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

VeriSign (NASDAQ:VRSN) announced its quarterly earnings data on Thursday. The information services provider reported $2.01 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.08, Briefing.com reports. VeriSign had a negative return on equity of 47.21% and a net margin of 55.04%. The business had revenue of $387.10 million during the quarter, compared to analysts’ expectations of $385.80 million. During the same period in the previous year, the firm earned $1.79 earnings per share. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. VeriSign updated its FY 2024 guidance to EPS.

VeriSign Stock Performance

VRSN traded up $7.36 on Friday, hitting $184.10. 1,328,546 shares of the company were exchanged, compared to its average volume of 671,414. VeriSign has a 12 month low of $167.04 and a 12 month high of $220.91. The company has a market cap of $18.34 billion, a PE ratio of 22.62 and a beta of 0.90. The stock’s fifty day moving average is $176.94 and its 200-day moving average is $185.34.

Analysts Set New Price Targets

VRSN has been the subject of a number of analyst reports. Robert W. Baird reaffirmed a “neutral” rating and set a $200.00 price objective on shares of VeriSign in a research note on Thursday, June 27th. Citigroup decreased their price objective on VeriSign from $237.00 to $236.00 and set a “buy” rating for the company in a research note on Tuesday, April 2nd. Finally, StockNews.com cut VeriSign from a “buy” rating to a “hold” rating in a research note on Sunday, June 16th.

Insider Buying and Selling

In related news, EVP Danny R. Mcpherson sold 1,200 shares of the company’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $170.14, for a total transaction of $204,168.00. Following the sale, the executive vice president now owns 29,181 shares in the company, valued at $4,964,855.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other VeriSign news, Director Yehuda Ari Buchalter sold 866 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $170.01, for a total value of $147,228.66. Following the sale, the director now owns 3,661 shares in the company, valued at $622,406.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Danny R. Mcpherson sold 1,200 shares of the company’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $170.14, for a total value of $204,168.00. Following the completion of the sale, the executive vice president now owns 29,181 shares in the company, valued at approximately $4,964,855.34. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,067 shares of company stock worth $351,567. Corporate insiders own 0.84% of the company’s stock.

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.