Verisign (VRSN) Board Authorizes Share Buyback Plan

Verisign (NASDAQ:VRSN) announced that its board has approved a stock buyback program, which authorizes the company to buyback $586.00 million in shares on Thursday, February 8th, EventVestor reports. This buyback authorization authorizes the information services provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Verisign (NASDAQ VRSN) traded up $3.47 during midday trading on Friday, reaching $109.09. 2,231,666 shares of the company were exchanged, compared to its average volume of 765,812. The firm has a market capitalization of $10,410.97, a P/E ratio of 29.10 and a beta of 0.92. Verisign has a 52 week low of $81.17 and a 52 week high of $118.28. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of -1.45.

Verisign (NASDAQ:VRSN) last posted its earnings results on Thursday, February 8th. The information services provider reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The business had revenue of $295.50 million for the quarter, compared to analyst estimates of $294.93 million. Verisign had a net margin of 39.25% and a negative return on equity of 37.29%. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.92 earnings per share. equities analysts predict that Verisign will post 3.9 earnings per share for the current year.

Several equities research analysts have recently commented on VRSN shares. Zacks Investment Research upgraded shares of Verisign from a “sell” rating to a “hold” rating in a research note on Tuesday, December 26th. Citigroup lifted their price objective on shares of Verisign from $101.00 to $111.00 and gave the stock a “neutral” rating in a research note on Friday, October 27th. Cowen reiterated a “hold” rating and set a $103.00 price objective on shares of Verisign in a research note on Sunday, October 29th. Finally, BidaskClub downgraded shares of Verisign from a “buy” rating to a “hold” rating in a research report on Thursday, January 11th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $106.33.

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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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