VeriFone Systems Inc. (PAY) Downgraded by Vetr Inc.
VeriFone Systems Inc. (NYSE:PAY) was downgraded by stock analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Tuesday. They currently have a $18.96 price objective on the stock. Vetr‘s price target suggests a potential upside of 11.92% from the stock’s current price.
PAY has been the subject of several other reports. Piper Jaffray Cos. upgraded shares of VeriFone Systems from a “neutral” rating to an “outperform” rating and set a $38.50 target price for the company in a research note on Thursday, August 25th. Stifel Nicolaus reiterated a “buy” rating and issued a $18.00 target price on shares of VeriFone Systems in a research note on Friday, September 16th. Imperial Capital downgraded shares of VeriFone Systems from an “outperform” rating to an “in-line” rating and cut their target price for the company from $24.00 to $18.00 in a research note on Monday, September 12th. Craig Hallum initiated coverage on shares of VeriFone Systems in a research note on Monday, October 17th. They issued a “buy” rating and a $20.00 target price for the company. Finally, 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 research note on Sunday, September 4th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $24.62.
Shares of VeriFone Systems (NYSE:PAY) opened at 16.94 on Tuesday. The company has a market capitalization of $1.88 billion, a price-to-earnings ratio of 56.47 and a beta of 1.99. VeriFone Systems has a 52-week low of $14.94 and a 52-week high of $29.73. The company’s 50-day moving average price is $15.78 and its 200-day moving average price is $19.42.
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, beating the Thomson Reuters’ 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 business earned $493 million during the quarter, compared to the consensus estimate of $515.44 million. During the same period last year, the business posted $0.47 EPS. VeriFone Systems’s revenue was down 3.3% on a year-over-year basis. Equities research analysts forecast that VeriFone Systems will post $1.65 EPS for the current fiscal year.
In related news, Director Eitan Raff sold 4,125 shares of VeriFone Systems stock in a transaction that occurred on Monday, September 26th. The shares were sold at an average price of $16.13, for a total value of $66,536.25. Following the transaction, the director now directly owns 15,125 shares of the company’s stock, valued at $243,966.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert W. Alspaugh sold 8,250 shares of VeriFone Systems stock in a transaction that occurred on Thursday, September 29th. The shares were sold at an average price of $15.81, for a total transaction of $130,432.50. Following the completion of the transaction, the director now directly owns 17,250 shares in the company, valued at $272,722.50. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. LS Investment Advisors LLC boosted its position in shares of VeriFone Systems by 5.7% in the third quarter. LS Investment Advisors LLC now owns 7,009 shares of the company’s stock worth $110,000 after buying an additional 378 shares during the period. Water Island Capital LLC bought a new stake in VeriFone Systems during the second quarter worth $121,000. Lazard Asset Management LLC boosted its stake in VeriFone Systems by 2.7% in the third quarter. Lazard Asset Management LLC now owns 7,700 shares of the company’s stock worth $121,000 after buying an additional 200 shares during the last quarter. 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 worth $122,000 after buying an additional 3,500 shares during the last quarter. Finally, Creative Planning bought a new stake in VeriFone Systems during the second quarter worth $132,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.
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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