VeriSign (NASDAQ:VRSN) Given New $236.00 Price Target at Citigroup

4 months ago
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VeriSign (NASDAQ:VRSN – Free Report) had its target price trimmed by Citigroup from $237.00 to $236.00 in a research report sent to investors on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the information services provider’s stock.

Separately, StockNews.com raised VeriSign from a hold rating to a buy rating in a research note on Friday, March 22nd.

Get Our Latest Analysis on VRSN

VeriSign (NASDAQ:VRSN – Get Free Report) last posted its earnings results on Thursday, February 8th. The information services provider reported $1.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.09. VeriSign had a negative return on equity of 46.56% and a net margin of 54.74%. The firm had revenue of $380.40 million for the quarter, compared to analyst estimates of $381.01 million. On average, research analysts predict that VeriSign will post 7.82 earnings per share for the current year.

In other VeriSign news, EVP Thomas C. Indelicarto sold 613 shares of the stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $198.12, for a total transaction of $121,447.56. Following the transaction, the executive vice president now owns 35,429 shares of the company’s stock, valued at approximately $7,019,193.48. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Thomas C. Indelicarto sold 613 shares of the stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $198.12, for a total value of $121,447.56. Following the transaction, the executive vice president now directly owns 35,429 shares of the company’s stock, valued at approximately $7,019,193.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Todd B. Strubbe sold 9,423 shares of the stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $193.21, for a total value of $1,820,617.83. Following the completion of the transaction, the chief operating officer now directly owns 111,551 shares in the company, valued at $21,552,768.71. The disclosure for this sale can be found here. Insiders have sold a total of 22,387 shares of company stock valued at $4,402,282 in the last quarter. 0.94% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in VRSN. American Century Companies Inc. raised its position in VeriSign by 22.9% in the first quarter. American Century Companies Inc. now owns 2,956 shares of the information services provider’s stock valued at $657,000 after purchasing an additional 551 shares during the period. Cetera Advisor Networks LLC grew its stake in shares of VeriSign by 10.4% during the first quarter. Cetera Advisor Networks LLC now owns 1,425 shares of the information services provider’s stock valued at $317,000 after acquiring an additional 134 shares in the last quarter. Synovus Financial Corp acquired a new stake in shares of VeriSign during the first quarter valued at about $767,000. Sei Investments Co. grew its stake in VeriSign by 15.4% in the first quarter. Sei Investments Co. now owns 12,329 shares of the information services provider’s stock worth $2,725,000 after purchasing an additional 1,641 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in VeriSign by 14.9% in the first quarter. Canada Pension Plan Investment Board now owns 35,029 shares of the information services provider’s stock worth $7,793,000 after purchasing an additional 4,545 shares in the last quarter. 92.90% of the stock is owned by hedge funds and other institutional investors.

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.
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