Zacks: Brokerages Expect Verisign, Inc. (VRSN) Will Announce Quarterly Sales of $297.99 Million

Brokerages forecast that Verisign, Inc. (NASDAQ:VRSN) will post $297.99 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Verisign’s earnings, with the lowest sales estimate coming in at $297.97 million and the highest estimate coming in at $298.00 million. Verisign posted sales of $288.61 million in the same quarter last year, which suggests a positive year over year growth rate of 3.3%. The business is scheduled to issue its next earnings report on Thursday, April 26th.

On average, analysts expect that Verisign will report full-year sales of $297.99 million for the current year. For the next year, analysts forecast that the business will report sales of $1.26 billion per share, with estimates ranging from $1.25 billion to $1.26 billion. Zacks’ sales calculations are an average based on a survey of analysts that cover Verisign.

Verisign (NASDAQ:VRSN) last posted its earnings results on Thursday, February 8th. The information services provider reported $0.96 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.97 by ($0.01). Verisign had a negative return on equity of 36.88% and a net margin of 39.25%. The firm had revenue of $295.50 million for the quarter, compared to analyst estimates of $294.93 million. During the same period in the prior year, the business posted $0.92 EPS. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year.

A number of research firms have recently weighed in on VRSN. JPMorgan Chase & Co. lifted their target price on Verisign to $106.00 and gave the stock an “underweight” rating in a report on Monday, February 26th. BidaskClub downgraded Verisign from a “buy” rating to a “hold” rating in a report on Thursday, January 11th. ValuEngine raised Verisign from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Finally, Zacks Investment Research raised Verisign from a “sell” rating to a “hold” rating in a report on Tuesday, December 26th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $106.25.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Grove Bank & Trust increased its position in shares of Verisign by 186.5% in the third quarter. Grove Bank & Trust now owns 1,060 shares of the information services provider’s stock worth $113,000 after purchasing an additional 690 shares during the period. Twin Tree Management LP bought a new position in shares of Verisign in the fourth quarter worth $172,000. Mckinley Capital Management LLC Delaware bought a new position in shares of Verisign in the fourth quarter worth $177,000. Candriam Luxembourg S.C.A. bought a new position in shares of Verisign in the fourth quarter worth $208,000. Finally, Mariner Wealth Advisors LLC bought a new position in shares of Verisign in the fourth quarter worth $208,000.

Shares of Verisign (NASDAQ:VRSN) opened at $120.24 on Tuesday. Verisign has a twelve month low of $84.89 and a twelve month high of $121.61. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of -1.41. The firm has a market capitalization of $11,730.00, a price-to-earnings ratio of 32.06 and a beta of 0.88.

Verisign declared that its Board of Directors has approved a share buyback program on Thursday, February 8th that authorizes the company to repurchase $586.00 million in outstanding shares. This repurchase authorization authorizes the information services provider to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

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About Verisign

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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