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

VeriSign (NASDAQ:VRSN) released its quarterly earnings results on Thursday. The information services provider reported $2.07 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.06, Briefing.com reports. VeriSign had a net margin of 55.40% and a negative return on equity of 46.63%. The business had revenue of $390.60 million for the quarter, compared to analysts’ expectations of $390.19 million. During the same period in the previous year, the company earned $1.83 earnings per share. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. VeriSign updated its FY 2024 guidance to EPS.

VeriSign Stock Performance

VRSN traded down $2.04 during midday trading on Friday, reaching $183.08. The company had a trading volume of 409,108 shares, compared to its average volume of 659,047. The stock has a market cap of $18.23 billion, a PE ratio of 22.74 and a beta of 0.90. VeriSign has a 12-month low of $167.04 and a 12-month high of $220.91. The business has a 50-day moving average price of $183.92 and a two-hundred day moving average price of $179.78.

Insider Activity

In other news, EVP Thomas C. Indelicarto sold 2,456 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $190.00, for a total value of $466,640.00. Following the sale, the executive vice president now owns 34,821 shares of the company’s stock, valued at $6,615,990. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Thomas C. Indelicarto sold 2,456 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $190.00, for a total value of $466,640.00. Following the sale, the executive vice president now owns 34,821 shares of the company’s stock, valued at $6,615,990. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Thomas C. Indelicarto sold 1,228 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $190.00, for a total transaction of $233,320.00. Following the completion of the sale, the executive vice president now directly owns 33,593 shares in the company, valued at approximately $6,382,670. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,368 shares of company stock valued at $1,399,920 over the last quarter. Company insiders own 0.84% of the company’s stock.

Analysts Set New Price Targets

Separately, Robert W. Baird restated a “neutral” rating and set a $200.00 price target on shares of VeriSign in a report on Thursday, June 27th.

About VeriSign

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.