VRSN Gets Boost After Q4 Results

The equity looks ready to clear a key level of resistance today

Digital Content Manager
Feb 12, 2021 at 9:40 AM
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Internet security name Verisign, Inc. (NASDAQ:VRSN) is on the rise today after the company announced fourth-quarter profits of $1.38 per shares, which came in seven cents higher than Wall Street's forecasts. Revenue, meanwhile, came in just below estimates. At last check, VRSN is up 1.3% at $207.15. 

VRSN has had a choppy year on the charts since it's steep March selloff and subsequent recovery. The $220 level, which has kept a tight lid on shares for the better part of the past two years, continued to do so, with its latest rejection occurring in late December. The equity is set to topple its 140-day moving average for the first time since an early Janauary bull gap. Year-to-date VRSN is down 5.5% for the year. 

While just three analysts cover Verisign stock, the majority consider it a "strong buy," with only one "hold" rating on the books. Meanwhile, the 12-month consensus price target of $240.58 is a 17.6% premium to last night's close. 

Option traders were also optimistic on VRSN ahead of the event. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), VRSN sports a 50-day call/put volume ratio of 11.03, which stands higher than all but 3% of readings from the past year. This means calls are being picked up at a much quicker-than-usual clip. 

 

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