VeriSign, Inc. (VRSN) Given New $111.00 Price Target at Citigroup Inc.
VeriSign, Inc. (NASDAQ:VRSN) had its target price boosted by stock analysts at Citigroup Inc. from $101.00 to $111.00 in a report released on Friday. The brokerage presently has a “neutral” rating on the information services provider’s stock. Citigroup Inc.’s price target suggests a potential upside of 1.65% from the stock’s previous close.
VRSN has been the topic of several other reports. BidaskClub cut shares of VeriSign from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 4th. Robert W. Baird reaffirmed a “hold” rating and issued a $105.00 price objective on shares of VeriSign in a research report on Thursday, August 31st. 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 reaffirmed a “market perform” rating and issued a $94.00 price objective on shares of VeriSign in a research report on Monday, July 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $103.33.
Shares of VeriSign (NASDAQ VRSN) traded down 0.96% during mid-day trading on Friday, reaching $108.15. 226,196 shares of the company’s stock traded hands. VeriSign has a 52 week low of $75.71 and a 52 week high of $110.82. The firm has a market cap of $10.81 billion, a price-to-earnings ratio of 29.48 and a beta of 1.19. The company’s 50 day moving average is $106.46 and its 200-day moving average is $97.47.
VeriSign (NASDAQ:VRSN) last posted its quarterly earnings data on Thursday, October 26th. The information services provider reported $1.00 EPS for the quarter, beating the consensus estimate of $0.97 by $0.03. The business had revenue of $292.40 million for the quarter, compared to analysts’ expectations of $290.90 million. VeriSign had a net margin of 39.92% and a negative return on equity of 36.99%. The firm’s revenue was up 1.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.93 EPS. Equities analysts expect that VeriSign will post $3.97 earnings per share for the current fiscal year.
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In related news, Director Kathleen A. Cote sold 1,500 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $99.94, for a total value of $149,910.00. Following the transaction, the director now owns 38,294 shares in the company, valued at approximately $3,827,102.36. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Timothy Tomlinson sold 1,240 shares of the company’s stock in a transaction dated 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. 0.92% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Eqis Capital Management Inc. acquired a new position in VeriSign in the 2nd quarter valued at about $350,000. Virtu Financial LLC acquired a new position in VeriSign in the 2nd quarter valued at about $211,000. Federated Investors Inc. PA grew its stake in VeriSign by 27.4% in the 2nd quarter. Federated Investors Inc. PA now owns 15,972 shares of the information services provider’s stock valued at $1,484,000 after buying an additional 3,435 shares during the last quarter. Koch Industries Inc. grew its stake in VeriSign by 10,263.6% in the 2nd quarter. Koch Industries Inc. now owns 875,519 shares of the information services provider’s stock valued at $866,000 after buying an additional 867,071 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in VeriSign by 1.7% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 290,142 shares of the information services provider’s stock valued at $26,972,000 after buying an additional 4,948 shares during the last quarter.
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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