VeriFone Systems Shares Gap Up on Strong Earnings (PAY)
VeriFone Systems (NYSE:PAY) gapped up prior to trading on Thursday following a better than expected earnings announcement, Stock Ratings Network reports. The stock had previously closed at $34.32, but opened at $34.54. VeriFone Systems shares last traded at $35.63, with a volume of 2,760,964 shares.
The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.05. The company had revenue of $476.00 million for the quarter, compared to the consensus estimate of $458.90 million. During the same quarter in the previous year, the company posted $0.24 earnings per share. The company’s revenue for the quarter was up 14.4% on a year-over-year basis.
A number of analysts have recently weighed in on PAY shares. Analysts at Zacks reiterated a “neutral” rating on shares of VeriFone Systems in a research note on Monday, August 18th. They now have a $36.00 price target on the stock. Separately, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of VeriFone Systems in a research note on Wednesday, August 13th. They now have a $41.00 price target on the stock, up previously from $39.00. Finally, analysts at Goldman Sachs reiterated a “neutral” rating on shares of VeriFone Systems in a research note on Tuesday, July 8th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. VeriFone Systems currently has a consensus rating of “Hold” and a consensus target price of $33.08.
The stock’s 50-day moving average is $34.65 and its 200-day moving average is $33.72. The company’s market cap is $3.977 billion.
VeriFone Systems, Inc (NYSE:PAY), formerly VeriFone Holdings, Inc, is a holding company for VeriFone, Inc The Company is engaged in the secure electronic payment solutions.
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