Shares of Verisign, Inc. (NASDAQ:VRSN) hit a new 52-week high on Wednesday . The stock traded as high as $124.34 and last traded at $124.32, with a volume of 1134444 shares trading hands. The stock had previously closed at $120.51.
Several analysts have weighed in on VRSN shares. ValuEngine upgraded Verisign from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Zacks Investment Research upgraded Verisign from a “sell” rating to a “hold” rating in a research report on Tuesday, December 26th. JPMorgan Chase & Co. boosted their price objective on Verisign to $106.00 and gave the company an “underweight” rating in a research report on Monday, February 26th. Finally, BidaskClub upgraded Verisign from a “hold” rating to a “buy” rating in a research report on Saturday, February 10th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $106.25.
The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of -1.41. The firm has a market cap of $11,677.77, a PE ratio of 33.12 and a beta of 0.89.
Verisign declared that its board has initiated a stock buyback plan on Thursday, February 8th that allows the company to buyback $586.00 million in outstanding shares. This buyback authorization allows the information services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Xact Kapitalforvaltning AB increased its stake in shares of Verisign by 4.7% during the fourth quarter. Xact Kapitalforvaltning AB now owns 29,130 shares of the information services provider’s stock valued at $3,334,000 after buying an additional 1,304 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of Verisign by 45.7% during the fourth quarter. Envestnet Asset Management Inc. now owns 29,255 shares of the information services provider’s stock valued at $3,348,000 after buying an additional 9,172 shares during the period. MetLife Investment Advisors LLC purchased a new position in shares of Verisign during the fourth quarter valued at approximately $3,002,000. Jump Trading LLC purchased a new position in shares of Verisign during the fourth quarter valued at approximately $474,000. Finally, MainStreet Investment Advisors LLC purchased a new position in shares of Verisign during the fourth quarter valued at approximately $932,000.
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Verisign Company Profile
VeriSign, Inc is a provider of domain name registry services and Internet security. The Company operates through Registry Services and Security Services segment. Registry Services ensure the security, stability and resiliency of Internet infrastructure and services, including the .com and .net domains, and operation of the root-zone maintainer functions for the core of the Internet’s Domain Name System (DNS).
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