Verifone Systems, Inc. (PAY) Raised to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Verifone Systems, Inc. (NYSE:PAY) from a sell rating to a hold rating in a report released 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.”
Several other brokerages also recently commented on PAY. Bank of America Corporation assumed coverage on shares of Verifone Systems in a research note on Tuesday, September 12th. They issued an underperform rating and a $19.00 target price on the stock. Citigroup Inc. assumed coverage on shares of Verifone Systems in a research note on Friday, September 15th. They issued a neutral rating and a $23.00 target price on the stock. BidaskClub downgraded shares of Verifone Systems from a buy rating to a hold rating in a research note on Friday, July 28th. Jefferies Group LLC restated a buy rating and issued a $23.00 target price (up previously from $20.00) on shares of Verifone Systems in a research note on Monday, September 11th. Finally, BTIG Research restated a hold rating on shares of Verifone Systems in a research note on Monday, September 11th. 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 stock. The stock currently has a consensus rating of Hold and an average target price of $19.08.
Shares of Verifone Systems (NYSE:PAY) traded down 0.82% during mid-day trading on Wednesday, reaching $20.45. 1,369,178 shares of the company traded hands. The stock’s market capitalization is $2.29 billion. The stock’s 50 day moving average is $19.52 and its 200 day moving average is $18.74. Verifone Systems has a 52-week low of $14.94 and a 52-week high of $21.48.
Verifone Systems (NYSE:PAY) last issued its earnings results on Thursday, September 7th. The business services provider reported $0.36 EPS for the quarter, meeting the Thomson Reuters’ 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 company had revenue of $466.90 million for the quarter, compared to the consensus estimate of $464.13 million. During the same quarter in the previous year, the company earned $0.42 EPS. The firm’s revenue for the quarter was down 5.2% compared to the same quarter last year. On average, analysts anticipate that Verifone Systems will post $1.30 earnings per share for the current year.
Institutional investors have recently added to or reduced their stakes in the business. Riverhead Capital Management LLC lifted its position in Verifone Systems by 80.9% during 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 during the period. FNY Managed Accounts LLC acquired a new position in Verifone Systems during the 1st quarter valued at about $131,000. Bank of Montreal Can lifted its position in Verifone Systems by 21.0% during 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 during the period. LS Investment Advisors LLC lifted its position in Verifone Systems by 22.3% during 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 during the period. Finally, Shelton Capital Management acquired a new position in Verifone Systems during the 1st quarter valued at about $203,000.
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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