Zacks Investment Research upgraded shares of Verifone Systems, Inc. (NYSE:PAY) from a sell rating to a hold rating in a report released on Thursday morning.
According to Zacks, “VeriFone’s third-quarter fiscal 2017 results were unimpressive. Earnings were in line with the Zacks Consensus Estimate but declined on a year-over-year basis due to weak top-line growth. The decline can be attributed to sluggishness in the Asia-Pacific and North America regions. This was partially offset by strong revenue growth in Latin America and Europe, Middle East and Africa (EMEA). Management expects this weakness to continue, which along with the taxi business divestiture, compelled it to lower fiscal 2017 guidance. Notably, the stock has underperformed the industry on a year-to-date basis. However, the company believes that strength in retail and SMB will help the North America segment revenues to recover going forward. We believe that the company's strong product portfolio that now includes the likes of Carbon 8 and Engage will help in expanding customer base in the long haul.”
A number of other equities research analysts have also issued reports on PAY. Royal Bank Of Canada cut their target price on Verifone Systems from $23.00 to $20.00 and set a sector perform rating on the stock in a research report on Friday, June 9th. Barclays PLC reaffirmed an equal weight rating and set a $20.00 target price (down from $22.00) on shares of Verifone Systems in a research report on Sunday, June 11th. BTIG Research reaffirmed a neutral rating on shares of Verifone Systems in a research report on Monday, June 12th. Imperial Capital cut their target price on Verifone Systems from $20.00 to $19.00 and set an in-line rating on the stock in a research report on Tuesday, June 13th. Finally, BMO Capital Markets cut their target price on Verifone Systems from $21.00 to $20.00 and set a market perform rating on the stock in a research report on Friday, June 16th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $19.08.
Shares of Verifone Systems (NYSE PAY) opened at 20.86 on Thursday. The firm’s market cap is $2.34 billion. Verifone Systems has a 1-year low of $14.94 and a 1-year high of $21.48. The company’s 50 day moving average price is $19.43 and its 200-day moving average price is $18.76.
Verifone Systems (NYSE:PAY) last announced its earnings results on Thursday, September 7th. The business services provider reported $0.36 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.36. The company had revenue of $466.90 million for the quarter, compared to analyst estimates of $464.13 million. Verifone Systems had a positive return on equity of 11.19% and a negative net margin of 9.76%. Verifone Systems’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.42 earnings per share. Equities analysts expect that Verifone Systems will post $1.30 EPS for the current fiscal year.
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Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Legal & General Group Plc boosted its stake in shares of Verifone Systems by 76.7% during the 1st quarter. Legal & General Group Plc now owns 98,467 shares of the business services provider’s stock worth $1,845,000 after acquiring an additional 42,756 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Verifone Systems by 5.0% during the 2nd quarter. Rhumbline Advisers now owns 228,791 shares of the business services provider’s stock worth $4,141,000 after acquiring an additional 10,875 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Verifone Systems by 300.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,026,621 shares of the business services provider’s stock worth $90,982,000 after acquiring an additional 3,770,155 shares in the last quarter. Schafer Cullen Capital Management Inc. boosted its stake in shares of Verifone Systems by 14.5% during the 1st quarter. Schafer Cullen Capital Management Inc. now owns 16,950 shares of the business services provider’s stock worth $317,000 after acquiring an additional 2,150 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY boosted its stake in shares of Verifone Systems by 0.3% during the 1st quarter. Metropolitan Life Insurance Co. NY now owns 108,304 shares of the business services provider’s stock worth $2,029,000 after acquiring an additional 281 shares in the last quarter.
Verifone Systems Company Profile
VeriFone Systems, Inc offers payments and commerce solutions. The Company is engaged in designing, manufacturing, marketing and supplying a range of payment solutions and complementary services. It provides solutions and services for the retail point-of-sale (POS) that enable various forms of commerce.
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