VeriSign (NASDAQ:VRSN) Cut to “Strong Sell” at Zacks Research

Zacks Research downgraded shares of VeriSign (NASDAQ:VRSN) from a hold rating to a strong sell rating in a research report report published on Tuesday,Zacks.com reports.

Several other analysts have also issued reports on VRSN. Robert W. Baird set a $325.00 price objective on VeriSign in a research note on Friday, October 24th. Weiss Ratings reissued a “hold (c+)” rating on shares of VeriSign in a report on Monday. JPMorgan Chase & Co. began coverage on VeriSign in a report on Tuesday, October 28th. They set a “neutral” rating and a $270.00 price target for the company. Finally, Citigroup reaffirmed a “buy” rating on shares of VeriSign in a research report on Friday, October 24th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $281.67.

VeriSign Trading Down 1.2%

NASDAQ VRSN opened at $242.95 on Tuesday. The firm’s fifty day moving average price is $246.17 and its two-hundred day moving average price is $266.46. VeriSign has a 1 year low of $203.66 and a 1 year high of $310.60. The firm has a market capitalization of $22.52 billion, a P/E ratio of 28.32 and a beta of 0.77.

VeriSign (NASDAQ:VRSN) last announced its quarterly earnings data on Thursday, October 23rd. The information services provider reported $2.27 EPS for the quarter, beating analysts’ consensus estimates of $2.25 by $0.02. The company had revenue of $419.10 million during the quarter, compared to the consensus estimate of $416.71 million. VeriSign had a net margin of 49.86% and a negative return on equity of 40.66%. The company’s quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.07 EPS.

VeriSign Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 25th. Stockholders of record on Tuesday, November 18th were issued a dividend of $0.77 per share. The ex-dividend date of this dividend was Tuesday, November 18th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 1.3%. VeriSign’s dividend payout ratio (DPR) is currently 35.90%.

Insider Transactions at VeriSign

In other VeriSign news, CEO D James Bidzos sold 2,000 shares of VeriSign stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $244.25, for a total value of $488,500.00. Following the completion of the sale, the chief executive officer owned 423,099 shares in the company, valued at $103,341,930.75. The trade was a 0.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Thomas C. Indelicarto sold 501 shares of the stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $250.07, for a total transaction of $125,285.07. Following the transaction, the executive vice president owned 31,609 shares in the company, valued at approximately $7,904,462.63. The trade was a 1.56% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 47,839 shares of company stock valued at $12,042,404. 0.84% of the stock is currently owned by company insiders.

Institutional Trading of VeriSign

A number of institutional investors have recently modified their holdings of VRSN. Evergreen Capital Management LLC bought a new position in shares of VeriSign in the first quarter worth $282,000. Nomura Holdings Inc. grew its stake in VeriSign by 22.3% during the first quarter. Nomura Holdings Inc. now owns 3,324 shares of the information services provider’s stock worth $844,000 after buying an additional 606 shares in the last quarter. Federation des caisses Desjardins du Quebec grew its stake in VeriSign by 7.5% during the first quarter. Federation des caisses Desjardins du Quebec now owns 4,924 shares of the information services provider’s stock worth $1,250,000 after buying an additional 342 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its holdings in VeriSign by 10.4% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 74,240 shares of the information services provider’s stock valued at $18,847,000 after buying an additional 7,000 shares during the period. Finally, Amundi raised its position in shares of VeriSign by 71.3% in the 1st quarter. Amundi now owns 1,202,278 shares of the information services provider’s stock valued at $307,098,000 after buying an additional 500,223 shares in the last quarter. 92.90% of the stock is currently owned by institutional investors.

About VeriSign

VeriSign, Inc (NASDAQ: VRSN) is an internet infrastructure company that operates critical components of the global Domain Name System (DNS) and provides cybersecurity-related services. The company is best known as the authoritative registry operator for the .com and .net top-level domains, maintaining the central databases and zone files that enable domain name resolution for millions of websites. VeriSign’s registry role is performed under contractual agreements with Internet Corporation for Assigned Names and Numbers (ICANN) and involves high-availability, highly secure operations to support continuous internet connectivity.

In addition to its registry business, VeriSign offers a suite of services designed to protect and accelerate DNS and internet traffic for enterprises and service providers.