VeriFone Systems Inc. (PAY) Stock Price Down 2.9% After Analyst Downgrade
VeriFone Systems Inc. (NYSE:PAY) shares dropped 2.9% during 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. The stock had previously closed at $16.04.
Other research analysts also recently issued research reports about the company. Jefferies Group restated a “buy” rating and issued a $40.00 target price on shares of VeriFone Systems in a research note on Wednesday, June 8th. Stifel Nicolaus cut their target price on VeriFone Systems from $40.00 to $26.00 and set a “buy” rating for the company in a research note on Wednesday, June 8th. Pacific Crest restated a “buy” rating and issued a $36.00 target price on shares of VeriFone Systems in a research note on Monday, June 6th. Piper Jaffray Cos. restated a “buy” rating and issued a $38.00 target price on shares of VeriFone Systems in a research note on Wednesday, June 1st. Finally, SunTrust Banks Inc. cut their target price on VeriFone Systems from $37.00 to $24.00 and set a “buy” rating for the company in a research note on Wednesday, June 8th. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. VeriFone Systems has an average rating of “Hold” and a consensus target price of $25.27.
Large investors have recently added to or reduced their stakes in the stock. Water Island Capital LLC purchased a new stake in VeriFone Systems during the second quarter valued at $121,000. Acrospire Investment Management LLC raised 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 in the last quarter. LS Investment Advisors LLC raised 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 in the last quarter. Creative Planning purchased a new stake in VeriFone Systems during the second quarter valued at $132,000. Finally, BlackRock Japan Co. Ltd purchased a new stake in VeriFone Systems during the second quarter valued at $135,000. Institutional investors own 95.52% of the company’s stock.
The firm’s 50 day moving average is $18.28 and its 200-day moving average is $22.85. The stock has a market cap of $1.72 billion, a P/E ratio of 51.77 and a beta of 1.80.
VeriFone Systems (NYSE:PAY) last issued its quarterly earnings data on Thursday, September 1st. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. VeriFone Systems had a return on equity of 19.50% and a net margin of 1.64%. The business had revenue of $493 million for the quarter, compared to the consensus estimate of $515.44 million. During the same period in the prior year, the business posted $0.47 earnings per share. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. Equities research analysts predict that VeriFone Systems Inc. will post $1.65 EPS for the current fiscal 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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