VeriSign (NASDAQ:VRSN) Stock Rating Upgraded by Robert W. Baird

VeriSign (NASDAQ:VRSN) was upgraded by Robert W. Baird from a “neutral” rating to an “outperform” rating in a research report issued on Monday, Marketbeat.com reports. The firm presently has a $250.00 price target on the information services provider’s stock, up from their prior price target of $200.00. Robert W. Baird’s price objective indicates a potential upside of 24.67% from the stock’s previous close.

VeriSign Trading Up 0.0 %

NASDAQ VRSN opened at $200.53 on Monday. VeriSign has a 1 year low of $167.04 and a 1 year high of $220.91. The company has a market cap of $19.27 billion, a PE ratio of 23.32 and a beta of 0.92. The stock’s 50-day moving average price is $185.07 and its two-hundred day moving average price is $181.49.

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

Insider Transactions at VeriSign

In other news, EVP Danny R. Mcpherson sold 2,092 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $192.43, for a total transaction of $402,563.56. Following the completion of the sale, the executive vice president now directly owns 26,157 shares of the company’s stock, valued at $5,033,391.51. This trade represents a 7.41 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Thomas C. Indelicarto sold 2,456 shares of VeriSign stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $190.00, for a total value of $466,640.00. Following the sale, the executive vice president now owns 34,821 shares of the company’s stock, valued at approximately $6,615,990. This represents a 6.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,776 shares of company stock valued at $1,102,524 over the last quarter. Company insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On VeriSign

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. lifted its position in shares of VeriSign by 59.4% in the third quarter. Franklin Resources Inc. now owns 102,042 shares of the information services provider’s stock worth $19,224,000 after buying an additional 38,036 shares during the last quarter. Tri Ri Asset Management Corp bought a new position in shares of VeriSign in the 3rd quarter valued at approximately $5,204,000. Tidal Investments LLC lifted its holdings in VeriSign by 54.8% in the 3rd quarter. Tidal Investments LLC now owns 27,175 shares of the information services provider’s stock worth $5,162,000 after purchasing an additional 9,619 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in VeriSign during the third quarter worth approximately $130,000. Finally, Te Ahumairangi Investment Management Ltd grew its holdings in VeriSign by 5.7% during the third quarter. Te Ahumairangi Investment Management Ltd now owns 69,175 shares of the information services provider’s stock valued at $13,066,000 after purchasing an additional 3,760 shares during the last quarter. Institutional investors own 92.90% of the company’s stock.

VeriSign Company Profile

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.