VeriSign (NASDAQ:VRSN) Releases Quarterly Earnings Results, Beats Expectations By $0.08 EPS

VeriSign (NASDAQ:VRSN) posted its quarterly earnings data on Thursday. The information services provider reported $2.01 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.08, Briefing.com reports. The business had revenue of $387.10 million during the quarter, compared to the consensus estimate of $385.80 million. VeriSign had a negative return on equity of 47.21% and a net margin of 55.04%. The company’s revenue was up 4.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.79 earnings per share. VeriSign updated its FY 2024 guidance to EPS.

VeriSign Trading Up 4.2 %

Shares of VRSN stock traded up $7.36 during mid-day trading on Friday, reaching $184.10. The stock had a trading volume of 1,328,546 shares, compared to its average volume of 671,414. VeriSign has a 12-month low of $167.04 and a 12-month high of $220.91. The company has a market cap of $18.34 billion, a P/E ratio of 22.62 and a beta of 0.90. The business has a 50-day simple moving average of $176.94 and a 200 day simple moving average of $185.34.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on VRSN. Robert W. Baird reissued a “neutral” rating and issued a $200.00 price objective on shares of VeriSign in a report on Thursday, June 27th. StockNews.com downgraded VeriSign from a “buy” rating to a “hold” rating in a report on Sunday, June 16th. Finally, Citigroup decreased their price target on VeriSign from $237.00 to $236.00 and set a “buy” rating for the company in a report on Tuesday, April 2nd.

Insider Activity

In other news, Director Yehuda Ari Buchalter sold 866 shares of the firm’s stock in a transaction on Thursday, May 9th. The stock was 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 owns 3,661 shares in the company, valued at $622,406.61. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Yehuda Ari Buchalter sold 866 shares of the firm’s stock in a transaction on Thursday, May 9th. The stock was 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 owns 3,661 shares in the company, valued at $622,406.61. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Danny R. Mcpherson sold 1,200 shares of the firm’s stock in a transaction 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 completion of the transaction, 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. Insiders sold a total of 2,067 shares of company stock worth $351,567 over the last 90 days. 0.84% of the stock is currently owned by corporate insiders.

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.