Verifone Systems, Inc. (PAY) Stock Rating Upgraded by Zacks Investment Research
Verifone Systems, Inc. (NYSE:PAY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued 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.”
Several other brokerages have also weighed in on PAY. Northcoast Research lowered shares of Verifone Systems from a “buy” rating to a “neutral” rating in a research report on Wednesday, September 6th. BMO Capital Markets lowered their price target on shares of Verifone Systems from $21.00 to $20.00 and set a “market perform” rating on the stock in a research report on Friday, June 16th. BTIG Research reaffirmed a “hold” rating on shares of Verifone Systems in a research report on Monday, September 11th. BidaskClub lowered shares of Verifone Systems from a “hold” rating to a “sell” rating in a research report on Tuesday, June 20th. Finally, Bank of America Corporation initiated coverage on shares of Verifone Systems in a research report on Tuesday. They set an “underperform” rating and a $19.00 price target on the stock. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $19.08.
Shares of Verifone Systems (PAY) opened at 20.86 on Thursday. The firm has a 50-day moving average of $19.43 and a 200 day moving average of $18.76. Verifone Systems has a 52-week low of $14.94 and a 52-week high of $21.48. The firm’s market capitalization is $2.34 billion.
Verifone Systems (NYSE:PAY) last issued its quarterly earnings data on Thursday, September 7th. The business services provider reported $0.36 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.36. The company had revenue of $466.90 million for the quarter, compared to analyst estimates of $464.13 million. Verifone Systems had a negative net margin of 9.76% and a positive return on equity of 11.19%. The company’s revenue was down 5.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.42 earnings per share. Analysts predict that Verifone Systems will post $1.30 EPS for the current year.
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Institutional investors and hedge funds have recently bought and sold shares of the company. Riverhead Capital Management LLC boosted its stake in shares of Verifone Systems by 80.9% in the 2nd quarter. Riverhead Capital Management LLC now owns 6,693 shares of the business services provider’s stock valued at $121,000 after purchasing an additional 2,993 shares in the last quarter. FNY Managed Accounts LLC acquired a new stake in shares of Verifone Systems in the 1st quarter valued at approximately $131,000. Bank of Montreal Can boosted its stake in shares of Verifone Systems by 21.0% in the 1st quarter. Bank of Montreal Can now owns 7,379 shares of the business services provider’s stock valued at $138,000 after purchasing an additional 1,281 shares in the last quarter. LS Investment Advisors LLC boosted its stake in shares of Verifone Systems by 22.3% in the 2nd quarter. LS Investment Advisors LLC now owns 9,213 shares of the business services provider’s stock valued at $167,000 after purchasing an additional 1,679 shares in the last quarter. Finally, Shelton Capital Management acquired a new stake in shares of Verifone Systems in the 1st quarter valued at approximately $203,000.
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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