VeriSign (NASDAQ:VRSN) Upgraded to Buy by StockNews.com

StockNews.com upgraded shares of VeriSign (NASDAQ:VRSN) from a hold rating to a buy rating in a report released on Monday morning.

Several other equities research analysts also recently commented on VRSN. Robert W. Baird reduced their price target on shares of VeriSign from $215.00 to $200.00 and set a neutral rating for the company in a research report on Friday. Citigroup reduced their price target on shares of VeriSign from $237.00 to $236.00 and set a buy rating for the company in a research report on Tuesday, April 2nd.

VeriSign Price Performance

VeriSign stock opened at $175.11 on Monday. The firm has a 50 day simple moving average of $188.90 and a 200-day simple moving average of $199.66. The stock has a market capitalization of $17.44 billion, a PE ratio of 21.51 and a beta of 0.88. VeriSign has a 12-month low of $174.28 and a 12-month high of $229.72.

VeriSign (NASDAQ:VRSN) last issued its earnings results on Thursday, April 25th. The information services provider reported $1.92 earnings per share for the quarter, topping analysts’ consensus estimates of $1.86 by $0.06. The firm had revenue of $384.30 million during the quarter, compared to analysts’ expectations of $381.85 million. VeriSign had a net margin of 55.04% and a negative return on equity of 47.21%. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period last year, the firm posted $1.70 earnings per share.

Insider Buying and Selling

In related news, EVP Thomas C. Indelicarto sold 614 shares of VeriSign stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $190.00, for a total value of $116,660.00. Following the transaction, the executive vice president now owns 42,569 shares in the company, valued at approximately $8,088,110. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Thomas C. Indelicarto sold 614 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $190.00, for a total transaction of $116,660.00. Following the transaction, the executive vice president now owns 42,569 shares in the company, valued at approximately $8,088,110. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Todd B. Strubbe sold 9,423 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $193.21, for a total transaction of $1,820,617.83. Following the transaction, the chief operating officer now owns 111,551 shares in the company, valued at approximately $21,552,768.71. The disclosure for this sale can be found here. Insiders have sold 14,877 shares of company stock worth $2,878,864 in the last quarter. 0.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On VeriSign

A number of institutional investors and hedge funds have recently added to or reduced their stakes in VRSN. Cary Street Partners Investment Advisory LLC boosted its position in VeriSign by 52.0% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 152 shares of the information services provider’s stock valued at $31,000 after buying an additional 52 shares in the last quarter. Baldwin Brothers LLC MA lifted its position in shares of VeriSign by 158.6% during the fourth quarter. Baldwin Brothers LLC MA now owns 181 shares of the information services provider’s stock worth $37,000 after purchasing an additional 111 shares in the last quarter. UMB Bank n.a. lifted its position in shares of VeriSign by 91.7% during the third quarter. UMB Bank n.a. now owns 347 shares of the information services provider’s stock worth $70,000 after purchasing an additional 166 shares in the last quarter. Larson Financial Group LLC lifted its position in shares of VeriSign by 251.5% during the third quarter. Larson Financial Group LLC now owns 355 shares of the information services provider’s stock worth $72,000 after purchasing an additional 254 shares in the last quarter. Finally, Quarry LP acquired a new position in shares of VeriSign during the fourth quarter worth approximately $76,000. 92.90% of the stock is currently owned by institutional investors and hedge funds.

VeriSign Company Profile

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.