VeriSign (NASDAQ:VRSN) Sets New 1-Year High After Analyst Upgrade

VeriSign, Inc. (NASDAQ:VRSN) reached a new 52-week high during trading on Tuesday after Robert W. Baird raised their price target on the stock from $255.00 to $275.00. Robert W. Baird currently has an outperform rating on the stock. VeriSign traded as high as $256.90 and last traded at $257.39, with a volume of 59994 shares. The stock had previously closed at $253.87.

Several other analysts have also recently weighed in on the stock. Citigroup increased their price target on shares of VeriSign from $246.00 to $250.00 and gave the company a “buy” rating in a research note on Tuesday, February 4th. StockNews.com cut VeriSign from a “buy” rating to a “hold” rating in a report on Friday, March 21st. Finally, Baird R W raised VeriSign from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 9th.

Insider Buying and Selling at VeriSign

In related news, SVP John Calys sold 447 shares of VeriSign stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $231.75, for a total value of $103,592.25. Following the completion of the sale, the senior vice president now owns 23,735 shares in the company, valued at approximately $5,500,586.25. This trade represents a 1.85 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.84% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Nordea Investment Management AB lifted its stake in VeriSign by 544.1% during the 4th quarter. Nordea Investment Management AB now owns 391,319 shares of the information services provider’s stock worth $81,003,000 after acquiring an additional 330,561 shares in the last quarter. Birch Capital Management LLC increased its stake in VeriSign by 3,996.0% during the fourth quarter. Birch Capital Management LLC now owns 4,096 shares of the information services provider’s stock worth $848,000 after purchasing an additional 3,996 shares during the period. Allspring Global Investments Holdings LLC increased its stake in VeriSign by 322.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 261,526 shares of the information services provider’s stock worth $53,639,000 after purchasing an additional 199,583 shares during the period. Truist Financial Corp lifted its position in shares of VeriSign by 12.2% during the fourth quarter. Truist Financial Corp now owns 20,462 shares of the information services provider’s stock worth $4,235,000 after purchasing an additional 2,218 shares in the last quarter. Finally, MML Investors Services LLC boosted its stake in shares of VeriSign by 602.6% in the third quarter. MML Investors Services LLC now owns 11,712 shares of the information services provider’s stock valued at $2,225,000 after purchasing an additional 10,045 shares during the period. 92.90% of the stock is currently owned by hedge funds and other institutional investors.

VeriSign Stock Up 0.4 %

The business’s fifty day moving average is $232.16 and its two-hundred day moving average is $205.74. The stock has a market cap of $24.12 billion, a price-to-earnings ratio of 31.87 and a beta of 0.87.

VeriSign (NASDAQ:VRSN) last posted its quarterly earnings results on Thursday, February 6th. The information services provider reported $2.00 EPS for the quarter, hitting the consensus estimate of $2.00. VeriSign had a net margin of 50.47% and a negative return on equity of 43.01%.

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.