$291.59 Million in Sales Expected for VeriSign, Inc. (VRSN) This Quarter
Equities analysts predict that VeriSign, Inc. (NASDAQ:VRSN) will post $291.59 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for VeriSign’s earnings, with the lowest sales estimate coming in at $291.49 million and the highest estimate coming in at $291.69 million. VeriSign reported sales of $287.55 million in the same quarter last year, which would suggest a positive year over year growth rate of 1.4%. The company is scheduled to issue its next quarterly earnings results after the market closes on Thursday, October 26th.
According to Zacks, analysts expect that VeriSign will report full-year sales of $291.59 million for the current financial year. For the next financial year, analysts forecast that the firm will post sales of $1.20 billion per share, with estimates ranging from $1.20 billion to $1.21 billion. Zacks’ sales calculations are an average based on a survey of analysts that that provide coverage for VeriSign.
VeriSign (NASDAQ:VRSN) last released its quarterly earnings data on Thursday, July 27th. The information services provider reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.06. The company had revenue of $289.00 million during the quarter, compared to analysts’ expectations of $287.47 million. VeriSign had a net margin of 39.92% and a negative return on equity of 36.99%. The firm’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the company earned $0.91 EPS.
A number of equities research analysts have weighed in on the stock. Robert W. Baird reiterated a “hold” rating and set a $105.00 price target on shares of VeriSign in a research report on Thursday, August 31st. BidaskClub upgraded shares of VeriSign from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 26th. Zacks Investment Research cut shares of VeriSign from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. Finally, Cowen and Company reiterated a “market perform” rating and set a $94.00 price target on shares of VeriSign in a research report on Monday, July 3rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $99.50.
In related news, Director Kathleen A. Cote sold 1,500 shares of VeriSign stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $99.94, for a total value of $149,910.00. Following the completion of the transaction, the director now owns 38,294 shares in the company, valued at $3,827,102.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Timothy Tomlinson sold 1,240 shares of VeriSign stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $101.00, for a total transaction of $125,240.00. The disclosure for this sale can be found here. Insiders own 0.92% of the company’s stock.
Several hedge funds have recently made changes to their positions in VRSN. BlackRock Inc. grew its holdings 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 valued at $671,330,000 after purchasing an additional 7,293,666 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of VeriSign by 22.9% in the second quarter. Renaissance Technologies LLC now owns 5,045,476 shares of the information services provider’s stock valued at $469,027,000 after purchasing an additional 941,100 shares in the last quarter. Koch Industries Inc. grew its holdings in shares of VeriSign by 10,263.6% in the second quarter. Koch Industries Inc. now owns 875,519 shares of the information services provider’s stock valued at $866,000 after purchasing an additional 867,071 shares in the last quarter. Gruss Capital Management LP grew its holdings 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 valued at $76,657,000 after purchasing an additional 680,000 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of VeriSign by 84.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,458,379 shares of the information services provider’s stock valued at $135,571,000 after purchasing an additional 668,211 shares in the last quarter.
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VeriSign (NASDAQ:VRSN) traded up 0.10% during midday trading on Thursday, reaching $108.68. 190,663 shares of the company’s stock traded hands. The company has a market capitalization of $10.86 billion, a price-to-earnings ratio of 29.62 and a beta of 1.19. The firm’s 50-day moving average is $103.38 and its 200-day moving average is $95.15. VeriSign has a 1-year low of $74.46 and a 1-year high of $108.88.
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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