Citigroup Has Lowered Expectations for VeriSign (NASDAQ:VRSN) Stock Price

VeriSign (NASDAQ:VRSN) had its price target cut by equities researchers at Citigroup from $337.00 to $280.00 in a research report issued to clients and investors on Monday, Marketbeat.com reports. The brokerage presently has a “buy” rating on the information services provider’s stock. Citigroup’s price target would suggest a potential upside of 27.23% from the stock’s previous close.

A number of other brokerages have also weighed in on VRSN. Zacks Research lowered shares of VeriSign from a “hold” rating to a “strong sell” rating in a report on Tuesday, December 30th. Robert W. Baird set a $325.00 price target on VeriSign in a research note on Friday, October 24th. JPMorgan Chase & Co. upped their price target on VeriSign from $270.00 to $271.00 and gave the company a “neutral” rating in a report on Tuesday, January 6th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of VeriSign in a research report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $292.00.

VeriSign Price Performance

VRSN opened at $220.08 on Monday. The firm has a market cap of $20.18 billion, a PE ratio of 24.98 and a beta of 0.75. The stock has a 50-day moving average price of $244.76 and a 200-day moving average price of $258.22. VeriSign has a 1 year low of $208.86 and a 1 year high of $310.60.

VeriSign (NASDAQ:VRSN) last announced its quarterly earnings data on Thursday, February 5th. The information services provider reported $2.23 EPS for the quarter, missing the consensus estimate of $2.29 by ($0.06). The firm had revenue of $425.30 million for the quarter, compared to analysts’ expectations of $424.04 million. VeriSign had a net margin of 49.84% and a negative return on equity of 40.40%. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the company posted $2.00 earnings per share.

Insider Activity

In other VeriSign news, CEO D James Bidzos sold 2,000 shares of the stock in a transaction that occurred on Wednesday, January 14th. The shares were sold at an average price of $248.28, for a total value of $496,560.00. Following the transaction, the chief executive officer directly owned 414,099 shares in the company, valued at approximately $102,812,499.72. This trade represents a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Thomas C. Indelicarto sold 498 shares of the business’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $249.08, for a total transaction of $124,041.84. Following the sale, the executive vice president directly owned 30,115 shares of the company’s stock, valued at approximately $7,501,044.20. The trade was a 1.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 30,496 shares of company stock valued at $7,505,653 in the last ninety days. Insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On VeriSign

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Zions Bancorporation National Association UT boosted its holdings in VeriSign by 20.2% in the second quarter. Zions Bancorporation National Association UT now owns 226 shares of the information services provider’s stock valued at $65,000 after purchasing an additional 38 shares during the period. Advisors Asset Management Inc. grew its position in shares of VeriSign by 25.3% during the first quarter. Advisors Asset Management Inc. now owns 198 shares of the information services provider’s stock worth $50,000 after buying an additional 40 shares in the last quarter. Tranquilli Financial Advisor LLC increased its stake in shares of VeriSign by 5.1% during the fourth quarter. Tranquilli Financial Advisor LLC now owns 872 shares of the information services provider’s stock worth $212,000 after buying an additional 42 shares during the period. Accretive Wealth Partners LLC raised its holdings in VeriSign by 0.8% in the third quarter. Accretive Wealth Partners LLC now owns 5,779 shares of the information services provider’s stock valued at $1,616,000 after acquiring an additional 44 shares in the last quarter. Finally, One Wealth Advisors LLC grew its holdings in VeriSign by 3.8% during the 4th quarter. One Wealth Advisors LLC now owns 1,215 shares of the information services provider’s stock worth $295,000 after acquiring an additional 44 shares in the last quarter. 92.90% of the stock is currently owned by hedge funds and other institutional investors.

About VeriSign

VeriSign, Inc (NASDAQ: VRSN) is an internet infrastructure company that operates critical components of the global Domain Name System (DNS) and provides cybersecurity-related services. The company is best known as the authoritative registry operator for the .com and .net top-level domains, maintaining the central databases and zone files that enable domain name resolution for millions of websites. VeriSign’s registry role is performed under contractual agreements with Internet Corporation for Assigned Names and Numbers (ICANN) and involves high-availability, highly secure operations to support continuous internet connectivity.

In addition to its registry business, VeriSign offers a suite of services designed to protect and accelerate DNS and internet traffic for enterprises and service providers.