VeriFone Systems Shares Up 2.9% (PAY)

by Sean Riley

DC Progressive

Shares of VeriFone Systems (NYSE:PAY) shot up 2.9% during mid-day trading on Thursday , Analyst Ratings reports. The stock traded as high as $29.92 and last traded at $29.74, with a volume of 653,958 shares traded. The stock had previously closed at $28.91.

Several brokerages recently issued reports on PAY. TheStreet upgraded VeriFone Systems from a “hold” rating to a “buy” rating in a report on Thursday, June 18th. Zacks raised VeriFone Systems from a “hold” rating to a “buy” rating and set a $36.00 price target on the stock in a research report on Monday, August 17th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $42.00 target price (up from $40.00) on shares of VeriFone Systems in a research report on Friday, August 14th. SunTrust cut their price target on shares of VeriFone Systems from $47.00 to $41.00 and set a “buy” rating for the company in a research note on Monday, August 31st. Finally, Susquehanna cut their target price on shares of VeriFone Systems from $44.00 to $43.00 and set a “positive” rating for the company in a research note on Friday, August 28th. Five research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $39.92.

The company has a 50 day moving average price of $29.13 and a 200-day moving average price of $33.57. The firm has a market capitalization of $3.47 billion and a PE ratio of 48.65.

VeriFone Systems (NYSE:PAY) last posted its quarterly earnings results on Thursday, September 3rd. The company reported $0.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.01. The firm had revenue of $510 million for the quarter. During the same quarter last year, the company earned $0.40 EPS. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. On average, equities research analysts forecast that VeriFone Systems will post $1.83 earnings per share for the current fiscal year.

In related news, EVP Alok Bhanot sold 1,700 shares of VeriFone Systems stock in a transaction on Tuesday, September 29th. The shares were sold at an average price of $26.86, for a total transaction of $45,662.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

VeriFone Systems, Inc. (NYSE:PAY), previously VeriFone Holdings, Inc. is a holding company of VeriFone, Inc. The Business is engaged in the secure electronic payment options. Its system solutions include point of sale (POS) electronic payment devices that run its and third party operating systems, security and encryption program, and certified payment software, as well as other third party value added applications. Its system alternatives process a variety of payment types. The Firm’s electronic payment systems are available in a number of modular settings, offering its support to a variety of connectivity options. The Organization offers technical support for consulting services, installed payment systems, and project management services for system installation, and customization of integrated software solutions to customers. It supplies alternatives, and services for the financial services, retail, petroleum, restaurant, hospitality, taxi, transportation, and health care marketplaces.