VeriSign (NASDAQ:VRSN) Issues Earnings Results, Beats Expectations By $0.06 EPS

VeriSign (NASDAQ:VRSN) announced its quarterly earnings results on Thursday. The information services provider reported $1.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.86 by $0.06, Briefing.com reports. VeriSign had a negative return on equity of 46.56% and a net margin of 54.74%. The firm had revenue of $384.30 million during the quarter, compared to the consensus estimate of $381.85 million. During the same period in the prior year, the firm earned $1.70 EPS. The firm’s quarterly revenue was up 5.5% compared to the same quarter last year. VeriSign updated its FY 2024 guidance to EPS.

VeriSign Stock Performance

Shares of NASDAQ:VRSN traded down $7.20 during trading on Friday, hitting $175.48. The company’s stock had a trading volume of 1,931,522 shares, compared to its average volume of 607,025. VeriSign has a fifty-two week low of $174.51 and a fifty-two week high of $229.72. The stock’s 50-day moving average price is $189.66 and its two-hundred day moving average price is $200.25. The company has a market capitalization of $17.57 billion, a PE ratio of 22.71 and a beta of 0.88.

Wall Street Analyst Weigh In

VRSN has been the subject of a number of recent research reports. StockNews.com lowered VeriSign from a “buy” rating to a “hold” rating in a research note on Wednesday, April 3rd. Citigroup dropped their price objective on shares of VeriSign from $237.00 to $236.00 and set a “buy” rating on the stock in a research note on Tuesday, April 2nd. Finally, Robert W. Baird reduced their target price on shares of VeriSign from $215.00 to $200.00 and set a “neutral” rating on the stock in a research report on Friday.

Insider Buying and Selling at VeriSign

In other news, EVP Thomas C. Indelicarto sold 613 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $195.33, for a total transaction of $119,737.29. Following the completion of the sale, the executive vice president now owns 43,143 shares of the company’s stock, valued at $8,427,122.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Danny R. Mcpherson sold 2,875 shares of VeriSign stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $194.19, for a total value of $558,296.25. Following the completion of the transaction, the executive vice president now owns 30,895 shares in the company, valued at approximately $5,999,500.05. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Thomas C. Indelicarto sold 613 shares of VeriSign stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $195.33, for a total transaction of $119,737.29. Following the completion of the transaction, the executive vice president now directly owns 43,143 shares of the company’s stock, valued at approximately $8,427,122.19. The disclosure for this sale can be found here. Insiders sold a total of 14,877 shares of company stock worth $2,878,864 in the last 90 days. 0.94% of the stock is owned by corporate insiders.

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.