VeriSign (NASDAQ:VRSN) Earns Outperform Rating from Wedbush

Key Points

• Wedbush reiterated its Outperform rating on VeriSign and set a $318 price target, implying about 17.6% upside from the stock’s current price.
• Other analysts remain broadly positive: Citigroup and Robert W. Baird raised targets, while the consensus rating is now Moderate Buy with an average target of $325.25.
• VeriSign also reported solid quarterly results, beating EPS and revenue estimates, while insiders recently sold shares and institutions continue to hold the vast majority of the stock.

VeriSign (NASDAQ:VRSN - Get Free Report)'s stock had its "outperform" rating restated by research analysts at Wedbush in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $318.00 target price on the information services provider's stock. Wedbush's target price indicates a potential upside of 17.55% from the company's current price.

Other research analysts also recently issued research reports about the stock. Citigroup upped their price target on shares of VeriSign from $295.00 to $320.00 and gave the stock a "buy" rating in a research report on Friday, April 24th. Weiss Ratings reissued a "buy (b-)" rating on shares of VeriSign in a report on Wednesday, June 24th. Robert W. Baird raised their target price on VeriSign from $305.00 to $355.00 and gave the company an "outperform" rating in a research report on Friday, April 24th. Finally, JPMorgan Chase & Co. lifted their price target on VeriSign from $285.00 to $308.00 and gave the stock a "neutral" rating in a research note on Thursday, June 18th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $325.25.

VeriSign Stock Performance

Shares of NASDAQ VRSN opened at $270.52 on Thursday. VeriSign has a 1 year low of $208.86 and a 1 year high of $312.48. The company's fifty day moving average price is $279.01 and its 200 day moving average price is $258.01. The company has a market capitalization of $24.62 billion, a PE ratio of 29.89 and a beta of 0.71.

VeriSign (NASDAQ:VRSN - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The information services provider reported $2.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.30 by $0.04. The company had revenue of $428.90 million for the quarter, compared to the consensus estimate of $424.50 million. VeriSign had a negative return on equity of 39.98% and a net margin of 49.95%.VeriSign's revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.10 earnings per share. On average, equities analysts expect that VeriSign will post 9.47 EPS for the current year.

Insider Activity at VeriSign

In other news, EVP Thomas C. Indelicarto sold 250 shares of the firm's stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $269.23, for a total transaction of $67,307.50. Following the completion of the sale, the executive vice president owned 36,051 shares in the company, valued at $9,706,010.73. This trade represents a 0.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO D James Bidzos sold 3,300 shares of VeriSign stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $266.09, for a total transaction of $878,097.00. Following the sale, the chief executive officer directly owned 422,839 shares in the company, valued at approximately $112,513,229.51. The trade was a 0.77% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 26,300 shares of company stock valued at $7,125,942. Corporate insiders own 0.56% of the company's stock.

Hedge Funds Weigh In On VeriSign

Several large investors have recently modified their holdings of the business. DV Equities LLC purchased a new stake in VeriSign in the 4th quarter valued at about $28,000. Sunbelt Securities Inc. increased its position in shares of VeriSign by 429.2% during the third quarter. Sunbelt Securities Inc. now owns 127 shares of the information services provider's stock valued at $36,000 after acquiring an additional 103 shares during the last quarter. Board of the Pension Protection Fund acquired a new stake in shares of VeriSign during the fourth quarter valued at about $39,000. Advisors Asset Management Inc. raised its stake in shares of VeriSign by 25.3% in the 1st quarter. Advisors Asset Management Inc. now owns 198 shares of the information services provider's stock valued at $50,000 after acquiring an additional 40 shares during the period. Finally, Activest Wealth Management lifted its holdings in shares of VeriSign by 788.0% in the 4th quarter. Activest Wealth Management now owns 222 shares of the information services provider's stock worth $54,000 after acquiring an additional 197 shares during the last quarter. Institutional investors and hedge funds own 92.90% of the company's stock.

About VeriSign

VeriSign, Inc NASDAQ: VRSN is an internet infrastructure company that operates critical components of the global Domain Name System (DNS) and provides cybersecurity-related services. The company is best known as the authoritative registry operator for the .com and .net top-level domains, maintaining the central databases and zone files that enable domain name resolution for millions of websites. VeriSign's registry role is performed under contractual agreements with Internet Corporation for Assigned Names and Numbers (ICANN) and involves high-availability, highly secure operations to support continuous internet connectivity.

In addition to its registry business, VeriSign offers a suite of services designed to protect and accelerate DNS and internet traffic for enterprises and service providers.

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