VeriSign (NASDAQ:VRSN) PT Lowered to $236.00

VeriSign (NASDAQ:VRSNGet Free Report) had its price objective lowered by equities research analysts at Citigroup from $237.00 to $236.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the information services provider’s stock. Citigroup’s price target points to a potential upside of 24.89% from the company’s current price.

Separately, StockNews.com raised VeriSign from a “hold” rating to a “buy” rating in a research note on Friday, March 22nd.

Check Out Our Latest Analysis on VRSN

VeriSign Stock Performance

NASDAQ VRSN opened at $188.97 on Tuesday. The stock’s fifty day moving average is $194.40 and its two-hundred day moving average is $202.17. The firm has a market capitalization of $19.07 billion, a P/E ratio of 23.86 and a beta of 0.88. VeriSign has a fifty-two week low of $185.19 and a fifty-two week high of $229.72.

VeriSign (NASDAQ:VRSNGet Free Report) last announced its quarterly earnings results on Thursday, February 8th. The information services provider reported $1.92 EPS for the quarter, beating the consensus estimate of $1.83 by $0.09. VeriSign had a negative return on equity of 46.56% and a net margin of 54.74%. The business had revenue of $380.40 million for the quarter, compared to analyst estimates of $381.01 million. As a group, sell-side analysts forecast that VeriSign will post 7.82 EPS for the current year.

Insider Activity

In related news, EVP Thomas C. Indelicarto sold 613 shares of the business’s stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $198.12, for a total value of $121,447.56. Following the sale, the executive vice president now owns 35,429 shares in the company, valued at approximately $7,019,193.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP Thomas C. Indelicarto sold 613 shares of the business’s stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $198.12, for a total value of $121,447.56. Following the sale, the executive vice president now owns 35,429 shares in the company, valued at approximately $7,019,193.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO D James Bidzos sold 4,000 shares of the business’s stock in a transaction on Wednesday, January 10th. The shares were sold at an average price of $200.00, for a total value of $800,000.00. Following the completion of the sale, the chief executive officer now owns 508,306 shares in the company, valued at approximately $101,661,200. The disclosure for this sale can be found here. Insiders have sold a total of 23,001 shares of company stock valued at $4,518,942 in the last quarter. Insiders own 0.94% of the company’s stock.

Institutional Investors Weigh In On VeriSign

Several institutional investors and hedge funds have recently modified their holdings of VRSN. Norges Bank purchased a new stake in shares of VeriSign in the 4th quarter valued at $207,161,000. BlackRock Inc. raised its holdings in shares of VeriSign by 6.9% in the 1st quarter. BlackRock Inc. now owns 9,152,000 shares of the information services provider’s stock valued at $1,934,092,000 after buying an additional 587,635 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of VeriSign by 31.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,005,583 shares of the information services provider’s stock valued at $207,110,000 after buying an additional 242,604 shares during the period. Morgan Stanley increased its holdings in VeriSign by 14.7% during the 3rd quarter. Morgan Stanley now owns 1,826,836 shares of the information services provider’s stock worth $369,989,000 after purchasing an additional 233,811 shares during the period. Finally, AQR Capital Management LLC increased its holdings in VeriSign by 99.0% during the 3rd quarter. AQR Capital Management LLC now owns 442,523 shares of the information services provider’s stock worth $89,624,000 after purchasing an additional 220,106 shares during the period. Hedge funds and other institutional investors own 92.90% of the company’s stock.

About VeriSign

(Get Free Report)

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.

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