VeriSign (NASDAQ:VRSN) Reaches New 12-Month Low at $172.51

VeriSign, Inc. (NASDAQ:VRSN) shares hit a new 52-week low on Tuesday . The stock traded as low as $172.51 and last traded at $174.00, with a volume of 133495 shares traded. The stock had previously closed at $175.11.

Analyst Ratings Changes

A number of research analysts have weighed in on VRSN shares. StockNews.com upgraded shares of VeriSign from a “hold” rating to a “buy” rating in a research report on Monday. Citigroup cut their price objective on shares of VeriSign from $237.00 to $236.00 and set a “buy” rating on the stock in a research report on Tuesday, April 2nd. Finally, Robert W. Baird cut their price objective on shares of VeriSign from $215.00 to $200.00 and set a “neutral” rating on the stock in a research report on Friday, April 26th.

VeriSign Price Performance

The firm has a market cap of $17.04 billion, a P/E ratio of 21.02 and a beta of 0.89. The stock’s 50-day simple moving average is $188.01 and its two-hundred day simple moving average is $199.19.

VeriSign (NASDAQ:VRSN) last issued its earnings results on Thursday, April 25th. The information services provider reported $1.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.86 by $0.06. The firm had revenue of $384.30 million during the quarter, compared to analyst estimates of $381.85 million. VeriSign had a net margin of 55.04% and a negative return on equity of 47.21%. The business’s revenue was up 5.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.70 earnings per share.

Insider Activity

In related news, EVP Thomas C. Indelicarto sold 613 shares of the company’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $199.05, for a total value of $122,017.65. Following the completion of the sale, the executive vice president now directly owns 34,816 shares of the company’s stock, valued at $6,930,124.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, COO Todd B. Strubbe sold 9,423 shares of the stock in a transaction that occurred on 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 owns 111,551 shares in the company, valued at approximately $21,552,768.71. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Thomas C. Indelicarto sold 613 shares of the stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $199.05, for a total transaction of $122,017.65. Following the completion of the transaction, the executive vice president now owns 34,816 shares in the company, valued at approximately $6,930,124.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,752 shares of company stock valued at $2,853,989. 0.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On VeriSign

Several hedge funds and other institutional investors have recently bought and sold shares of VRSN. Cary Street Partners Investment Advisory LLC increased its holdings in VeriSign by 52.0% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 152 shares of the information services provider’s stock worth $31,000 after buying an additional 52 shares during the period. Baldwin Brothers LLC MA grew its stake in shares of VeriSign by 158.6% during the 4th quarter. Baldwin Brothers LLC MA now owns 181 shares of the information services provider’s stock worth $37,000 after purchasing an additional 111 shares during the period. Larson Financial Group LLC grew its stake in shares of VeriSign by 251.5% during the 3rd quarter. Larson Financial Group LLC now owns 355 shares of the information services provider’s stock worth $72,000 after purchasing an additional 254 shares during the period. Quarry LP acquired a new stake in shares of VeriSign during the 4th quarter worth approximately $76,000. Finally, Neo Ivy Capital Management acquired a new stake in shares of VeriSign during the 4th quarter worth approximately $77,000. Institutional investors and hedge funds own 92.90% of the company’s stock.

VeriSign Company Profile

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.