VeriFone Systems Inc (PAY) Downgraded by Zacks Investment Research to “Sell”
VeriFone Systems Inc (NYSE:PAY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “VeriFone expects growth in EMV demand and accredited partnerships to boost financials in the long term. The company remains optimistic about VeriFone Engage and Carbon iPOS offerings as well and expects restructuring activities to start generating significant savings over the long run. We note that continued forex volatility along with increasing competition remain areas of concern. If we look at past one year performance, VeriFone shares have vastly underperformed the Zacks categorized Financial Transaction Services industry. Meanwhile, estimates have been stable lately ahead of the company's second-quarter earnings release. We note that the company has mixed record of earnings surprises in recent quarters.”
Other equities analysts have also issued research reports about the stock. Tigress Financial started coverage on shares of VeriFone Systems in a report on Monday, March 27th. They issued a “buy” rating on the stock. Morgan Stanley reissued an “equal weight” rating and issued a $18.00 price target (up previously from $16.00) on shares of VeriFone Systems in a report on Saturday, March 11th. Deutsche Bank AG reissued a “hold” rating and issued a $15.00 price target on shares of VeriFone Systems in a report on Monday, March 13th. Vetr raised shares of VeriFone Systems from a “sell” rating to a “hold” rating and set a $18.22 price target on the stock in a report on Monday, February 6th. Finally, Imperial Capital increased their price target on shares of VeriFone Systems from $18.00 to $20.00 and gave the stock an “in-line” rating in a report on Thursday, March 23rd. Two equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $22.25.
Shares of VeriFone Systems (NYSE:PAY) traded up 0.45% during mid-day trading on Tuesday, reaching $17.83. 312,859 shares of the company’s stock were exchanged. The firm’s market cap is $1.99 billion. VeriFone Systems has a 52-week low of $14.94 and a 52-week high of $28.24. The company has a 50 day moving average price of $18.08 and a 200 day moving average price of $18.28.
VeriFone Systems (NYSE:PAY) last issued its quarterly earnings results on Thursday, March 9th. The business services provider reported $0.21 EPS for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.01. The firm had revenue of $457 million for the quarter, compared to analyst estimates of $449.37 million. VeriFone Systems had a negative net margin of 0.46% and a positive return on equity of 16.78%. The business’s revenue for the quarter was down 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.48 EPS. Analysts forecast that VeriFone Systems will post $1.37 earnings per share for the current fiscal year.
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A number of large investors have recently made changes to their positions in PAY. JPMorgan Chase & Co. boosted its stake in shares of VeriFone Systems by 36.0% in the third quarter. JPMorgan Chase & Co. now owns 68,951 shares of the business services provider’s stock valued at $1,086,000 after buying an additional 18,270 shares during the last quarter. Private Harbour Investment Management & Counsel LLC boosted its stake in shares of VeriFone Systems by 66.5% in the third quarter. Private Harbour Investment Management & Counsel LLC now owns 110,740 shares of the business services provider’s stock valued at $1,743,000 after buying an additional 44,210 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of VeriFone Systems by 0.8% in the third quarter. California State Teachers Retirement System now owns 233,329 shares of the business services provider’s stock valued at $3,673,000 after buying an additional 1,900 shares during the last quarter. American International Group Inc. boosted its stake in shares of VeriFone Systems by 0.5% in the third quarter. American International Group Inc. now owns 213,604 shares of the business services provider’s stock valued at $3,362,000 after buying an additional 1,095 shares during the last quarter. Finally, Two Sigma Advisers LP boosted its stake in shares of VeriFone Systems by 42.8% in the third quarter. Two Sigma Advisers LP now owns 296,120 shares of the business services provider’s stock valued at $4,661,000 after buying an additional 88,700 shares during the last quarter. 91.81% of the stock is owned by institutional investors and hedge funds.
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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