VeriFone Systems Inc. (PAY) Shares Down 2.9% Following Analyst Downgrade
VeriFone Systems Inc. (NYSE:PAY) shares traded down 2.9% during mid-day trading on Tuesday after Morgan Stanley lowered their price target on the stock from $23.00 to $16.00. Morgan Stanley currently has an equal weight rating on the stock. VeriFone Systems traded as low as $15.52 and last traded at $15.57, with a volume of 2,272,586 shares trading hands. The stock had previously closed at $16.04.
Several other research firms have also recently weighed in on PAY. Imperial Capital cut VeriFone Systems from an “outperform” rating to an “in-line” rating and decreased their price target for the stock from $24.00 to $18.00 in a research note on Monday, September 12th. Pacific Crest restated a “hold” rating on shares of VeriFone Systems in a research note on Sunday, September 4th. Stifel Nicolaus restated a “buy” rating and issued a $18.00 price target on shares of VeriFone Systems in a research note on Friday, September 16th. Deutsche Bank AG decreased their price target on VeriFone Systems from $29.00 to $19.00 and set a “hold” rating for the company in a research note on Wednesday, June 8th. Finally, Piper Jaffray Cos. restated a “buy” rating and issued a $38.00 price target on shares of VeriFone Systems in a research note on Wednesday, June 1st. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $25.27.
A number of large investors have recently modified their holdings of PAY. State Treasurer State of Michigan increased its stake in shares of VeriFone Systems by 0.5% in the second quarter. State Treasurer State of Michigan now owns 44,200 shares of the company’s stock worth $819,000 after buying an additional 200 shares during the period. Leisure Capital Management increased its stake in shares of VeriFone Systems by 1.9% in the second quarter. Leisure Capital Management now owns 13,120 shares of the company’s stock worth $243,000 after buying an additional 248 shares during the period. Globeflex Capital L P increased its stake in shares of VeriFone Systems by 0.9% in the second quarter. Globeflex Capital L P now owns 32,942 shares of the company’s stock worth $611,000 after buying an additional 293 shares during the period. US Bancorp DE increased its stake in shares of VeriFone Systems by 2.6% in the second quarter. US Bancorp DE now owns 11,832 shares of the company’s stock worth $220,000 after buying an additional 297 shares during the period. Finally, Prudential Financial Inc. increased its stake in shares of VeriFone Systems by 0.7% in the second quarter. Prudential Financial Inc. now owns 67,324 shares of the company’s stock worth $1,248,000 after buying an additional 500 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.
The company has a market cap of $1.73 billion, a price-to-earnings ratio of 52.07 and a beta of 1.80. The stock’s 50 day moving average price is $18.18 and its 200 day moving average price is $22.80.
VeriFone Systems (NYSE:PAY) last posted its earnings results on Thursday, September 1st. The company reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.02. VeriFone Systems had a return on equity of 19.50% and a net margin of 1.64%. The firm had revenue of $493 million for the quarter, compared to analysts’ expectations of $515.44 million. During the same period last year, the firm earned $0.47 EPS. The company’s quarterly revenue was down 3.3% on a year-over-year basis. Analysts predict that VeriFone Systems Inc. will post $1.65 EPS for the current year.
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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