VeriSign (NASDAQ:VRSN) Rating Increased to Hold at Zacks Research

VeriSign (NASDAQ:VRSN) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

A number of other equities analysts have also recently commented on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of VeriSign in a report on Monday, December 29th. Citigroup decreased their price objective on shares of VeriSign from $337.00 to $280.00 and set a “buy” rating on the stock in a research report on Monday. JPMorgan Chase & Co. increased their price target on VeriSign from $270.00 to $271.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 6th. Finally, Robert W. Baird set a $325.00 target price on VeriSign in a research note on Friday, October 24th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, VeriSign currently has a consensus rating of “Hold” and an average target price of $292.00.

VeriSign Price Performance

Shares of VRSN opened at $220.08 on Monday. The firm has a market capitalization of $20.18 billion, a P/E ratio of 24.98 and a beta of 0.75. VeriSign has a one year low of $208.86 and a one year high of $310.60. The business has a fifty day moving average of $244.76 and a 200 day moving average of $258.22.

VeriSign (NASDAQ:VRSN) last released its quarterly earnings results on Thursday, February 5th. The information services provider reported $2.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $424.04 million. During the same quarter in the prior year, the firm earned $2.00 earnings per share. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year.

Insider Activity at VeriSign

In other news, CEO D James Bidzos sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 14th. The stock was sold at an average price of $248.28, for a total value of $496,560.00. Following the completion of the sale, the chief executive officer directly owned 414,099 shares of the company’s stock, valued at $102,812,499.72. This trade represents a 0.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Thomas C. Indelicarto sold 498 shares of the stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $249.08, for a total value of $124,041.84. Following the sale, the executive vice president owned 30,115 shares in the company, valued at $7,501,044.20. The trade was a 1.63% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 30,496 shares of company stock worth $7,505,653 over the last three months. 0.84% of the stock is currently owned by insiders.

Hedge Funds Weigh In On VeriSign

A number of large investors have recently bought and sold shares of VRSN. Salomon & Ludwin LLC increased its position in VeriSign by 112.5% during the 3rd quarter. Salomon & Ludwin LLC now owns 102 shares of the information services provider’s stock valued at $28,000 after purchasing an additional 54 shares during the period. Root Financial Partners LLC bought a new position in shares of VeriSign during the third quarter valued at approximately $29,000. Ameritas Advisory Services LLC purchased a new position in VeriSign during the second quarter valued at approximately $34,000. Bayforest Capital Ltd purchased a new stake in VeriSign during the second quarter worth $34,000. Finally, Sunbelt Securities Inc. lifted its position in shares of VeriSign by 429.2% during the third quarter. Sunbelt Securities Inc. now owns 127 shares of the information services provider’s stock valued at $36,000 after buying an additional 103 shares during the last quarter. Hedge funds and other institutional investors own 92.90% of the company’s stock.

About VeriSign

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.