Zacks Investment Research Upgrades Verifone Systems, Inc. (PAY) to Hold
Verifone Systems, Inc. (NYSE:PAY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday.
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 also recently weighed in on the company. BidaskClub upgraded Verifone Systems from a “sell” rating to a “hold” rating in a report on Saturday, July 1st. BMO Capital Markets lowered their target price on Verifone Systems from $21.00 to $20.00 and set a “market perform” rating for the company in a report on Friday, June 16th. Jefferies Group LLC reiterated a “buy” rating and issued a $23.00 target price (up from $20.00) on shares of Verifone Systems in a report on Monday. Barclays PLC reiterated an “equal weight” rating and issued a $20.00 target price (down from $22.00) on shares of Verifone Systems in a report on Sunday, June 11th. Finally, Royal Bank Of Canada lowered their target price on Verifone Systems from $23.00 to $20.00 and set a “sector perform” rating for the company in a report on Friday, June 9th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $18.81.
Shares of Verifone Systems (NYSE:PAY) traded down 1.43% during trading on Thursday, hitting $20.68. The company had a trading volume of 1,416,063 shares. Verifone Systems has a 12-month low of $14.94 and a 12-month high of $21.31. The stock has a 50-day moving average of $19.40 and a 200 day moving average of $18.76. The stock’s market capitalization is $2.32 billion.
Verifone Systems (NYSE:PAY) last issued its earnings results on Thursday, September 7th. The business services provider reported $0.36 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.36. The business had revenue of $466.90 million during the quarter, compared to the consensus estimate of $464.13 million. Verifone Systems had a positive return on equity of 11.19% and a negative net margin of 9.76%. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.42 earnings per share. On average, analysts predict that Verifone Systems will post $1.30 EPS for the current fiscal year.
Large investors have recently made changes to their positions in the stock. Legal & General Group Plc boosted its position in shares of Verifone Systems by 76.7% during the first quarter. Legal & General Group Plc now owns 98,467 shares of the business services provider’s stock valued at $1,845,000 after buying an additional 42,756 shares during the last quarter. Rhumbline Advisers boosted its position in shares of Verifone Systems by 5.0% during the second quarter. Rhumbline Advisers now owns 228,791 shares of the business services provider’s stock valued at $4,141,000 after buying an additional 10,875 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Verifone Systems by 300.1% during the second quarter. Bank of New York Mellon Corp now owns 5,026,621 shares of the business services provider’s stock valued at $90,982,000 after buying an additional 3,770,155 shares during the last quarter. Schafer Cullen Capital Management Inc. boosted its position in shares of Verifone Systems by 14.5% during the first quarter. Schafer Cullen Capital Management Inc. now owns 16,950 shares of the business services provider’s stock valued at $317,000 after buying an additional 2,150 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY boosted its position in shares of Verifone Systems by 0.3% during the first quarter. Metropolitan Life Insurance Co. NY now owns 108,304 shares of the business services provider’s stock valued at $2,029,000 after buying an additional 281 shares during 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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