VeriSign (NASDAQ:VRSN) Price Target Lowered to $280.00 at Citigroup

VeriSign (NASDAQ:VRSN) had its price target dropped by investment analysts at Citigroup from $337.00 to $280.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the information services provider’s stock. Citigroup’s price target points to a potential upside of 28.43% from the company’s previous close.

Other analysts have also recently issued reports about the company. JPMorgan Chase & Co. lifted their price objective on VeriSign from $270.00 to $271.00 and gave the company a “neutral” rating in a research report on Tuesday, January 6th. Robert W. Baird set a $325.00 price objective on VeriSign in a report on Friday, October 24th. Zacks Research cut shares of VeriSign from a “hold” rating to a “strong sell” rating in a report on Tuesday, December 30th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of VeriSign in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, VeriSign currently has an average rating of “Hold” and an average price target of $292.00.

VeriSign Stock Performance

Shares of VeriSign stock traded down $6.15 during midday trading on Monday, reaching $218.02. 323,874 shares of the company’s stock traded hands, compared to its average volume of 750,151. The stock has a 50 day moving average of $246.06 and a 200-day moving average of $259.30. VeriSign has a 12 month low of $208.86 and a 12 month high of $310.60. The company has a market cap of $19.99 billion, a PE ratio of 24.72 and a beta of 0.75.

VeriSign (NASDAQ:VRSN) last issued its quarterly earnings data 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 company had revenue of $425.30 million for the quarter, compared to analysts’ expectations of $424.04 million. During the same period in the previous year, the firm posted $2.00 earnings per share. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year.

Insider Activity at VeriSign

In other VeriSign news, EVP Thomas C. Indelicarto sold 498 shares of VeriSign stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $249.08, for a total value of $124,041.84. Following the completion of the sale, the executive vice president owned 30,115 shares of the company’s stock, valued at approximately $7,501,044.20. This trade represents a 1.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO D James Bidzos sold 2,000 shares of the business’s stock in a transaction 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 transaction, the chief executive officer owned 414,099 shares of the company’s stock, valued at $102,812,499.72. This represents a 0.48% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 37,496 shares of company stock valued at $9,248,893 in the last three months. 0.84% of the stock is owned by insiders.

Institutional Investors Weigh In On VeriSign

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in VeriSign by 8.1% during the 3rd quarter. Vanguard Group Inc. now owns 11,443,710 shares of the information services provider’s stock valued at $3,199,318,000 after acquiring an additional 861,065 shares during the period. State Street Corp grew its stake in shares of VeriSign by 8.2% in the third quarter. State Street Corp now owns 4,253,980 shares of the information services provider’s stock worth $1,189,285,000 after acquiring an additional 321,737 shares during the period. AQR Capital Management LLC raised its holdings in shares of VeriSign by 13.8% during the third quarter. AQR Capital Management LLC now owns 3,523,495 shares of the information services provider’s stock valued at $985,063,000 after purchasing an additional 426,492 shares during the last quarter. Geode Capital Management LLC lifted its position in VeriSign by 2.0% during the second quarter. Geode Capital Management LLC now owns 2,326,799 shares of the information services provider’s stock valued at $670,685,000 after purchasing an additional 44,751 shares during the period. Finally, Northern Trust Corp boosted its holdings in VeriSign by 4.5% in the third quarter. Northern Trust Corp now owns 1,049,235 shares of the information services provider’s stock worth $293,335,000 after purchasing an additional 44,743 shares during the last quarter. 92.90% of the stock is currently owned by institutional investors.

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.