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

VeriSign (NASDAQ:VRSN) announced its 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. The company had revenue of $384.30 million during the quarter, compared to analyst estimates of $381.85 million. VeriSign had a net margin of 55.04% and a negative return on equity of 47.39%. The firm’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.70 earnings per share. VeriSign updated its FY 2024 guidance to EPS.

VeriSign Price Performance

VRSN opened at $175.48 on Friday. The firm has a market cap of $17.57 billion, a P/E ratio of 21.56 and a beta of 0.88. VeriSign has a 1-year low of $174.51 and a 1-year high of $229.72. The company has a 50 day simple moving average of $189.29 and a two-hundred day simple moving average of $199.97.

Insiders Place Their Bets

In other VeriSign news, EVP Thomas C. Indelicarto sold 614 shares of the company’s stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $190.00, for a total value of $116,660.00. Following the completion of the transaction, the executive vice president now directly owns 41,955 shares in the company, valued at $7,971,450. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, COO Todd B. Strubbe sold 9,423 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $193.21, for a total transaction of $1,820,617.83. Following the completion of the transaction, the chief operating officer now owns 111,551 shares in the company, valued at $21,552,768.71. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Thomas C. Indelicarto sold 614 shares of the company’s stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $190.00, for a total transaction of $116,660.00. Following the transaction, the executive vice president now owns 41,955 shares of the company’s stock, valued at approximately $7,971,450. The disclosure for this sale can be found here. Insiders sold a total of 14,877 shares of company stock worth $2,878,864 over the last three months. 0.94% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts recently issued reports on VRSN shares. Robert W. Baird cut their target price on shares of VeriSign from $215.00 to $200.00 and set a “neutral” rating for the company in a research report on Friday. 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, StockNews.com lowered shares of VeriSign from a “buy” rating to a “hold” rating in a research report on Wednesday, April 3rd.

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.