VeriSign, Inc. (NASDAQ:VRSN) has recently made significant moves in the stock market, with shares trading up by 0.3%. The company’s stock reached a trading volume of 87,340 shares on Monday, compared to its average volume of 501,983 shares. VeriSign has demonstrated stability in the market, with a 50-day moving average of $204.16 and a 200-day moving average of $211.81. The stock has a market capitalization of $21.73 billion, a price-to-earnings ratio of 29.93, and a beta of 0.94.
VeriSign, a leading domain name registry services provider, has gained investor confidence through its impressive financial performance. In its most recent quarterly earnings report, VeriSign surpassed expectations, reporting earnings per share (EPS) of $1.83, outperforming the consensus estimate of $1.74 by $0.09. The company generated $376.30 million in revenue for the quarter, slightly lower than the consensus estimate of $378.31 million. However, VeriSign demonstrated a 5.4% increase in revenue year-over-year.
Analysts have shown continued confidence in VeriSign, with StockNews.com upgrading the stock from a “hold” rating to a “buy” rating in a recent research report. Citigroup, on the other hand, lowered its target price on VeriSign from $252.00 to $249.00 but maintained a “buy” rating.
As part of their investment strategy, institutional investors and hedge funds have been actively modifying their holdings of VeriSign. Quantum Capital Management LLC NJ, for instance, reduced its position in the company by 54.1% during the second quarter. This adjustment was reflected in Quantum Capital Management LLC NJ’s latest filing with the Securities & Exchange Commission, where it reported owning 16,397 shares of VeriSign stock, down from 35,686 shares. Other institutional investors and hedge funds such as Resurgent Financial Advisors LLC, Eagle Bay Advisors LLC, Altshuler Shaham Ltd, Ten Capital Wealth Advisors LLC, and V Square Quantitative Management LLC have also made changes to their holdings of VRSN.
VeriSign’s strong financial performance coupled with positive analyst ratings make it an appealing investment opportunity. With its domain name registry services and internet infrastructure, VeriSign plays a vital role in enabling internet navigation and supporting global e-commerce.
Frequently Asked Questions
What does VeriSign do?
VeriSign, Inc. is a company that provides domain name registry services and internet infrastructure to support internet navigation for recognized domain names worldwide.
What was VeriSign’s most recent quarterly earnings report?
In its most recent quarterly earnings report, VeriSign reported earnings per share (EPS) of $1.83, beating the consensus estimate of $1.74 by $0.09.
What is the analysts’ outlook for VeriSign?
Analysts have expressed confidence in VeriSign, with StockNews.com upgrading the stock from a “hold” rating to a “buy” rating. However, Citigroup lowered its target price on VeriSign from $252.00 to $249.00 while maintaining a “buy” rating.
How have institutional investors modified their holdings of VeriSign?
Several institutional investors, including Quantum Capital Management LLC NJ, Resurgent Financial Advisors LLC, Eagle Bay Advisors LLC, Altshuler Shaham Ltd, Ten Capital Wealth Advisors LLC, and V Square Quantitative Management LLC, have recently modified their holdings of VeriSign.