Zacks: Brokerages Anticipate Verisign, Inc. (NASDAQ:VRSN) Will Announce Quarterly Sales of $306.45 Million

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Analysts predict that Verisign, Inc. (NASDAQ:VRSN) will announce $306.45 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Verisign’s earnings. The highest sales estimate is $307.14 million and the lowest is $305.76 million. Verisign posted sales of $302.45 million in the same quarter last year, which would indicate a positive year over year growth rate of 1.3%. The firm is scheduled to announce its next earnings report on Thursday, July 25th.

According to Zacks, analysts expect that Verisign will report full year sales of $1.23 billion for the current fiscal year. For the next financial year, analysts expect that the firm will report sales of $1.29 billion, with estimates ranging from $1.29 billion to $1.30 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Verisign.

Verisign (NASDAQ:VRSN) last released its earnings results on Thursday, April 25th. The information services provider reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.06. The business had revenue of $306.41 million for the quarter, compared to the consensus estimate of $302.63 million. Verisign had a negative return on equity of 43.07% and a net margin of 49.98%. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.07 earnings per share.

Several equities analysts have recently weighed in on the company. Zacks Investment Research upgraded Verisign from a “hold” rating to a “buy” rating and set a $224.00 target price on the stock in a research report on Tuesday, April 30th. Citigroup restated a “neutral” rating and issued a $195.00 target price (up previously from $175.00) on shares of Verisign in a research report on Tuesday, March 5th. Finally, BidaskClub upgraded Verisign from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 22nd. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $180.80.

Shares of NASDAQ VRSN traded down $0.17 during midday trading on Wednesday, hitting $205.20. The stock had a trading volume of 619,942 shares, compared to its average volume of 483,088. The company has a market cap of $24.48 billion, a PE ratio of 43.20 and a beta of 1.04. Verisign has a 1 year low of $131.28 and a 1 year high of $210.06.

In related news, Director Timothy Tomlinson sold 378 shares of the stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $199.55, for a total value of $75,429.90. Following the completion of the sale, the director now owns 34,094 shares of the company’s stock, valued at $6,803,457.70. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 1.20% of the company’s stock.

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc increased its holdings in shares of Verisign by 4.5% in the third quarter. Vanguard Group Inc now owns 11,368,270 shares of the information services provider’s stock valued at $1,820,286,000 after purchasing an additional 485,685 shares during the last quarter. BlackRock Inc. increased its stake in Verisign by 9.0% during the first quarter. BlackRock Inc. now owns 9,645,753 shares of the information services provider’s stock worth $1,751,284,000 after acquiring an additional 797,069 shares during the last quarter. Renaissance Technologies LLC increased its stake in Verisign by 4.3% during the first quarter. Renaissance Technologies LLC now owns 7,330,876 shares of the information services provider’s stock worth $1,330,994,000 after acquiring an additional 299,876 shares during the last quarter. Oregon Public Employees Retirement Fund increased its stake in Verisign by 41,120.7% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,763,452 shares of the information services provider’s stock worth $25,000 after acquiring an additional 3,754,322 shares during the last quarter. Finally, Investec Asset Management LTD increased its stake in Verisign by 1.6% during the first quarter. Investec Asset Management LTD now owns 2,631,523 shares of the information services provider’s stock worth $477,779,000 after acquiring an additional 40,572 shares during the last quarter. 91.65% of the stock is owned by hedge funds and other institutional investors.

Verisign Company Profile

VeriSign, Inc provides domain name registry services and Internet infrastructure in the United States and internationally. The company offers registry services that operate the authoritative directory of and/or the back-end systems for .com, .net, .cc, .tv, .gov, .jobs, .edu, .name, and other domain names.

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