“Guidance Light, Setting Higher Bar for 2H18 Execution VeriFone Systems’ (PAY) execution on its business strategy of deploying new payment devices across global markets and building out its Services platform has played out in fits and starts, and the 1Q18 report that the company released today after the market close was no exception. PAY posted 1Q18 non-GAAP earnings per share and net revenue that were better than the guidance it had provided in December, and it reiterated its FY18 outlook. However, the 2Q18 guidance that management offered was light relative to the Street consensus.”,” the firm’s analyst wrote.
A number of other equities analysts have also recently weighed in on PAY. Zacks Investment Research cut shares of VeriFone Systems from a hold rating to a sell rating in a research report on Wednesday, November 15th. UBS Group cut shares of VeriFone Systems from a strong-buy rating to an outperform rating in a research report on Thursday, November 16th. Raymond James Financial cut shares of VeriFone Systems from a strong-buy rating to an outperform rating and lowered their price objective for the stock from $25.00 to $22.00 in a research report on Thursday, November 16th. Credit Suisse Group increased their price objective on shares of VeriFone Systems from $20.00 to $21.00 and gave the stock a neutral rating in a research report on Wednesday, December 13th. Finally, Barclays reaffirmed a hold rating and set a $21.00 price objective on shares of VeriFone Systems in a research report on Friday, December 15th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $20.80.
VeriFone Systems (NYSE:PAY) last posted its quarterly earnings data on Thursday, March 8th. The business services provider reported $0.23 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.25 by ($0.02). The company had revenue of $425.00 million for the quarter, compared to analysts’ expectations of $419.43 million. VeriFone Systems had a positive return on equity of 14.11% and a negative net margin of 8.09%. The business’s revenue for the quarter was up .0% on a year-over-year basis. During the same period in the previous year, the business posted $0.21 EPS. analysts expect that VeriFone Systems will post 1.2 earnings per share for the current fiscal year.
VeriFone Systems announced that its board has initiated a share buyback program on Tuesday, December 12th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the business services provider to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
A number of institutional investors have recently added to or reduced their stakes in PAY. Bank of New York Mellon Corp lifted its holdings in VeriFone Systems by 33.3% during the 4th quarter. Bank of New York Mellon Corp now owns 7,050,450 shares of the business services provider’s stock worth $124,863,000 after buying an additional 1,762,712 shares in the last quarter. Millennium Management LLC lifted its holdings in VeriFone Systems by 85.1% during the 4th quarter. Millennium Management LLC now owns 3,034,660 shares of the business services provider’s stock worth $53,744,000 after buying an additional 1,395,432 shares in the last quarter. Royce & Associates LP acquired a new stake in VeriFone Systems during the 4th quarter worth approximately $11,154,000. SG Capital Management LLC lifted its holdings in VeriFone Systems by 981.6% during the 4th quarter. SG Capital Management LLC now owns 619,407 shares of the business services provider’s stock worth $10,970,000 after buying an additional 562,140 shares in the last quarter. Finally, Pzena Investment Management LLC lifted its holdings in VeriFone Systems by 19.2% during the 4th quarter. Pzena Investment Management LLC now owns 2,942,690 shares of the business services provider’s stock worth $52,115,000 after buying an additional 473,224 shares in the last quarter.
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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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