VeriSign (NASDAQ:VRSN) Announces Quarterly Earnings Results

VeriSign (NASDAQ:VRSN) announced its quarterly earnings data on Thursday. The information services provider reported $2.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.08, Briefing.com reports. VeriSign had a net margin of 55.40% and a negative return on equity of 48.07%. The company had revenue of $387.10 million for the quarter, compared to analysts’ expectations of $385.80 million. During the same period in the previous year, the company posted $1.79 EPS. VeriSign’s revenue was up 4.1% compared to the same quarter last year. VeriSign updated its FY 2024 guidance to EPS.

VeriSign Trading Up 4.2 %

Shares of NASDAQ VRSN traded up $7.36 on Friday, reaching $184.10. 1,328,546 shares of the company traded hands, compared to its average volume of 626,725. The company has a 50 day moving average of $176.94 and a 200 day moving average of $185.26. The stock has a market capitalization of $18.34 billion, a PE ratio of 22.62 and a beta of 0.90. VeriSign has a fifty-two week low of $167.04 and a fifty-two week high of $220.91.

Analyst Ratings Changes

VRSN has been the topic of a number of recent analyst reports. Citigroup lowered their price target on shares of VeriSign from $237.00 to $236.00 and set a “buy” rating on the stock in a research note on Tuesday, April 2nd. Robert W. Baird reaffirmed a “neutral” rating and set a $200.00 price target on shares of VeriSign in a research note on Thursday, June 27th. Finally, StockNews.com cut shares of VeriSign from a “buy” rating to a “hold” rating in a research note on Sunday, June 16th.

Insider Buying and Selling

In related news, EVP Danny R. Mcpherson sold 1,200 shares of the stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $170.14, for a total transaction of $204,168.00. Following the completion of the sale, the executive vice president now owns 29,181 shares of the company’s stock, valued at approximately $4,964,855.34. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other VeriSign news, EVP Danny R. Mcpherson sold 1,200 shares of the stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $170.14, for a total value of $204,168.00. Following the completion of the sale, the executive vice president now owns 29,181 shares of the company’s stock, valued at $4,964,855.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Yehuda Ari Buchalter sold 866 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $170.01, for a total transaction of $147,228.66. Following the completion of the sale, the director now directly owns 3,661 shares of the company’s stock, valued at approximately $622,406.61. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,067 shares of company stock valued at $351,567. 0.84% of the stock is currently owned by corporate insiders.

About VeriSign

VeriSign, Inc, together with its subsidiaries, provides domain name registry services and internet infrastructure that enables internet navigation for various recognized domain names worldwide. The company enables the security, stability, and resiliency of internet infrastructure and services, including providing root zone maintainer services, operating two of thirteen internet root servers; and offering registration services and authoritative resolution for the .com and .net domains, which supports global e-commerce.