Tigress Financial Reiterates Buy Rating for VeriFone Systems (PAY)
VeriFone Systems (NYSE:PAY)‘s stock had its “buy” rating reissued by investment analysts at Tigress Financial in a research note issued on Tuesday.
The analysts wrote, “Well Positioned for the Next Era of Big Data We are initiating coverage of Cloudera with a BUY rating and 12-month price target of $24.00. In our view, Cloudera represents a high-growth play on the next-generation IT architecture required by leading organizations with a focus on the Big Data trend, leveraging new AI capabilities and riding the open source software phenomenon. Similar to other next-generation software companies we have covered over the years, we believe the Street is still trying to better understand Cloudera and the valuation remains reasonable for a high-growth company, opening up attractive upside potential for the stock in 2018. Leveraging enterprise-grade Apache Hadoop, Apache Spark and other open source software technologies, combined with proprietary innovations, Cloudera has evolved into a Big Data platform that supports machine learning, analytics and the cloud.””
A number of other equities research analysts have also recently commented on the stock. Raymond James Financial cut shares of VeriFone Systems from a “strong-buy” rating to an “outperform” rating in a research note on Sunday, November 26th. Citigroup started coverage on shares of VeriFone Systems in a research note on Friday, September 15th. They issued a “neutral” rating and a $23.00 price objective on the stock. Piper Jaffray Companies reaffirmed a “hold” rating and set a $20.00 price target on shares of VeriFone Systems in a research note on Friday, September 8th. Jefferies Group reaffirmed a “buy” rating and set a $23.00 price target (up from $20.00) on shares of VeriFone Systems in a research note on Monday, September 11th. Finally, Zacks Investment Research cut shares of VeriFone Systems from a “hold” rating to a “sell” rating in a research note on Friday, September 8th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $20.02.
VeriFone Systems (NYSE:PAY) last issued its quarterly earnings data on Tuesday, December 12th. The business services provider reported $0.44 EPS for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.01. The firm had revenue of $477.00 million for the quarter, compared to analysts’ expectations of $472.33 million. VeriFone Systems had a negative net margin of 9.29% and a positive return on equity of 13.52%. The firm’s revenue was up 2.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.30 EPS. equities analysts anticipate that VeriFone Systems will post 1.2 earnings per share for the current year.
VeriFone Systems announced that its board has initiated a stock buyback program on Tuesday, December 12th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the business services provider to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
Institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers lifted its holdings in shares of VeriFone Systems by 5.0% during the 2nd quarter. Rhumbline Advisers now owns 228,791 shares of the business services provider’s stock worth $4,141,000 after acquiring an additional 10,875 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of VeriFone Systems by 300.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,026,621 shares of the business services provider’s stock worth $90,982,000 after acquiring an additional 3,770,155 shares during the period. BlackRock Inc. lifted its holdings in shares of VeriFone Systems by 13.5% during the 2nd quarter. BlackRock Inc. now owns 16,668,535 shares of the business services provider’s stock worth $301,702,000 after acquiring an additional 1,982,859 shares during the period. Capital Management Associates NY purchased a new position in shares of VeriFone Systems during the 3rd quarter worth about $375,000. Finally, SG Americas Securities LLC lifted its holdings in shares of VeriFone Systems by 763.1% during the 3rd quarter. SG Americas Securities LLC now owns 74,552 shares of the business services provider’s stock worth $1,512,000 after acquiring an additional 65,914 shares during the period.
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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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