Verisign (VRSN) Rating Increased to Hold at BidaskClub

Verisign (NASDAQ:VRSN) was upgraded by stock analysts at BidaskClub from a “sell” rating to a “hold” rating in a research report issued on Saturday.

A number of other equities research analysts have also weighed in on VRSN. Zacks Investment Research reiterated a “hold” rating on shares of Verisign in a report on Saturday, November 17th. Citigroup lifted their price objective on shares of Verisign from $152.00 to $155.00 and gave the company a “neutral” rating in a report on Friday, November 2nd. Robert W. Baird upgraded shares of Verisign from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $160.00 to $170.00 in a report on Friday, November 2nd. Finally, JPMorgan Chase & Co. upgraded shares of Verisign from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $125.00 to $160.00 in a report on Friday, November 2nd. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Verisign currently has a consensus rating of “Hold” and a consensus price target of $154.40.

Shares of VRSN opened at $156.06 on Friday. Verisign has a 1-year low of $105.40 and a 1-year high of $176.76. The stock has a market cap of $18.87 billion, a P/E ratio of 42.41 and a beta of 0.98.

Verisign (NASDAQ:VRSN) last announced its quarterly earnings data on Thursday, October 25th. The information services provider reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.13. Verisign had a net margin of 41.82% and a negative return on equity of 38.09%. The company had revenue of $305.78 million during the quarter, compared to analyst estimates of $305.25 million. On average, equities analysts forecast that Verisign will post 4.37 earnings per share for the current fiscal year.

In other Verisign news, Director Kathleen A. Cote sold 2,384 shares of the firm’s stock in a transaction dated Monday, November 5th. The shares were sold at an average price of $160.50, for a total transaction of $382,632.00. Following the transaction, the director now owns 37,594 shares of the company’s stock, valued at approximately $6,033,837. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.92% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. IFM Investors Pty Ltd increased its position in Verisign by 44.4% during the 3rd quarter. IFM Investors Pty Ltd now owns 5,631 shares of the information services provider’s stock valued at $902,000 after purchasing an additional 1,731 shares during the period. First Trust Advisors LP increased its position in Verisign by 3.1% during the 3rd quarter. First Trust Advisors LP now owns 1,822,904 shares of the information services provider’s stock valued at $291,883,000 after purchasing an additional 54,837 shares during the period. Nomura Holdings Inc. increased its position in Verisign by 32.7% during the 2nd quarter. Nomura Holdings Inc. now owns 22,102 shares of the information services provider’s stock valued at $3,037,000 after purchasing an additional 5,452 shares during the period. Louisiana State Employees Retirement System increased its position in Verisign by 10.5% during the 3rd quarter. Louisiana State Employees Retirement System now owns 6,300 shares of the information services provider’s stock valued at $1,009,000 after purchasing an additional 600 shares during the period. Finally, Schroder Investment Management Group increased its position in Verisign by 4.8% during the 2nd quarter. Schroder Investment Management Group now owns 839,617 shares of the information services provider’s stock valued at $64,137,000 after purchasing an additional 38,232 shares during the period. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Verisign Company Profile

VeriSign, Inc provides domain name registry services and Internet security worldwide. The company offers registry services that operate the authoritative directory of .com, .net, .cc, .tv, .gov, .jobs, .edu, .name, and other domain names. Its registry services allow individuals and organizations to establish their online identities.

See Also: Intrinsic Value

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