Insider Selling: VeriFone Systems Inc. (PAY) Director Sells 8,250 Shares of Stock
VeriFone Systems Inc. (NYSE:PAY) Director Robert W. Alspaugh sold 8,250 shares of the stock in a transaction on Thursday, September 29th. The stock was sold at an average price of $15.81, for a total transaction of $130,432.50. Following the completion of the sale, the director now owns 17,250 shares in the company, valued at $272,722.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
Shares of VeriFone Systems Inc. (NYSE:PAY) opened at 15.74 on Friday. VeriFone Systems Inc. has a 1-year low of $15.46 and a 1-year high of $31.24. The firm has a market cap of $1.75 billion, a PE ratio of 52.47 and a beta of 1.80. The stock’s 50 day moving average is $17.55 and its 200-day moving average is $22.28.
VeriFone Systems (NYSE:PAY) last issued its earnings results on Thursday, September 1st. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.02. VeriFone Systems had a net margin of 1.64% and a return on equity of 19.50%. The firm had revenue of $493 million for the quarter, compared to analysts’ expectations of $515.44 million. During the same quarter last year, the business earned $0.47 earnings per share. The business’s revenue was down 3.3% on a year-over-year basis. Analysts expect that VeriFone Systems Inc. will post $1.65 earnings per share for the current year.
Several equities research analysts have weighed in on PAY shares. Piper Jaffray Cos. upgraded shares of VeriFone Systems from a “neutral” rating to an “outperform” rating and set a $38.50 target price on the stock in a report on Thursday, August 25th. Stifel Nicolaus reiterated a “buy” rating and issued a $18.00 target price on shares of VeriFone Systems in a report on Friday, September 16th. Imperial Capital lowered shares of VeriFone Systems from an “outperform” rating to an “in-line” rating and cut their target price for the stock from $24.00 to $18.00 in a report on Monday, September 12th. RBC Capital Markets reiterated a “sector perform” rating and issued a $23.00 target price (down from $28.00) on shares of VeriFone Systems in a report on Sunday, September 4th. Finally, Wedbush lowered shares of VeriFone Systems from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $30.00 to $20.00 in a report on Friday, September 2nd. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $24.85.
A number of hedge funds have recently added to or reduced their stakes in the stock. Water Island Capital LLC bought a new stake in VeriFone Systems during the second quarter valued at $121,000. Acrospire Investment Management LLC boosted its stake in VeriFone Systems by 112.9% in the second quarter. Acrospire Investment Management LLC now owns 6,600 shares of the company’s stock valued at $122,000 after buying an additional 3,500 shares during the period. LS Investment Advisors LLC boosted its stake in VeriFone Systems by 71.0% in the second quarter. LS Investment Advisors LLC now owns 6,631 shares of the company’s stock valued at $123,000 after buying an additional 2,753 shares during the period. Creative Planning bought a new stake in VeriFone Systems during the second quarter valued at $132,000. Finally, BlackRock Japan Co. Ltd bought a new stake in VeriFone Systems during the second quarter valued at $135,000. Institutional investors and hedge funds own 95.16% of the company’s stock.
VeriFone Systems Company Profile
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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