VeriFone Systems Inc. (PAY) Stock Price Down 2.9% on Analyst Downgrade
VeriFone Systems Inc. (NYSE:PAY) traded down 2.9% during trading on Tuesday after Morgan Stanley lowered their price target on the stock from $23.00 to $16.00. Morgan Stanley currently has an equal weight rating on the stock. VeriFone Systems traded as low as $15.52 and last traded at $15.57, with a volume of 2,272,586 shares changing hands. The stock had previously closed at $16.04.
Other equities research analysts have also issued reports about the stock. Pacific Crest reaffirmed a “hold” rating on shares of VeriFone Systems in a report on Sunday, September 4th. Wedbush reaffirmed an “outperform” rating and issued a $30.00 price target on shares of VeriFone Systems in a report on Friday, June 17th. Vetr lowered shares of VeriFone Systems from a “strong-buy” rating to a “sell” rating and set a $19.34 price target on the stock. in a report on Thursday, September 1st. Royal Bank Of Canada lowered their price target on shares of VeriFone Systems from $33.00 to $28.00 and set a “sector perform” rating on the stock in a report on Wednesday, June 8th. Finally, Zacks Investment Research lowered shares of VeriFone Systems from a “hold” rating to a “strong sell” rating in a research note on Monday, June 13th. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $25.27.
A number of hedge funds have recently bought and sold shares of PAY. Water Island Capital LLC bought a new stake in VeriFone Systems during the second quarter valued at $121,000. Acrospire Investment Management LLC boosted its position in shares of VeriFone Systems by 112.9% in the second quarter. Acrospire Investment Management LLC now owns 6,600 shares of the company’s stock valued at $122,000 after buying an additional 3,500 shares in the last quarter. LS Investment Advisors LLC boosted its position in shares of VeriFone Systems by 71.0% in the second quarter. LS Investment Advisors LLC now owns 6,631 shares of the company’s stock valued at $123,000 after buying an additional 2,753 shares in the last quarter. Creative Planning acquired a new position in shares of VeriFone Systems during the second quarter valued at approximately $132,000. Finally, BlackRock Japan Co. Ltd acquired a new position in shares of VeriFone Systems during the second quarter valued at approximately $135,000. Hedge funds and other institutional investors own 95.52% of the company’s stock.
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The company’s 50-day moving average is $18.38 and its 200 day moving average is $22.93. The firm has a market capitalization of $1.72 billion, a P/E ratio of 51.717 and a beta of 1.80.
VeriFone Systems (NYSE:PAY) last announced its quarterly earnings results on Thursday, September 1st. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.02. VeriFone Systems had a net margin of 1.64% and a return on equity of 19.50%. The company had revenue of $493 million for the quarter, compared to the consensus estimate of $515.44 million. During the same quarter in the prior year, the firm earned $0.47 earnings per share. The company’s revenue for the quarter was down 3.3% compared to the same quarter last year. Equities analysts forecast that VeriFone Systems Inc. will post $1.65 earnings per share for the current fiscal year.
About VeriFone Systems
VeriFone Systems, Inc is engaged in providing electronic payment solutions at the point of sale (POS). The Company designs, manufactures, markets and supplies a range of payment solutions and complementary services that enable secure electronic payment transactions and value-added services at the POS.
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