VeriSign (NASDAQ:VRSN) Upgraded at Zacks Research

Zacks Research upgraded shares of VeriSign (NASDAQ:VRSN) from a strong sell rating to a hold rating in a research note released on Monday,Zacks.com reports.

A number of other research firms have also recently issued reports on VRSN. Robert W. Baird set a $325.00 price objective on VeriSign in a report on Friday, October 24th. Citigroup reduced their price target on shares of VeriSign from $337.00 to $280.00 and set a “buy” rating on the stock in a research note on Monday. JPMorgan Chase & Co. upped their target price on shares of VeriSign from $270.00 to $271.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 6th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of VeriSign in a report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $292.00.

VeriSign Stock Down 2.0%

VRSN stock opened at $215.68 on Monday. VeriSign has a twelve month low of $208.86 and a twelve month high of $310.60. The stock has a market capitalization of $19.78 billion, a price-to-earnings ratio of 24.48 and a beta of 0.75. The firm’s fifty day simple moving average is $244.08 and its two-hundred day simple moving average is $257.93.

VeriSign (NASDAQ:VRSN) last released its quarterly earnings results on Thursday, February 5th. The information services provider reported $2.23 EPS for the quarter, missing analysts’ consensus estimates of $2.29 by ($0.06). The firm had revenue of $425.30 million for the quarter, compared to analysts’ expectations of $424.04 million. VeriSign had a negative return on equity of 40.40% and a net margin of 49.84%.VeriSign’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.00 earnings per share.

VeriSign Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 27th. Stockholders of record on Thursday, February 19th will be issued a $0.81 dividend. The ex-dividend date is Thursday, February 19th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 1.5%. This is an increase from VeriSign’s previous quarterly dividend of $0.77. VeriSign’s dividend payout ratio (DPR) is 34.96%.

Insider Buying and Selling at VeriSign

In other VeriSign news, CEO D James Bidzos sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $244.59, for a total value of $1,222,950.00. Following the completion of the sale, the chief executive officer owned 434,099 shares of the company’s stock, valued at approximately $106,176,274.41. This trade represents a 1.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thomas C. Indelicarto sold 501 shares of the company’s stock in a transaction dated Tuesday, December 9th. The shares were 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. This trade represents a 1.56% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 30,662 shares of company stock worth $7,542,047 over the last ninety days. Corporate insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Zions Bancorporation National Association UT grew its holdings in shares of VeriSign by 20.2% during the second quarter. Zions Bancorporation National Association UT now owns 226 shares of the information services provider’s stock valued at $65,000 after buying an additional 38 shares during the last quarter. Advisors Asset Management Inc. lifted its position in VeriSign by 25.3% during the 1st quarter. Advisors Asset Management Inc. now owns 198 shares of the information services provider’s stock worth $50,000 after acquiring an additional 40 shares during the period. Tranquilli Financial Advisor LLC grew its stake in VeriSign by 5.1% during the 4th quarter. Tranquilli Financial Advisor LLC now owns 872 shares of the information services provider’s stock valued at $212,000 after purchasing an additional 42 shares during the last quarter. Accretive Wealth Partners LLC increased its holdings in shares of VeriSign by 0.8% in the third quarter. Accretive Wealth Partners LLC now owns 5,779 shares of the information services provider’s stock valued at $1,616,000 after purchasing an additional 44 shares during the period. Finally, One Wealth Advisors LLC raised its stake in shares of VeriSign by 3.8% in the fourth quarter. One Wealth Advisors LLC now owns 1,215 shares of the information services provider’s stock worth $295,000 after purchasing an additional 44 shares during the last quarter. Institutional investors and hedge funds own 92.90% of the company’s stock.

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.