BidaskClub Upgrades Verisign (NASDAQ:VRSN) to Buy

BidaskClub upgraded shares of Verisign (NASDAQ:VRSN) from a hold rating to a buy rating in a research note published on Tuesday, BidAskClub reports.

Other analysts have also issued research reports about the company. Zacks Investment Research upgraded Verisign from a hold rating to a buy rating and set a $201.00 target price on the stock in a report on Sunday, November 3rd. ValuEngine lowered Verisign from a buy rating to a hold rating in a report on Wednesday, October 2nd. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $212.00.

Shares of VRSN stock traded down $0.14 on Tuesday, hitting $213.40. 5,951 shares of the stock were exchanged, compared to its average volume of 567,373. The firm has a market capitalization of $25.07 billion, a P/E ratio of 44.95 and a beta of 1.01. The business has a 50-day moving average of $195.40 and a 200 day moving average of $197.77. Verisign has a fifty-two week low of $159.60 and a fifty-two week high of $221.78.

Verisign (NASDAQ:VRSN) last posted its quarterly earnings data on Thursday, October 24th. The information services provider reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.05. The company had revenue of $308.42 million during the quarter, compared to analysts’ expectations of $308.34 million. Verisign had a negative return on equity of 44.38% and a net margin of 52.60%. Verisign’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.23 earnings per share. As a group, equities research analysts expect that Verisign will post 5.13 earnings per share for the current fiscal year.

In other Verisign news, Director Timothy Tomlinson sold 295 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $190.57, for a total value of $56,218.15. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.20% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in VRSN. Victory Capital Management Inc. increased its stake in shares of Verisign by 0.3% during the second quarter. Victory Capital Management Inc. now owns 15,718 shares of the information services provider’s stock worth $3,288,000 after purchasing an additional 54 shares during the period. LS Investment Advisors LLC boosted its holdings in shares of Verisign by 1.8% in the 3rd quarter. LS Investment Advisors LLC now owns 3,186 shares of the information services provider’s stock valued at $601,000 after purchasing an additional 57 shares in the last quarter. Cresset Asset Management LLC boosted its holdings in shares of Verisign by 3.4% in the 2nd quarter. Cresset Asset Management LLC now owns 2,226 shares of the information services provider’s stock valued at $466,000 after purchasing an additional 73 shares in the last quarter. Commonwealth Bank of Australia boosted its holdings in shares of Verisign by 41.7% in the 2nd quarter. Commonwealth Bank of Australia now owns 265 shares of the information services provider’s stock valued at $53,000 after purchasing an additional 78 shares in the last quarter. Finally, DNB Asset Management AS boosted its holdings in shares of Verisign by 0.5% in the 3rd quarter. DNB Asset Management AS now owns 19,092 shares of the information services provider’s stock valued at $3,601,000 after purchasing an additional 87 shares in the last quarter. Hedge funds and other institutional investors own 90.87% of the company’s stock.

Verisign Company Profile

VeriSign, Inc provides domain name registry services and Internet infrastructure in the United States and internationally. The company offers registry services that operate the authoritative directory of and/or the back-end systems for .com, .net, .cc, .tv, .gov, .jobs, .edu, .name, and other domain names.

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