VeriSign (VRSN) Beats Stock Market Upswing: What Investors Need to Know
The most recent trading session ended with VeriSign (VRSN) standing at $211.18, reflecting a +1.79% shift from the previouse trading day's closing. The stock outperformed the S&P 500, which registered a daily gain of 1.06%. At the same time, the Dow added 0.93%, and the tech-heavy Nasdaq gained 1.2%.
Shares of the internet infrastructure services provider have appreciated by 3.36% over the course of the past month, outperforming the Computer and Technology sector's loss of 2.02% and the S&P 500's loss of 3%.
Analysts and investors alike will be keeping a close eye on the performance of VeriSign in its upcoming earnings disclosure. The company's earnings report is set to go public on October 26, 2023. On that day, VeriSign is projected to report earnings of $1.74 per share, which would represent year-over-year growth of 10.13%. Simultaneously, our latest consensus estimate expects the revenue to be $373.79 million, showing a 4.73% escalation compared to the year-ago quarter.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $7.02 per share and a revenue of $1.49 billion, indicating changes of +12.5% and +4.68%, respectively, from the former year.
Investors should also note any recent changes to analyst estimates for VeriSign. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Currently, VeriSign is carrying a Zacks Rank of #3 (Hold).
In terms of valuation, VeriSign is currently trading at a Forward P/E ratio of 29.55. This indicates a premium in contrast to its industry's Forward P/E of 23.83.
The Internet - Software and Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 34, which puts it in the top 14% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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VeriSign, Inc. (VRSN) : Free Stock Analysis Report
