Citigroup Boosts Verisign (VRSN) Price Target to $155.00

Verisign (NASDAQ:VRSN) had its target price upped by investment analysts at Citigroup from $152.00 to $155.00 in a report issued on Friday, November 2nd. The brokerage currently has a “neutral” rating on the information services provider’s stock. Citigroup’s price objective indicates a potential downside of 3.19% from the stock’s previous close.

VRSN has been the subject of a number of other research reports. JPMorgan Chase & Co. upgraded Verisign from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $125.00 to $160.00 in a research report on Friday, November 2nd. BidaskClub downgraded Verisign from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 9th. Cowen reissued a “hold” rating and set a $155.00 target price on shares of Verisign in a research note on Friday, July 27th. Finally, Robert W. Baird reissued a “hold” rating and set a $160.00 target price on shares of Verisign in a research note on Friday, July 27th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $154.40.

VRSN traded down $0.03 during trading on Friday, reaching $160.10. The stock had a trading volume of 951,745 shares, compared to its average volume of 1,182,454. The company has a market capitalization of $19.32 billion, a price-to-earnings ratio of 39.18 and a beta of 0.98. Verisign has a 1-year low of $105.40 and a 1-year high of $176.76.

Verisign (NASDAQ:VRSN) last released its earnings results on Thursday, October 25th. The information services provider reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.13. Verisign had a negative return on equity of 38.09% and a net margin of 41.82%. The firm had revenue of $305.78 million during the quarter, compared to the consensus estimate of $305.25 million. As a group, research analysts predict that Verisign will post 4.37 earnings per share for the current fiscal year.

In other Verisign news, Director Kathleen A. Cote sold 2,384 shares of the business’s stock in a transaction on Monday, November 5th. The shares were sold at an average price of $160.50, for a total transaction of $382,632.00. Following the sale, the director now directly owns 37,594 shares of the company’s stock, valued at approximately $6,033,837. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.92% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Braun Bostich & Associates Inc. boosted its holdings in Verisign by 1,283.3% in the second quarter. Braun Bostich & Associates Inc. now owns 913 shares of the information services provider’s stock worth $125,000 after purchasing an additional 847 shares in the last quarter. Advisory Services Network LLC boosted its holdings in Verisign by 954.9% in the third quarter. Advisory Services Network LLC now owns 960 shares of the information services provider’s stock worth $154,000 after purchasing an additional 869 shares in the last quarter. Sandy Spring Bank boosted its holdings in Verisign by 100.0% in the second quarter. Sandy Spring Bank now owns 1,000 shares of the information services provider’s stock worth $137,000 after purchasing an additional 500 shares in the last quarter. Piedmont Investment Advisors LLC bought a new stake in Verisign in the second quarter worth $149,000. Finally, Cerebellum GP LLC bought a new stake in Verisign in the third quarter worth $181,000. 93.51% of the stock is currently owned by institutional investors and hedge funds.

Verisign Company Profile

VeriSign, Inc provides domain name registry services and Internet security worldwide. The company offers registry services that operate the authoritative directory of .com, .net, .cc, .tv, .gov, .jobs, .edu, .name, and other domain names. Its registry services allow individuals and organizations to establish their online identities.

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