Citigroup Inc. Upgrades Verisign to “Neutral” (VRSN)
Verisign (NASDAQ:VRSN) was upgraded by investment analysts at Citigroup Inc. from a “sell” rating to a “neutral” rating in a note issued to investors on Friday, TheFlyOnTheWall.com reports. The firm currently has a $50.00 target price on the stock, up from their previous target price of $48.00. Citigroup Inc.’s target price points to a potential downside of 10.06% from the company’s current price.
Verisign (NASDAQ:VRSN) opened at 55.59 on Friday. Verisign has a 52 week low of $46.45 and a 52 week high of $62.96. The stock’s 50-day moving average is $50.29 and its 200-day moving average is $52.58. The company has a market cap of $7.307 billion and a P/E ratio of 13.70.
Verisign (NASDAQ:VRSN) last issued its quarterly earnings data on Thursday, July 24th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.04. The company had revenue of $250.40 million for the quarter, compared to the consensus estimate of $251.69 million. During the same quarter in the previous year, the company posted $0.58 earnings per share. The company’s revenue for the quarter was up 4.6% on a year-over-year basis. On average, analysts predict that Verisign will post $2.66 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Wells Fargo & Co. downgraded shares of Verisign from an “outperform” rating to a “market perform” rating in a research note on Friday, June 27th. Analysts at Zacks reiterated a “neutral” rating on shares of Verisign in a research note on Thursday, June 26th. They now have a $53.00 price target on the stock. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $53.20.
VeriSign, Inc (NASDAQ:VRSN) is a provider of Internet infrastructure services.
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