VeriFone Systems Inc. (NYSE:PAY) shares gapped up prior to trading on Monday . The stock had previously closed at $18.56, but opened at $18.68. VeriFone Systems shares last traded at $19.07, with a volume of 1,791,885 shares traded.

PAY has been the subject of several research reports. Jefferies Group restated a “buy” rating and issued a $40.00 price objective on shares of VeriFone Systems in a report on Wednesday, June 8th. Wedbush reaffirmed an “outperform” rating and issued a $30.00 target price on shares of VeriFone Systems in a research report on Friday, June 17th. Credit Suisse Group AG reaffirmed a “hold” rating and issued a $24.00 target price on shares of VeriFone Systems in a research report on Tuesday, June 28th. Barclays PLC reduced their target price on shares of VeriFone Systems from $23.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 7th. Finally, Imperial Capital reduced their target price on shares of VeriFone Systems from $32.00 to $24.00 and set an “outperform” rating on the stock in a research report on Monday, June 20th. Ten research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. VeriFone Systems presently has a consensus rating of “Buy” and an average price target of $29.52.

The stock has a market cap of $2.11 billion and a P/E ratio of 29.23. The company has a 50 day moving average price of $18.78 and a 200-day moving average price of $23.78.

VeriFone Systems (NYSE:PAY) last posted its earnings results on Tuesday, June 7th. The company reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by $0.05. The business earned $532 million during the quarter, compared to the consensus estimate of $530.07 million. VeriFone Systems’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.44 EPS. On average, equities analysts forecast that VeriFone Systems Inc. will post $1.85 earnings per share for the current year.

A number of institutional investors recently bought and sold shares of the stock. BNP Paribas Arbitrage SA raised its position in VeriFone Systems by 45.7% in the fourth quarter. BNP Paribas Arbitrage SA now owns 151,137 shares of the company’s stock valued at $4,235,000 after buying an additional 47,374 shares during the period. Systematic Financial Management LP raised its stake in shares of VeriFone Systems by 639.2% in the fourth quarter. Systematic Financial Management LP now owns 74,660 shares of the company’s stock worth $2,091,000 after buying an additional 64,560 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of VeriFone Systems by 73.0% in the fourth quarter. Wells Fargo & Company MN now owns 740,790 shares of the company’s stock worth $20,756,000 after buying an additional 312,558 shares during the last quarter. Finally, Morgan Stanley raised its stake in shares of VeriFone Systems by 13.2% in the fourth quarter. Morgan Stanley now owns 804,392 shares of the company’s stock worth $22,538,000 after buying an additional 93,909 shares during the last quarter.

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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.