VeriSign (NASDAQ:VRSN) Issues Quarterly Earnings Results, Beats Estimates By $0.08 EPS

VeriSign (NASDAQ:VRSN) posted its earnings results on Thursday. The information services provider reported $2.01 EPS for the quarter, topping the consensus estimate of $1.93 by $0.08, Briefing.com reports. VeriSign had a net margin of 55.40% and a negative return on equity of 48.07%. The firm had revenue of $387.10 million for the quarter, compared to analysts’ expectations of $385.80 million. During the same quarter last year, the firm earned $1.79 EPS. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. VeriSign updated its FY 2024 guidance to EPS.

VeriSign Price Performance

VeriSign stock traded up $7.36 during midday trading on Friday, reaching $184.10. 1,328,546 shares of the company traded hands, compared to its average volume of 626,725. The firm has a market capitalization of $18.34 billion, a price-to-earnings ratio of 22.62 and a beta of 0.90. The business has a 50 day moving average of $176.94 and a two-hundred day moving average of $185.26. VeriSign has a 12 month low of $167.04 and a 12 month high of $220.91.

Analyst Ratings Changes

VRSN has been the topic of a number of research reports. StockNews.com cut shares of VeriSign from a “buy” rating to a “hold” rating in a report on Sunday, June 16th. Citigroup cut their target price on shares of VeriSign from $237.00 to $236.00 and set a “buy” rating for the company in a research report on Tuesday, April 2nd. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $200.00 target price on shares of VeriSign in a research report on Thursday, June 27th.

Insiders Place Their Bets

In other VeriSign news, EVP Danny R. Mcpherson sold 1,200 shares of the stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $170.14, for a total value of $204,168.00. Following the transaction, the executive vice president now directly owns 29,181 shares in the company, valued at $4,964,855.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other VeriSign news, Director Yehuda Ari Buchalter sold 866 shares of VeriSign stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $170.01, for a total value of $147,228.66. Following the completion of the transaction, the director now directly owns 3,661 shares of the company’s stock, valued at approximately $622,406.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Danny R. Mcpherson sold 1,200 shares of the firm’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $170.14, for a total transaction of $204,168.00. Following the completion of the sale, the executive vice president now owns 29,181 shares of the company’s stock, valued at approximately $4,964,855.34. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,067 shares of company stock worth $351,567. Company insiders own 0.84% of the company’s stock.

About VeriSign

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.