Verisign (NASDAQ:VRSN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Saturday. The firm currently has a $195.00 target price on the information services provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 12.66% from the company’s current price.
According to Zacks, “VeriSign reported solid fourth-quarter 2018 results. Both revenues and earnings increased on a year-over-year basis. Revenue growth was driven by growth in .com and .net domain name registrations. Notably, per the recently amended cooperative agreement between the company and the U.S. Commerce Department, VeriSign has the flexibility to pursue with ICANN an up to 7% increase in prices for .com domain names in each of the last four years of each six-year period of the registry agreement. Moreover, the divestiture of customer contracts of its Security Services business to NeuStar will help VeriSign to focus on core operations. Shares have outperformed the industry in the past year.”
Several other research firms have also issued reports on VRSN. Robert W. Baird upgraded shares of Verisign from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $160.00 to $170.00 in a report on Friday, November 2nd. BidaskClub lowered shares of Verisign from a “hold” rating to a “sell” rating in a report on Friday, November 16th. Citigroup raised their target price on shares of Verisign from $152.00 to $155.00 and gave the stock a “neutral” rating in a report on Friday, November 2nd. Finally, JPMorgan Chase & Co. upgraded shares of Verisign from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $125.00 to $160.00 in a report on Friday, November 2nd. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $167.00.
Verisign stock opened at $173.09 on Friday. The stock has a market capitalization of $20.92 billion, a PE ratio of 36.44 and a beta of 1.00. Verisign has a 12-month low of $105.40 and a 12-month high of $176.76.
Verisign (NASDAQ:VRSN) last released its earnings results on Thursday, February 7th. The information services provider reported $1.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.21 by $0.37. The firm had revenue of $307.45 million during the quarter, compared to analyst estimates of $308.64 million. Verisign had a net margin of 47.94% and a negative return on equity of 42.87%. The business’s revenue was up 4.0% on a year-over-year basis. During the same quarter last year, the business earned $0.96 EPS. On average, research analysts expect that Verisign will post 4.76 earnings per share for the current fiscal year.
In related news, EVP Thomas C. Indelicarto sold 3,300 shares of the firm’s stock in a transaction dated Thursday, December 6th. The shares were sold at an average price of $150.81, for a total value of $497,673.00. Following the transaction, the executive vice president now owns 55,871 shares of the company’s stock, valued at approximately $8,425,905.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.35% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Oregon Public Employees Retirement Fund increased its position in Verisign by 41,120.7% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,763,452 shares of the information services provider’s stock valued at $25,000 after purchasing an additional 3,754,322 shares during the period. Athena Capital Advisors LLC purchased a new position in Verisign during the 4th quarter valued at about $39,000. Signet Investment Advisory Group Inc. purchased a new position in Verisign during the 4th quarter valued at about $44,000. Lindbrook Capital LLC purchased a new position in Verisign during the 4th quarter valued at about $64,000. Finally, First Hawaiian Bank increased its position in Verisign by 53.2% during the 4th quarter. First Hawaiian Bank now owns 547 shares of the information services provider’s stock valued at $81,000 after purchasing an additional 190 shares during the period. 92.27% of the stock is currently owned by institutional investors.
Verisign Company Profile
VeriSign, Inc provides domain name registry services and Internet security worldwide. The company offers registry services that operate the authoritative directory of .com, .net, .cc, .tv, .gov, .jobs, .edu, .name, and other domain names. Its registry services allow individuals and organizations to establish their online identities.
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