Zacks: Analysts Expect VeriSign, Inc. (NASDAQ:VRSN) Will Announce Quarterly Sales of $291.59 Million
Wall Street analysts expect VeriSign, Inc. (NASDAQ:VRSN) to report sales of $291.59 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for VeriSign’s earnings, with the highest sales estimate coming in at $291.69 million and the lowest estimate coming in at $291.49 million. VeriSign posted sales of $287.55 million in the same quarter last year, which would indicate a positive year over year growth rate of 1.4%. The firm is expected to announce its next quarterly earnings report on Thursday, October 26th.
According to Zacks, analysts expect that VeriSign will report full-year sales of $291.59 million for the current fiscal year. For the next year, analysts expect that the business will post sales of $1.20 billion per share, with estimates ranging from $1.20 billion to $1.21 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow VeriSign.
VeriSign (NASDAQ:VRSN) last issued its quarterly earnings results on Thursday, July 27th. The information services provider reported $1.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.06. VeriSign had a negative return on equity of 36.99% and a net margin of 39.92%. The firm had revenue of $289 million during the quarter, compared to the consensus estimate of $287.47 million. During the same period last year, the company earned $0.91 earnings per share. The company’s revenue for the quarter was up .9% on a year-over-year basis.
VRSN has been the subject of a number of recent research reports. BidaskClub downgraded VeriSign from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 4th. Zacks Investment Research upgraded VeriSign from a “hold” rating to a “buy” rating and set a $100.00 price objective for the company in a research note on Tuesday, May 2nd. Cowen and Company restated a “market perform” rating and set a $94.00 price objective on shares of VeriSign in a research note on Monday, July 3rd. Finally, Citigroup Inc. upgraded VeriSign from a “sell” rating to a “neutral” rating in a research note on Wednesday, April 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. VeriSign presently has an average rating of “Hold” and a consensus target price of $87.75.
In related news, Director Timothy Tomlinson sold 1,240 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $101.00, for a total transaction of $125,240.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.92% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its position in shares of VeriSign by 1,765.9% in the first quarter. BlackRock Inc. now owns 7,706,691 shares of the information services provider’s stock worth $671,330,000 after buying an additional 7,293,666 shares during the last quarter. Gruss Capital Management LP raised its position in shares of VeriSign by 340.0% in the first quarter. Gruss Capital Management LP now owns 880,000 shares of the information services provider’s stock worth $76,657,000 after buying an additional 680,000 shares during the period. Strs Ohio raised its position in shares of VeriSign by 341.2% in the first quarter. Strs Ohio now owns 374,574 shares of the information services provider’s stock worth $32,629,000 after buying an additional 289,680 shares during the period. WINTON GROUP Ltd raised its position in shares of VeriSign by 147.8% in the first quarter. WINTON GROUP Ltd now owns 327,756 shares of the information services provider’s stock worth $25,644,000 after buying an additional 195,478 shares during the period. Finally, TIAA CREF Investment Management LLC raised its position in shares of VeriSign by 55.3% in the first quarter. TIAA CREF Investment Management LLC now owns 535,112 shares of the information services provider’s stock worth $46,614,000 after buying an additional 190,444 shares during the period.
Shares of VeriSign (VRSN) opened at 99.77 on Thursday. The company’s 50 day moving average price is $97.21 and its 200 day moving average price is $89.59. VeriSign has a one year low of $74.01 and a one year high of $103.79. The firm has a market capitalization of $9.97 billion, a P/E ratio of 27.19 and a beta of 1.20.
VeriSign Company Profile
VeriSign, Inc is a provider of domain name registry services and Internet security. The Company operates through Registry Services and Security Services segment. Registry Services ensure the security, stability and resiliency of Internet infrastructure and services, including the .com and .net domains, and operation of the root-zone maintainer functions for the core of the Internet’s Domain Name System (DNS).
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