VeriSign (NASDAQ:VRSN) Posts Earnings Results, Beats Estimates By $0.08 EPS

VeriSign (NASDAQ:VRSN) released its quarterly earnings data on Thursday. The information services provider reported $2.01 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.08, Briefing.com reports. VeriSign had a negative return on equity of 48.07% and a net margin of 55.40%. The business had revenue of $387.10 million for the quarter, compared to the consensus estimate of $385.80 million. During the same quarter in the prior year, the business posted $1.79 EPS. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. VeriSign updated its FY 2024 guidance to EPS.

VeriSign Trading Up 4.2 %

Shares of NASDAQ VRSN traded up $7.36 during trading hours 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 firm has a market cap of $18.34 billion, a price-to-earnings ratio of 22.62 and a beta of 0.90. VeriSign has a fifty-two week low of $167.04 and a fifty-two week high of $220.91. The firm has a 50-day moving average of $176.94 and a 200-day moving average of $185.26.

Analyst Upgrades and Downgrades

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

Insider Activity at VeriSign

In other VeriSign news, Director Yehuda Ari Buchalter sold 866 shares of the stock in a transaction that occurred on 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 sale, the director now directly owns 3,661 shares of the company’s stock, valued at approximately $622,406.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other VeriSign news, Director Yehuda Ari Buchalter sold 866 shares of the stock in a transaction that occurred on 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 sale, the director now directly owns 3,661 shares of the company’s stock, valued at approximately $622,406.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Danny R. Mcpherson sold 1,200 shares of the stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $170.14, for a total value of $204,168.00. Following the sale, the executive vice president now directly owns 29,181 shares of the company’s stock, valued at $4,964,855.34. The disclosure for this sale can be found here. Insiders sold a total of 2,067 shares of company stock valued at $351,567 in the last three months. 0.84% of the stock is currently owned by company insiders.

About VeriSign

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.