN) has been given an average rating of “Hold” by the five analysts that are currently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $292.00.

Several brokerages have recently commented on VRSN. JPMorgan Chase & Co. lifted their target price on VeriSign from $270.00 to $271.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 6th. Zacks Research raised VeriSign from a “strong sell” rating to a “hold” rating in a research report on Monday, February 9th. Weiss Ratings restated a “hold (c+)” rating on shares of VeriSign in a research note on Monday, December 29th. Finally, Citigroup decreased their price objective on shares of VeriSign from $337.00 to $280.00 and set a “buy” rating for the company in a report on Monday, February 9th.

Insider Activity

In related news, CEO D James Bidzos sold 5,000 shares of the business’s stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $248.20, for a total transaction of $1,241,000.00. Following the completion of the sale, the chief executive officer owned 416,099 shares of the company’s stock, valued at $103,275,771.80. This represents a 1.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Thomas C. Indelicarto sold 498 shares of the stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $231.78, for a total transaction of $115,426.44. Following the sale, the executive vice president owned 40,028 shares in the company, valued at approximately $9,277,689.84. This trade represents a 1.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 9,490 shares of company stock valued at $2,338,621 over the last ninety days. Company insiders own 0.84% of the company’s stock.

Institutional Trading of VeriSign

A number of institutional investors and hedge funds have recently made changes to their positions in VRSN. Salomon & Ludwin LLC lifted its holdings in shares of VeriSign by 112.5% in the 3rd quarter. Salomon & Ludwin LLC now owns 102 shares of the information services provider’s stock worth $28,000 after purchasing an additional 54 shares during the last quarter. Root Financial Partners LLC bought a new position in VeriSign during the 3rd quarter worth $29,000. DV Equities LLC bought a new position in VeriSign during the 4th quarter worth $28,000. Sunbelt Securities Inc. increased its position in VeriSign by 429.2% in the third quarter. Sunbelt Securities Inc. now owns 127 shares of the information services provider’s stock worth $36,000 after buying an additional 103 shares during the period. Finally, North Capital Inc. increased its position in VeriSign by 239.0% in the third quarter. North Capital Inc. now owns 139 shares of the information services provider’s stock worth $39,000 after buying an additional 98 shares during the period. 92.90% of the stock is currently owned by institutional investors and hedge funds.

VeriSign Stock Performance

NASDAQ:VRSN opened at $250.80 on Friday. The company has a market capitalization of $23.00 billion, a price-to-earnings ratio of 28.47 and a beta of 0.76. VeriSign has a one year low of $208.86 and a one year high of $310.60. The stock has a 50-day simple moving average of $235.63 and a 200 day simple moving average of $249.34.

VeriSign (NASDAQ:VRSN) last announced its quarterly earnings data on Thursday, February 5th. The information services provider reported $2.23 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($0.06). VeriSign had a net margin of 49.84% and a negative return on equity of 40.40%. The firm had revenue of $425.30 million during the quarter, compared to the consensus estimate of $424.04 million. During the same period in the prior year, the firm earned $2.00 earnings per share. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year.

VeriSign Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Thursday, February 19th were given a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Thursday, February 19th. This is an increase from VeriSign’s previous quarterly dividend of $0.77. VeriSign’s payout ratio is 36.78%.

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.