VeriSign (NASDAQ:VRSN) Reaches New 52-Week High at $228.29

VeriSign, Inc. (NASDAQ:VRSN – Get Rating) shares hit a new 52-week high during trading on Monday . The company traded as high as $228.29 and last traded at $228.25, with a volume of 17377 shares. The stock had previously closed at $227.41.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on VRSN. StockNews.com began coverage on shares of VeriSign in a research note on Thursday, May 18th. They set a “hold” rating for the company. Citigroup raised their price target on shares of VeriSign from $243.00 to $252.00 and gave the stock a “buy” rating in a research note on Monday, February 13th.

VeriSign Price Performance

The business’s 50 day moving average price is $213.90 and its 200-day moving average price is $207.05. The company has a market cap of $23.26 billion, a P/E ratio of 34.21 and a beta of 1.01.

VeriSign (NASDAQ:VRSN – Get Rating) last posted its earnings results on Thursday, April 27th. The information services provider reported $1.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.64 by $0.06. VeriSign had a net margin of 48.20% and a negative return on equity of 45.19%. The company had revenue of $364.40 million during the quarter, compared to analysts’ expectations of $367.32 million. During the same quarter in the previous year, the company posted $1.43 earnings per share. VeriSign’s quarterly revenue was up 5.0% compared to the same quarter last year. As a group, research analysts forecast that VeriSign, Inc. will post 6.92 EPS for the current year.

Insider Activity

In other news, CEO D James Bidzos sold 2,000 shares of VeriSign stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $225.05, for a total value of $450,100.00. Following the completion of the transaction, the chief executive officer now owns 601,642 shares in the company, valued at $135,399,532.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Thomas C. Indelicarto sold 614 shares of the firm’s stock in a transaction that occurred on Tuesday, March 21st. The shares were sold at an average price of $200.00, for a total value of $122,800.00. Following the completion of the sale, the executive vice president now owns 45,185 shares of the company’s stock, valued at $9,037,000. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO D James Bidzos sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $225.05, for a total transaction of $450,100.00. Following the completion of the sale, the chief executive officer now directly owns 601,642 shares of the company’s stock, valued at approximately $135,399,532.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,259 shares of company stock worth $9,206,145. Insiders own 0.94% of the company’s stock.

Institutional Trading of VeriSign

Several institutional investors and hedge funds have recently made changes to their positions in VRSN. American Century Companies Inc. raised its position in shares of VeriSign by 22.9% during the 1st quarter. American Century Companies Inc. now owns 2,956 shares of the information services provider’s stock valued at $657,000 after acquiring an additional 551 shares during the last quarter. Cetera Advisor Networks LLC raised its position in shares of VeriSign by 10.4% during the 1st quarter. Cetera Advisor Networks LLC now owns 1,425 shares of the information services provider’s stock valued at $317,000 after acquiring an additional 134 shares during the last quarter. Synovus Financial Corp bought a new stake in shares of VeriSign during the 1st quarter valued at $767,000. Sei Investments Co. raised its position in shares of VeriSign by 15.4% during the 1st quarter. Sei Investments Co. now owns 12,329 shares of the information services provider’s stock valued at $2,725,000 after acquiring an additional 1,641 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its position in shares of VeriSign by 14.9% during the 1st quarter. Canada Pension Plan Investment Board now owns 35,029 shares of the information services provider’s stock valued at $7,793,000 after acquiring an additional 4,545 shares during the last quarter. Institutional investors own 91.21% of the company’s stock.

About VeriSign

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VeriSign, Inc provides domain name registry services and Internet infrastructure, which enables Internet navigation for many of the world’s most recognized domain names. It enables the security, stability, and resiliency of key Internet infrastructure and services, including providing root zone maintainer services.