VeriSign (VRSN) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, VeriSign (VRSN) closed at $205.26, marking a -0.05% move from the previous day. This move lagged the S&P 500's daily gain of 0.22%. At the same time, the Dow added 0.36%, and the tech-heavy Nasdaq gained 0.32%.
The internet infrastructure services provider's shares have seen a decrease of 0.49% over the last month, not keeping up with the Computer and Technology sector's gain of 3.64% and the S&P 500's gain of 1.61%.
The investment community will be paying close attention to the earnings performance of VeriSign in its upcoming release. The company is slated to reveal its earnings on February 8, 2024. On that day, VeriSign is projected to report earnings of $1.83 per share, which would represent year-over-year growth of 7.65%. Simultaneously, our latest consensus estimate expects the revenue to be $381.01 million, showing a 3.2% escalation compared to the year-ago quarter.
Investors might also notice recent changes to analyst estimates for VeriSign. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming 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.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. VeriSign is currently a Zacks Rank #3 (Hold).
In terms of valuation, VeriSign is currently trading at a Forward P/E ratio of 26.26. This denotes a premium relative to the industry's average Forward P/E of 23.46.
The Internet - Software and Services industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 54, positioning it in the top 22% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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VeriSign, Inc. (VRSN) : Free Stock Analysis Report
