VeriSign Inc. (VRSN) Rating Lowered to Hold at Zacks Investment Research
VeriSign Inc. (NASDAQ:VRSN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “VeriSign has been benefiting from strong growth in both developed and emerging economies. The renewal of the .com contract and price hikes for the .com and .net domain names remain primary growth drivers for the company. Also, an expected increase in the domain name base will continue to be a growth catalyst. Recently, the company won a bid for the distribution of .web top-level domain, which is likely to add to revenues going ahead. However, the company can be affected by the impact of search engine adjustments on domain monetization, rising expenses and increasing competition. Estimates have been stable lately ahead of the company’s third quarter 2016 earnings release. “
Several other research analysts also recently issued reports on VRSN. Cowen and Company reaffirmed a “market perform” rating and set a $80.00 price objective on shares of VeriSign in a report on Tuesday, September 6th. Citigroup Inc. reaffirmed a “sell” rating and set a $70.00 price objective on shares of VeriSign in a report on Friday, September 23rd. Finally, JPMorgan Chase & Co. upped their target price on shares of VeriSign from $84.00 to $88.00 and gave the company an “underweight” rating in a research report on Friday, July 29th.
VeriSign (NASDAQ:VRSN) traded up 0.65% during midday trading on Wednesday, hitting $79.15. The stock had a trading volume of 201,540 shares. The company’s 50-day moving average price is $77.30 and its 200 day moving average price is $83.85. The stock has a market cap of $8.45 billion, a P/E ratio of 25.22 and a beta of 1.26. VeriSign has a 12-month low of $68.92 and a 12-month high of $93.94.
VeriSign (NASDAQ:VRSN) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.05. VeriSign had a negative return on equity of 37.96% and a net margin of 37.47%. The firm had revenue of $286 million for the quarter, compared to the consensus estimate of $284.34 million. During the same quarter in the prior year, the business earned $0.74 EPS. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. On average, equities research analysts predict that VeriSign will post $3.49 earnings per share for the current fiscal year.
In other VeriSign news, Director Timothy Tomlinson sold 1,477 shares of the company’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $85.30, for a total transaction of $125,988.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.92% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Quadrant Capital Group LLC boosted its stake in VeriSign by 1.0% in the second quarter. Quadrant Capital Group LLC now owns 1,656 shares of the company’s stock worth $140,000 after buying an additional 17 shares in the last quarter. Bessemer Group Inc. boosted its stake in VeriSign by 1.1% in the first quarter. Bessemer Group Inc. now owns 2,304 shares of the company’s stock worth $204,000 after buying an additional 24 shares in the last quarter. Fisher Asset Management LLC boosted its stake in VeriSign by 1.2% in the second quarter. Fisher Asset Management LLC now owns 2,527 shares of the company’s stock worth $215,000 after buying an additional 31 shares in the last quarter. GAM Holding AG boosted its stake in VeriSign by 1.2% in the second quarter. GAM Holding AG now owns 3,204 shares of the company’s stock worth $277,000 after buying an additional 39 shares in the last quarter. Finally, Concert Wealth Management Inc. boosted its stake in VeriSign by 2.1% in the second quarter. Concert Wealth Management Inc. now owns 2,859 shares of the company’s stock worth $247,000 after buying an additional 59 shares in the last quarter.
VeriSign Company Profile
VeriSign, Inc is a provider of domain name registry services and Internet security, enabling Internet navigation for domain names and providing protection for Websites and enterprises around the world (Registry Services). The Company operates in Registry Services and Security Services segment. Its product suite also includes Security Services consisting of Distributed Denial of Service (DDoS) Protection Services, Verisign iDefense Security Intelligence Services (iDefense) and Managed Domain Name System (Managed DNS) Services.
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