VeriSign (NASDAQ:VRSN) Reaches New 1-Year High – What’s Next?

VeriSign, Inc. (NASDAQ:VRSN) hit a new 52-week high during trading on Tuesday . The company traded as high as $210.00 and last traded at $210.00, with a volume of 13323 shares changing hands. The stock had previously closed at $205.10.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Robert W. Baird upgraded shares of VeriSign from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $200.00 to $250.00 in a research report on Monday, December 9th. Baird R W upgraded VeriSign from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 9th. Finally, StockNews.com cut VeriSign from a “buy” rating to a “hold” rating in a report on Monday.

VeriSign Stock Up 0.9 %

The company has a market capitalization of $19.89 billion, a PE ratio of 24.07 and a beta of 0.92. The firm has a 50-day moving average of $189.55 and a two-hundred day moving average of $184.23.

VeriSign (NASDAQ:VRSN) last released its quarterly earnings results on Thursday, October 24th. The information services provider reported $2.07 earnings per share for the quarter, topping analysts’ consensus estimates of $2.01 by $0.06. The business had revenue of $390.60 million during the quarter, compared to analysts’ expectations of $390.19 million. VeriSign had a negative return on equity of 45.59% and a net margin of 55.74%. The company’s revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.83 EPS.

Insider Buying and Selling at VeriSign

In related news, EVP Danny R. Mcpherson sold 2,092 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $192.43, for a total value of $402,563.56. Following the sale, the executive vice president now owns 26,157 shares in the company, valued at approximately $5,033,391.51. The trade was a 7.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Thomas C. Indelicarto sold 1,228 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $190.00, for a total value of $233,320.00. Following the transaction, the executive vice president now owns 33,593 shares of the company’s stock, valued at $6,382,670. This trade represents a 3.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On VeriSign

Large investors have recently added to or reduced their stakes in the business. Rothschild Investment LLC acquired a new position in shares of VeriSign in the second quarter worth $38,000. Concord Wealth Partners grew its stake in VeriSign by 93.2% during the 3rd quarter. Concord Wealth Partners now owns 226 shares of the information services provider’s stock worth $43,000 after purchasing an additional 109 shares in the last quarter. Tobam increased its holdings in VeriSign by 61.1% during the 3rd quarter. Tobam now owns 311 shares of the information services provider’s stock worth $59,000 after purchasing an additional 118 shares during the period. Blue Trust Inc. raised its position in VeriSign by 138.6% in the 3rd quarter. Blue Trust Inc. now owns 420 shares of the information services provider’s stock valued at $75,000 after purchasing an additional 244 shares in the last quarter. Finally, Sentry Investment Management LLC purchased a new position in shares of VeriSign in the 2nd quarter valued at about $76,000. 92.90% of the stock is owned by hedge funds and other institutional investors.

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.