VeriSign (VRSN) Dips More Than Broader Market: What You Should Know
The latest trading session saw VeriSign (VRSN) ending at $197.57, denoting a -0.72% adjustment from its last day's close. The stock trailed the S&P 500, which registered a daily loss of 0.15%. Meanwhile, the Dow lost 0.42%, and the Nasdaq, a tech-heavy index, added 0.09%.
Heading into today, shares of the internet infrastructure services provider had lost 7.01% over the past month, lagging the Computer and Technology sector's gain of 1.19% and the S&P 500's gain of 3.5% in that time.
The investment community will be closely monitoring the performance of VeriSign in its forthcoming earnings report. The company is scheduled to release its earnings on February 8, 2024. The company is predicted to post an EPS of $1.83, indicating a 7.65% growth compared to the equivalent quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $381.01 million, reflecting a 3.2% rise from the equivalent quarter last year.
Investors should also note any recent changes to analyst estimates for VeriSign. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Currently, VeriSign is carrying a Zacks Rank of #3 (Hold).
From a valuation perspective, VeriSign is currently exchanging hands at a Forward P/E ratio of 25.45. Its industry sports an average Forward P/E of 25.45, so one might conclude that VeriSign is trading at no noticeable deviation comparatively.
The Internet - Software and Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 160, putting it in the bottom 37% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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VeriSign, Inc. (VRSN) : Free Stock Analysis Report
