VeriSign, Inc. (NASDAQ:VRSN) Receives $325.25 Average Price Target from Analysts

VeriSign, Inc. (NASDAQ:VRSN) has earned an average rating of “Moderate Buy” from the six analysts that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $325.25.

Several research analysts recently issued reports on VRSN shares. 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 report on Thursday, June 18th. Robert W. Baird raised their price target on VeriSign from $305.00 to $355.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Citigroup lifted their price target on VeriSign from $295.00 to $320.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Weiss Ratings reiterated a “buy (b-)” rating on shares of VeriSign in a report on Wednesday, June 24th. Finally, Wedbush assumed coverage on VeriSign in a report on Thursday, July 16th. They issued an “outperform” rating and a $318.00 price objective for the company.

VeriSign Price Performance

Shares of VeriSign stock opened at $262.59 on Thursday. VeriSign has a 1 year low of $208.86 and a 1 year high of $312.48. The firm has a market cap of $23.90 billion, a PE ratio of 29.02 and a beta of 0.71. The company has a 50 day simple moving average of $277.52 and a two-hundred day simple moving average of $258.96.

VeriSign (NASDAQ:VRSN) last issued its quarterly earnings results on Thursday, April 23rd. The information services provider reported $2.34 EPS for the quarter, topping analysts’ consensus estimates of $2.30 by $0.04. VeriSign had a net margin of 49.95% and a negative return on equity of 39.98%. The firm had revenue of $428.90 million for the quarter, compared to analyst estimates of $424.50 million. During the same quarter in the prior year, the firm earned $2.10 EPS. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. As a group, research analysts anticipate that VeriSign will post 9.45 earnings per share for the current year.

Insider Activity at VeriSign

In other VeriSign news, EVP Thomas C. Indelicarto sold 250 shares of VeriSign stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $269.23, for a total transaction of $67,307.50. Following the transaction, the executive vice president directly owned 36,051 shares of the company’s stock, valued at approximately $9,706,010.73. This trade represents a 0.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO D James Bidzos sold 3,300 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $266.09, for a total transaction of $878,097.00. Following the completion of the sale, the chief executive officer owned 422,839 shares of the company’s stock, valued at approximately $112,513,229.51. The trade was a 0.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 26,300 shares of company stock valued at $7,125,942. 0.56% of the stock is owned by insiders.

Hedge Funds Weigh In On VeriSign

A number of large investors have recently added to or reduced their stakes in the business. Tema ETFs LLC boosted its position in VeriSign by 76.3% during the second quarter. Tema ETFs LLC now owns 1,804 shares of the information services provider’s stock valued at $454,000 after buying an additional 781 shares during the period. Beacon Investment Advisory Services Inc. increased its holdings in shares of VeriSign by 14.4% in the second quarter. Beacon Investment Advisory Services Inc. now owns 1,775 shares of the information services provider’s stock worth $447,000 after buying an additional 223 shares during the period. LifeGoal Investments LLC purchased a new position in shares of VeriSign in the second quarter worth about $232,000. Czech National Bank lifted its stake in shares of VeriSign by 3.7% in the 2nd quarter. Czech National Bank now owns 23,312 shares of the information services provider’s stock valued at $5,864,000 after acquiring an additional 835 shares during the last quarter. Finally, PensionDanmark Pensionsforsikringsaktieselskab lifted its stake in shares of VeriSign by 7.1% in the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 33,065 shares of the information services provider’s stock valued at $8,318,000 after acquiring an additional 2,181 shares during the last quarter. Hedge funds and other institutional investors own 92.90% of the company’s stock.

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.