ICANN Renewal Bumps Verisign Shares Higher
Source: Google Finance
ICANN (Internet Corporation for Assigned Names and Numbers) recently renewed the Verisign (NASDAQ:VRSN) contract to serve as the authoritative registry operator for the .net registry for another six years. [1] Although Verisign has been the exclusive provider for .com and .net domain names historically, this is nonetheless positive news for Verisign as it allows it to maintain registry rights from ICANN several more years. VeriSign competes with other domain name registry providers, such as NeuStar, Employ Media, and Afilias to win new and maintain existing registry rights from ICANN. As a result of this news, Verisign stock jumped by more than 2%, as shown above.
Our $37.80 price estimate for Verisign stock is just about 10% above the market price.
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Notes:- ICANN approves renewal of .net registry contract, press release, June 29th, 2011 [↩]