VeriSign (NASDAQ:VRSN) Issues Quarterly Earnings Results

VeriSign (NASDAQ:VRSN) announced its earnings results on Thursday. The information services provider reported $2.01 EPS for the quarter, topping 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 business had revenue of $387.10 million during the quarter, compared to the consensus estimate of $385.80 million. During the same quarter in the previous year, the firm 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 Price Performance

NASDAQ:VRSN traded up $7.36 during mid-day trading on Friday, reaching $184.10. The stock had a trading volume of 1,328,546 shares, compared to its average volume of 626,725. The stock has a 50-day simple moving average of $176.94 and a two-hundred day simple moving average of $185.34. VeriSign has a 12 month low of $167.04 and a 12 month high of $220.91. The stock has a market capitalization of $18.34 billion, a PE ratio of 22.62 and a beta of 0.90.

Insider Activity

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

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on VRSN shares. StockNews.com cut VeriSign from a “buy” rating to a “hold” rating in a report on Sunday, June 16th. Robert W. Baird reiterated a “neutral” rating and issued a $200.00 price target on shares of VeriSign in a research report on Thursday, June 27th. Finally, Citigroup reduced their price target on VeriSign from $237.00 to $236.00 and set a “buy” rating on the stock in a research report on Tuesday, April 2nd.

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.