Verifone Systems, Inc. (NYSE:PAY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.

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.”

PAY has been the subject of several other reports. Piper Jaffray Companies reiterated a “hold” rating and issued a $20.00 target price on shares of Verifone Systems in a research note on Friday, September 8th. BMO Capital Markets decreased their target price on shares of Verifone Systems from $21.00 to $20.00 and set a “market perform” rating for the company in a research note on Friday, June 16th. BidaskClub cut shares of Verifone Systems from a “hold” rating to a “sell” rating in a research note on Wednesday, August 16th. BTIG Research restated a “hold” rating on shares of Verifone Systems in a research report on Monday, September 11th. Finally, Citigroup Inc. started coverage on shares of Verifone Systems in a research report on Friday, September 15th. They set a “neutral” rating and a $23.00 price objective for the company. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $19.08.

Verifone Systems (NYSE:PAY) traded down 0.5062% during trading on Wednesday, reaching $20.8738. 389,387 shares of the company traded hands. The company’s market capitalization is $2.34 billion. Verifone Systems has a 52 week low of $14.94 and a 52 week high of $21.48. The firm has a 50-day moving average price of $19.52 and a 200-day moving average price of $18.74.

Verifone Systems (NYSE:PAY) last posted its earnings results on Thursday, September 7th. The business services provider reported $0.36 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.36. Verifone Systems had a negative net margin of 9.76% and a positive return on equity of 11.19%. The firm had revenue of $466.90 million during the quarter, compared to analysts’ expectations of $464.13 million. During the same period in the previous year, the business posted $0.42 EPS. The business’s revenue was down 5.2% compared to the same quarter last year. Analysts forecast that Verifone Systems will post $1.30 earnings per share for the current fiscal year.

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Several institutional investors and hedge funds have recently made changes to their positions in PAY. BlackRock Inc. grew its holdings in shares of Verifone Systems by 12,855.8% in the first quarter. BlackRock Inc. now owns 14,685,676 shares of the business services provider’s stock valued at $275,064,000 after purchasing an additional 14,572,324 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Verifone Systems by 300.1% in 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 purchasing an additional 3,770,155 shares during the period. Epoch Investment Partners Inc. purchased a new stake in shares of Verifone Systems in the second quarter valued at about $25,839,000. Alliancebernstein L.P. grew its holdings in shares of Verifone Systems by 55.1% in the first quarter. Alliancebernstein L.P. now owns 4,002,962 shares of the business services provider’s stock valued at $74,975,000 after purchasing an additional 1,422,307 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Verifone Systems by 51.9% in the first quarter. Dimensional Fund Advisors LP now owns 3,049,305 shares of the business services provider’s stock valued at $57,115,000 after purchasing an additional 1,041,365 shares during the period.

About Verifone Systems

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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Analyst Recommendations for Verifone Systems (NYSE:PAY)

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