Citigroup Increases Verisign (VRSN) Price Target to $155.00

Verisign (NASDAQ:VRSN) had its price objective raised by Citigroup from $152.00 to $155.00 in a note issued to investors on Friday. The brokerage currently has a “neutral” rating on the information services provider’s stock. Citigroup’s target price would indicate a potential downside of 6.07% from the stock’s current price.

VRSN has been the subject of several other reports. JPMorgan Chase & Co. lifted their price objective on Verisign from $123.00 to $125.00 and gave the company an “average” rating in a report on Monday, September 24th. BidaskClub raised Verisign from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 30th. Robert W. Baird raised Verisign from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $160.00 to $170.00 in a report on Friday. Finally, Cowen reaffirmed a “hold” rating and issued a $155.00 price objective on shares of Verisign in a report on Friday, July 27th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $154.40.

NASDAQ:VRSN opened at $165.02 on Friday. The company has a market cap of $19.95 billion, a P/E ratio of 40.45 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 quarterly earnings results on Thursday, October 25th. The information services provider reported $1.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.13. The business had revenue of $305.78 million during the quarter, compared to analysts’ expectations of $305.25 million. Verisign had a negative return on equity of 38.09% and a net margin of 41.82%. Analysts predict that Verisign will post 4.37 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in VRSN. Dimensional Fund Advisors LP raised its holdings in Verisign by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 254,342 shares of the information services provider’s stock valued at $30,155,000 after acquiring an additional 894 shares in the last quarter. LPL Financial LLC raised its holdings in Verisign by 14.0% in the 1st quarter. LPL Financial LLC now owns 5,511 shares of the information services provider’s stock valued at $653,000 after acquiring an additional 676 shares in the last quarter. CenturyLink Investment Management Co raised its holdings in Verisign by 42.3% in the 2nd quarter. CenturyLink Investment Management Co now owns 10,060 shares of the information services provider’s stock valued at $1,382,000 after acquiring an additional 2,991 shares in the last quarter. DnB Asset Management AS acquired a new position in Verisign in the 2nd quarter valued at $1,409,000. Finally, IFM Investors Pty Ltd raised its holdings in Verisign by 53.4% in the 2nd quarter. IFM Investors Pty Ltd now owns 3,900 shares of the information services provider’s stock valued at $536,000 after acquiring an additional 1,357 shares in the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

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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