VeriSign (NASDAQ:VRSN) Price Target Raised to $250.00 at Citigroup

VeriSign (NASDAQ:VRSN) had its target price increased by Citigroup from $246.00 to $250.00 in a research note published on Tuesday,Benzinga reports. Citigroup currently has a buy rating on the information services provider’s stock.

Several other equities research analysts have also weighed in on the company. Baird R W raised VeriSign from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 9th. StockNews.com raised VeriSign from a “hold” rating to a “buy” rating in a research report on Tuesday, January 7th. Finally, Robert W. Baird raised VeriSign from a “neutral” rating to an “outperform” rating and raised their price target for the company from $200.00 to $250.00 in a report on Monday, December 9th.

VeriSign Price Performance

Shares of NASDAQ VRSN opened at $220.18 on Tuesday. VeriSign has a 1-year low of $167.04 and a 1-year high of $222.25. The business’s fifty day moving average price is $204.11 and its two-hundred day moving average price is $190.11. The firm has a market capitalization of $21.16 billion, a PE ratio of 25.60 and a beta of 0.90.

VeriSign (NASDAQ:VRSN) last issued its earnings results on Thursday, February 6th. The information services provider reported $2.00 earnings per share for the quarter, hitting the consensus estimate of $2.00. VeriSign had a negative return on equity of 45.59% and a net margin of 55.74%.

Insider Activity

In related news, EVP Danny R. Mcpherson sold 2,092 shares of VeriSign stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $192.43, for a total transaction of $402,563.56. Following the transaction, the executive vice president now directly owns 26,157 shares of the company’s stock, valued at $5,033,391.51. The trade was a 7.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of VRSN. Northwestern Mutual Wealth Management Co. grew its holdings in VeriSign by 93.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,734 shares of the information services provider’s stock worth $664,000 after acquiring an additional 1,806 shares during the period. Truist Financial Corp grew its holdings in VeriSign by 13.7% during the second quarter. Truist Financial Corp now owns 18,504 shares of the information services provider’s stock worth $3,290,000 after acquiring an additional 2,224 shares during the period. Cetera Investment Advisers grew its holdings in VeriSign by 67.5% during the second quarter. Cetera Investment Advisers now owns 7,659 shares of the information services provider’s stock worth $1,362,000 after acquiring an additional 3,086 shares during the period. Sanctuary Advisors LLC acquired a new position in VeriSign during the second quarter worth about $607,000. Finally, Czech National Bank grew its holdings in VeriSign by 3.5% during the third quarter. Czech National Bank now owns 17,098 shares of the information services provider’s stock worth $3,248,000 after acquiring an additional 585 shares during the period. 92.90% of the stock is owned by institutional investors and hedge funds.

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.