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Verisign Inc . (NASDAQ:VRSN), the global provider of domain name registry services and internet infrastructure, has reached a new 52-week high, with its stock price climbing to $213.78. The company, with a market capitalization of $20.46 billion, maintains impressive gross profit margins of 87.6%. InvestingPro analysis indicates the stock is currently trading near its Fair Value. This milestone reflects a period of consistent performance for the company, which has seen its stock value appreciate by 4.76% over the past year, supported by steady revenue growth of 4.08%. Investors have shown confidence in Verisign's business model and its ability to maintain a strong position within the internet infrastructure industry, contributing to the stock's upward trajectory and its latest peak in the market. InvestingPro subscribers can access 12 additional exclusive insights about VRSN's financial health and growth prospects through the comprehensive Pro Research Report.
In other recent news, Berkshire Hathaway (NYSE:BRKa), led by Warren Buffett, has notably increased its investments in Occidental Petroleum (NYSE:OXY), Sirius XM Holdings (NASDAQ:SIRI), and VeriSign. The investment conglomerate invested approximately $409 million in Occidental Petroleum, acquiring around 8.9 million shares, which increased Berkshire's stake in the company to over 28%. In Sirius XM Holdings, Berkshire purchased about five million shares for around $107 million. Berkshire also added approximately 234,000 shares to its VeriSign portfolio for about $45.4 million.
Recent developments include VeriSign's renewal of its .com Registry Agreement with the Internet Corporation for Assigned Names and Numbers (ICANN). The agreement maintains the current pricing structure for .com domain names, with no changes to the cost that VeriSign can charge. This renewal follows the expiration of the prior agreement.
Analysts have also been active, with Baird upgrading VeriSign stock from Neutral to Outperform and Citi reaffirming its Buy rating for VeriSign. Baird's upgrade reflects their confidence in VeriSign's potential to benefit from a better macroeconomic environment, while Citi's rating reaffirms the positive outcome of the company's Cooperative Agreement renewal with the National Telecommunications and Information Administration (NTIA).
Furthermore, VeriSign reported a modest revenue growth of 3.8% in its third-quarter 2024 results, reaching $391 million, accompanied by a 13.1% increase in earnings per share, which rose to $2.07. The company also maintained a stable liquidity position with $645 million in cash and repurchased 1.7 million shares for $301 million during the quarter.
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