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

VeriSign (NASDAQ:VRSN) announced its earnings results on Thursday. The information services provider reported $1.92 EPS for the quarter, beating analysts’ consensus estimates of $1.86 by $0.06, Briefing.com reports. The company had revenue of $384.30 million during the quarter, compared to the consensus estimate of $381.85 million. VeriSign had a negative return on equity of 47.39% and a net margin of 55.04%. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.70 earnings per share. VeriSign updated its FY 2024 guidance to EPS.

VeriSign Stock Performance

NASDAQ VRSN opened at $175.48 on Friday. VeriSign has a one year low of $174.51 and a one year high of $229.72. The stock has a 50-day moving average of $189.29 and a 200 day moving average of $200.03. The company has a market capitalization of $17.57 billion, a price-to-earnings ratio of 21.56 and a beta of 0.88.

Wall Street Analyst Weigh In

A number of research firms have recently commented on VRSN. StockNews.com cut VeriSign from a “buy” rating to a “hold” rating in a research note on Wednesday, April 3rd. Citigroup cut their target price on VeriSign from $237.00 to $236.00 and set a “buy” rating on the stock in a research note on Tuesday, April 2nd. Finally, Robert W. Baird cut their target price on VeriSign from $215.00 to $200.00 and set a “neutral” rating on the stock in a research note on Friday.

Insider Buying and Selling

In other VeriSign news, COO Todd B. Strubbe sold 9,423 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $193.21, for a total value of $1,820,617.83. Following the transaction, the chief operating officer now directly owns 111,551 shares of the company’s stock, valued at $21,552,768.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Thomas C. Indelicarto sold 614 shares of VeriSign stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $190.00, for a total transaction of $116,660.00. Following the transaction, the executive vice president now directly owns 42,569 shares of the company’s stock, valued at approximately $8,088,110. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Todd B. Strubbe sold 9,423 shares of VeriSign stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $193.21, for a total value of $1,820,617.83. Following the transaction, the chief operating officer now directly owns 111,551 shares in the company, valued at $21,552,768.71. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,877 shares of company stock worth $2,878,864. 0.94% of the stock is owned by corporate 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.