As more people work from home and stay at home, the amount of time spent on computers, laptops, and mobile phones has gone up significantly. The pandemic has forced people to spend most of their lives on devices. In such a scenario, sensitive personal information is susceptible to hacking and there is a need for securing critical activities that are being done online. This trend has brought internet security company stocks in focus. Such stocks have been among the best tech stocks to buy.
Zscaler, VeriSign, and Akamai Technologies are considered to be the best internet security stocks. Zscaler is up 158% since the start of 2020. VeriSign stock is up 4.86% since the beginning of 2020 and up 36.47% since the March market fall. Akamai Technologies is up 23% year-to-date. Compare that with the S&P500, which is up 3% year-to-date.
VeriSign Inc. is an American technology company involved in internet security, network infrastructure, and root zone maintenance services. It operates two of the Internet’s thirteen root nameservers. Nameservers are a critical part of the internet network because they are the first stage in the translation of human-readable hostnames into IP addresses. So, VeriSign plays a vital role in the normal functioning of the internet.
In late July 2020, VeriSign reported its Q22020 earnings. Revenues were up 2.6% Y-o-Y to $314.4 million. Earnings per share increased by 6.5% Y-o-Y to $1.32 per share. VeriSign also reported processing of 11.1 new .com and .net domains as compared to 10.3 million in the same quarter the prior year. The company expects its full-year revenue to be in the range of $1.255 billion to $1.265 billion.