Verisign (NASDAQ:VRSN) Upgraded at BidaskClub

Verisign (NASDAQ:VRSN) was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating in a report issued on Tuesday, BidAskClub reports.

Other equities research analysts have also recently issued research reports about the company. ValuEngine cut Verisign from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Zacks Investment Research upgraded Verisign from a “hold” rating to a “buy” rating and set a $201.00 price objective for the company in a research report on Sunday, November 3rd. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $212.00.

NASDAQ:VRSN traded up $1.00 during midday trading on Tuesday, hitting $212.74. 125,468 shares of the stock were exchanged, compared to its average volume of 519,750. Verisign has a one year low of $159.60 and a one year high of $221.78. The company has a market capitalization of $24.86 billion, a price-to-earnings ratio of 44.79 and a beta of 1.01. The business has a 50-day moving average price of $194.97 and a two-hundred day moving average price of $197.74.

Verisign (NASDAQ:VRSN) last announced its earnings results on Thursday, October 24th. The information services provider reported $1.36 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.31 by $0.05. Verisign had a negative return on equity of 44.38% and a net margin of 52.60%. The firm had revenue of $308.42 million for the quarter, compared to analysts’ expectations of $308.34 million. During the same quarter in the previous year, the company earned $1.23 earnings per share. The firm’s quarterly revenue was up .9% compared to the same quarter last year. As a group, analysts forecast that Verisign will post 5.13 earnings per share for the current fiscal year.

In related news, Director Timothy Tomlinson sold 295 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $190.57, for a total value of $56,218.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.20% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Johanson Financial Advisors Inc. purchased a new stake in shares of Verisign in the 4th quarter valued at approximately $580,000. Allred Capital Management LLC acquired a new position in Verisign in the 4th quarter worth approximately $42,000. Diversified Trust Co acquired a new position in Verisign in the 4th quarter worth approximately $287,000. Maverick Capital Ltd. purchased a new position in Verisign during the 3rd quarter worth approximately $4,800,000. Finally, Man Group plc grew its position in Verisign by 11.3% during the 3rd quarter. Man Group plc now owns 648,640 shares of the information services provider’s stock worth $122,353,000 after purchasing an additional 65,745 shares in the last quarter. 90.87% of the stock is currently owned by institutional investors and hedge funds.

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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