Baird R W Upgrades VeriSign to Strong-Buy

VeriSign (NASDAQ:VRSN) received a positive update from investment analysts at Baird R W who upgraded its shares from a "hold" rating to a "strong-buy" rating, as noted in a recent research report released on Monday.

Additionally, Baird has raised their price target for VeriSign from $200.00 to $250.00, reflecting increased confidence in the company's performance.

VeriSign's Current Stock Status

On Monday, shares of VeriSign opened at $200.46. The stock has seen fluctuations over the past year, with a fifty-two week low of $167.04 and a high of $220.91. Presently, VeriSign holds a market capitalization of $19.26 billion and has a price-to-earnings (PE) ratio of 23.31. The stock's fifty-day moving average is at $185.07, while the two-hundred day moving average stands at $181.49.

Recent Financial Results

VeriSign recently announced its quarterly earnings on October 24, revealing an earnings per share (EPS) of $2.07, which surpassed the consensus estimate of $2.01 by $0.06. The company reported a revenue of $390.60 million, slightly overshadowing analysts' expectations of $390.19 million, marking a 3.8% year-over-year increase. The prior year, VeriSign's EPS for the same quarter was $1.83.

Insider Transactions

In related developments, Thomas C. Indelicarto, an executive vice president at VeriSign, sold 2,456 shares on September 27 at an average price of $190.00, totaling approximately $466,640. Following this transaction, Indelicarto retains 34,821 shares valued at around $6.6 million. This sale represented a 6.59% decrease in his stake. Another executive, Danny R. Mcpherson, also sold shares on December 2, further reducing his ownership.

Institutional Investment Trends

Several institutional investors have recently adjusted their positions in VeriSign. Notably, Blue Trust Inc. increased its stake by 291.1% in the second quarter. Other investors such as UMB Bank, Rothschild Investment LLC, and Migdal Insurance & Financial Holdings Ltd. have also bought shares, showcasing a rising interest among institutional holders. Currently, institutional investors own approximately 92.90% of the company's stock.

About VeriSign

VeriSign, Inc., along with its subsidiaries, offers domain name registry services and facilitates internet navigation for a variety of recognized domain names. They play a critical role in maintaining the security and resilience of internet infrastructure, managing two out of thirteen internet root servers, and providing registration services for .com and .net domains.

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