“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.”,” BTIG Research’s analyst commented.
A number of other brokerages also recently commented on PAY. Raymond James Financial downgraded shares of VeriFone from a strong-buy rating to an outperform rating and lowered their price target for the company from $25.00 to $22.00 in a report on Thursday, November 16th. Tigress Financial reissued a buy rating on shares of VeriFone in a research note on Tuesday, December 19th. UBS downgraded shares of VeriFone from a strong-buy rating to an outperform rating in a research note on Thursday, November 16th. Argus reissued a hold rating on shares of VeriFone in a research note on Tuesday, December 26th. Finally, Zacks Investment Research downgraded shares of VeriFone from a hold rating to a strong sell rating in a research note on Monday, December 18th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $20.45.
Shares of NYSE:PAY traded down $0.24 during midday trading on Friday, hitting $15.14. The company had a trading volume of 2,313,102 shares, compared to its average volume of 1,377,519. VeriFone has a 12-month low of $14.93 and a 12-month high of $21.48. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.35 and a quick ratio of 1.10. The firm has a market capitalization of $1,697.21, a price-to-earnings ratio of 15.94, a price-to-earnings-growth ratio of 1.55 and a beta of 1.76.
VeriFone (NYSE:PAY) last issued its quarterly earnings results on Thursday, March 8th. The business services provider reported $0.23 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.25 by ($0.02). The business had revenue of $425.00 million during the quarter, compared to analysts’ expectations of $419.43 million. VeriFone had a positive return on equity of 14.11% and a negative net margin of 8.09%. The company’s quarterly revenue was up .0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.21 EPS. equities research analysts expect that VeriFone will post 1.21 earnings per share for the current fiscal year.
VeriFone declared that its Board of Directors has approved a share buyback program on Tuesday, December 12th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the business services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.
Large investors have recently modified their holdings of the company. Xact Kapitalforvaltning AB purchased a new position in VeriFone during the fourth quarter valued at approximately $216,000. MetLife Investment Advisors LLC purchased a new position in VeriFone during the fourth quarter valued at approximately $2,183,000. Belpointe Asset Management LLC purchased a new position in VeriFone during the fourth quarter valued at approximately $237,000. Crestline Management LP purchased a new position in VeriFone during the fourth quarter valued at approximately $252,000. Finally, Millennium Management LLC increased its holdings in VeriFone by 85.1% during the fourth quarter. Millennium Management LLC now owns 3,034,660 shares of the business services provider’s stock valued at $53,744,000 after buying an additional 1,395,432 shares during the period.
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VeriFone Company Profile
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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