VeriFone Systems Inc. (PAY) Coverage Initiated at Craig Hallum
Analysts at Craig Hallum started coverage on shares of VeriFone Systems Inc. (NYSE:PAY) in a report issued on Monday. The firm set a “buy” rating on the stock.
PAY has been the subject of a number of other reports. Piper Jaffray Cos. raised VeriFone Systems from a “neutral” rating to an “outperform” rating and set a $38.50 price objective for the company in a report on Thursday, August 25th. Stifel Nicolaus reissued a “buy” rating and set a $18.00 price objective on shares of VeriFone Systems in a report on Friday, September 16th. Imperial Capital lowered VeriFone Systems from an “outperform” rating to an “in-line” rating and decreased their price objective for the stock from $24.00 to $18.00 in a report on Monday, September 12th. RBC Capital Markets reissued a “sector perform” rating and set a $23.00 price objective (down from $28.00) on shares of VeriFone Systems in a report on Sunday, September 4th. Finally, Wedbush lowered VeriFone Systems from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $30.00 to $20.00 in a report on Friday, September 2nd. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $24.85.
Shares of VeriFone Systems (NYSE:PAY) traded up 1.46% during midday trading on Monday, hitting $15.30. The company’s stock had a trading volume of 202,870 shares. The company has a 50-day moving average price of $16.60 and a 200 day moving average price of $21.45. The company has a market cap of $1.70 billion, a P/E ratio of 51.00 and a beta of 2.04. VeriFone Systems has a 1-year low of $14.94 and a 1-year high of $31.24.
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VeriFone Systems (NYSE:PAY) last issued its quarterly earnings data on Thursday, September 1st. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. The firm earned $493 million during the quarter, compared to analyst estimates of $515.44 million. VeriFone Systems had a return on equity of 19.50% and a net margin of 1.64%. The company’s revenue for the quarter was down 3.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.47 EPS. On average, equities research analysts predict that VeriFone Systems will post $1.65 EPS for the current year.
In other VeriFone Systems news, Director Robert W. Alspaugh sold 8,250 shares of VeriFone Systems stock in a transaction that occurred on Thursday, September 29th. The shares were sold at an average price of $15.81, for a total value of $130,432.50. Following the completion of the sale, the director now owns 17,250 shares of the company’s stock, valued at approximately $272,722.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Eitan Raff sold 4,125 shares of VeriFone Systems stock in a transaction that occurred on Monday, September 26th. The stock was sold at an average price of $16.13, for a total transaction of $66,536.25. Following the completion of the sale, the director now directly owns 15,125 shares of the company’s stock, valued at approximately $243,966.25. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of the company. Wellington Management Group LLP increased its stake in VeriFone Systems by 34.8% in the first quarter. Wellington Management Group LLP now owns 3,151,833 shares of the company’s stock worth $89,008,000 after buying an additional 812,811 shares during the period. Shell Asset Management Co. increased its stake in VeriFone Systems by 31.2% in the second quarter. Shell Asset Management Co. now owns 547,976 shares of the company’s stock worth $10,159,000 after buying an additional 130,396 shares during the period. Cambiar Investors LLC increased its stake in VeriFone Systems by 13.1% in the second quarter. Cambiar Investors LLC now owns 1,827,284 shares of the company’s stock worth $33,878,000 after buying an additional 210,982 shares during the period. BlackRock Inc. increased its stake in VeriFone Systems by 19.5% in the first quarter. BlackRock Inc. now owns 48,822 shares of the company’s stock worth $1,379,000 after buying an additional 7,951 shares during the period. Finally, Capital Fund Management S.A. increased its stake in VeriFone Systems by 353.6% in the second quarter. Capital Fund Management S.A. now owns 190,110 shares of the company’s stock worth $3,525,000 after buying an additional 148,201 shares during the period. 95.11% of the stock is owned by institutional investors and hedge funds.
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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