Brokerages Expect Verisign, Inc. (NASDAQ:VRSN) Will Post Quarterly Sales of $308.68 Million

Brokerages expect Verisign, Inc. (NASDAQ:VRSN) to announce sales of $308.68 million for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Verisign’s earnings, with the lowest sales estimate coming in at $307.57 million and the highest estimate coming in at $309.78 million. Verisign posted sales of $305.78 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 0.9%. The firm is scheduled to announce its next earnings report on Thursday, October 24th.

According to Zacks, analysts expect that Verisign will report full year sales of $1.23 billion for the current financial year. For the next fiscal year, analysts anticipate that the business will post sales of $1.30 billion, with estimates ranging from $1.30 billion to $1.31 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Verisign.

Verisign (NASDAQ:VRSN) last posted its quarterly earnings results on Thursday, July 25th. The information services provider reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.06. Verisign had a negative return on equity of 43.63% and a net margin of 51.38%. The business had revenue of $306.29 million for the quarter, compared to the consensus estimate of $306.57 million. During the same period in the prior year, the business earned $1.18 EPS. The firm’s revenue for the quarter was up 1.3% on a year-over-year basis.

A number of research analysts recently weighed in on VRSN shares. ValuEngine downgraded Verisign from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 1st. Robert W. Baird upped their price target on Verisign from $210.00 to $240.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Finally, Zacks Investment Research raised Verisign from a “hold” rating to a “buy” rating and set a $224.00 price target on the stock in a research note on Tuesday, April 30th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $204.75.

In other news, Director Timothy Tomlinson sold 575 shares of the stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $213.50, for a total value of $122,762.50. Following the completion of the sale, the director now directly owns 34,251 shares of the company’s stock, valued at $7,312,588.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.20% of the company’s stock.

Several institutional investors have recently modified their holdings of VRSN. Transamerica Financial Advisors Inc. bought a new position in Verisign during the second quarter valued at $187,000. Cresset Asset Management LLC grew its holdings in Verisign by 3.4% during the second quarter. Cresset Asset Management LLC now owns 2,226 shares of the information services provider’s stock valued at $466,000 after purchasing an additional 73 shares during the period. Harvest Fund Management Co. Ltd grew its holdings in Verisign by 17.0% during the second quarter. Harvest Fund Management Co. Ltd now owns 1,364 shares of the information services provider’s stock valued at $285,000 after purchasing an additional 198 shares during the period. Royal Bank of Canada grew its holdings in Verisign by 44.3% during the second quarter. Royal Bank of Canada now owns 298,711 shares of the information services provider’s stock valued at $62,478,000 after purchasing an additional 91,647 shares during the period. Finally, Cypress Capital Group bought a new position in Verisign during the second quarter valued at $268,000. 92.11% of the stock is owned by hedge funds and other institutional investors.

VRSN stock traded down $3.76 during trading on Monday, reaching $204.31. 71,593 shares of the stock were exchanged, compared to its average volume of 552,423. The firm’s 50 day moving average is $212.47 and its 200 day moving average is $195.36. Verisign has a twelve month low of $131.28 and a twelve month high of $221.78. The firm has a market cap of $24.49 billion, a P/E ratio of 43.01 and a beta of 1.06.

Verisign Company Profile

VeriSign, Inc provides domain name registry services and Internet infrastructure in the United States and internationally. The company offers registry services that operate the authoritative directory of and/or the back-end systems for .com, .net, .cc, .tv, .gov, .jobs, .edu, .name, and other domain names.

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