Brokerages Anticipate Verisign, Inc. (VRSN) Will Announce Quarterly Sales of $306.45 Million

Wall Street analysts forecast that Verisign, Inc. (NASDAQ:VRSN) will post sales of $306.45 million for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Verisign’s earnings, with the lowest sales estimate coming in at $305.76 million and the highest estimate coming in at $307.14 million. Verisign posted sales of $302.45 million during the same quarter last year, which suggests a positive year over year growth rate of 1.3%. The firm is scheduled to report its next earnings report on Thursday, July 25th.

On average, analysts expect that Verisign will report full-year sales of $1.23 billion for the current year. For the next financial year, analysts anticipate that the firm will post sales of $1.29 billion, with estimates ranging from $1.29 billion to $1.30 billion. Zacks’ sales calculations are an average based on a survey of research firms that that provide coverage for Verisign.

Verisign (NASDAQ:VRSN) last issued its quarterly earnings results on Thursday, April 25th. The information services provider reported $1.31 EPS for the quarter, topping the consensus estimate of $1.25 by $0.06. Verisign had a net margin of 49.98% and a negative return on equity of 43.21%. The company had revenue of $306.41 million during the quarter, compared to analyst estimates of $302.63 million. During the same quarter in the previous year, the firm earned $1.07 EPS. The firm’s revenue was up 2.4% compared to the same quarter last year.

A number of analysts recently weighed in on VRSN shares. ValuEngine upgraded shares of Verisign from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, February 12th. BidaskClub upgraded Verisign from a “buy” rating to a “strong-buy” rating in a report on Friday, March 22nd. Zacks Investment Research downgraded Verisign from a “buy” rating to a “hold” rating in a report on Monday, February 11th. Finally, Citigroup restated a “neutral” rating and set a $195.00 price objective (up from $175.00) on shares of Verisign in a report on Tuesday, March 5th. Three analysts have rated the stock with a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $180.80.

NASDAQ VRSN traded down $1.64 during trading hours on Friday, reaching $195.81. The company had a trading volume of 7,243 shares, compared to its average volume of 615,817. Verisign has a 1-year low of $116.31 and a 1-year high of $203.28. The stock has a market capitalization of $23.65 billion, a P/E ratio of 41.27 and a beta of 1.07.

In other Verisign news, Director Timothy Tomlinson sold 580 shares of the business’s stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $175.12, for a total transaction of $101,569.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.35% of the company’s stock.

A number of hedge funds have recently made changes to their positions in VRSN. Stifel Financial Corp lifted its holdings in shares of Verisign by 31.9% in the fourth quarter. Stifel Financial Corp now owns 81,624 shares of the information services provider’s stock valued at $12,107,000 after buying an additional 19,737 shares during the period. Nomura Asset Management Co. Ltd. raised its position in shares of Verisign by 16.1% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 19,398 shares of the information services provider’s stock worth $2,876,000 after purchasing an additional 2,685 shares during the period. DNB Asset Management AS raised its position in shares of Verisign by 72.5% during the fourth quarter. DNB Asset Management AS now owns 21,421 shares of the information services provider’s stock worth $3,177,000 after purchasing an additional 9,000 shares during the period. BlackRock Inc. raised its position in shares of Verisign by 2.5% during the fourth quarter. BlackRock Inc. now owns 8,848,684 shares of the information services provider’s stock worth $1,312,172,000 after purchasing an additional 215,361 shares during the period. Finally, Great West Life Assurance Co. Can raised its position in shares of Verisign by 1.9% during the fourth quarter. Great West Life Assurance Co. Can now owns 80,755 shares of the information services provider’s stock worth $11,435,000 after purchasing an additional 1,543 shares during the period. Institutional investors own 94.28% of the company’s stock.

About Verisign

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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