“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.
Several other research firms have also recently weighed in on PAY. Raymond James Financial cut VeriFone from a strong-buy rating to an outperform rating and cut their price objective for the stock from $25.00 to $22.00 in a research report on Thursday, November 16th. Tigress Financial reaffirmed a buy rating on shares of VeriFone in a research report on Tuesday, December 19th. UBS cut VeriFone from a strong-buy rating to an outperform rating in a research report on Thursday, November 16th. Argus reaffirmed a hold rating on shares of VeriFone in a research report on Tuesday, December 26th. Finally, Zacks Investment Research cut VeriFone from a hold rating to a strong sell rating in a research report on Monday, December 18th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and four have given a buy rating to the company’s stock. VeriFone has a consensus rating of Hold and an average price target of $20.45.
VeriFone (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 Thomson Reuters’ consensus estimate of $0.25 by ($0.02). VeriFone had a positive return on equity of 14.11% and a negative net margin of 8.09%. The business had revenue of $425.00 million during the quarter, compared to analysts’ expectations of $419.43 million. During the same period in the prior year, the firm posted $0.21 EPS. The firm’s revenue for the quarter was up .0% on a year-over-year basis. analysts predict that VeriFone will post 1.21 EPS for the current year.
VeriFone declared that its Board of Directors has authorized a share repurchase program on Tuesday, December 12th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the business services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. ING Groep NV increased its position in shares of VeriFone by 23.6% during the 4th quarter. ING Groep NV now owns 16,930 shares of the business services provider’s stock valued at $300,000 after purchasing an additional 3,233 shares during the last quarter. Meadow Creek Investment Management LLC increased its position in shares of VeriFone by 26.4% during the 4th quarter. Meadow Creek Investment Management LLC now owns 18,088 shares of the business services provider’s stock valued at $320,000 after purchasing an additional 3,774 shares during the last quarter. Dubuque Bank & Trust Co. increased its position in shares of VeriFone by 16.0% during the 4th quarter. Dubuque Bank & Trust Co. now owns 27,438 shares of the business services provider’s stock valued at $486,000 after purchasing an additional 3,789 shares during the last quarter. Commerzbank Aktiengesellschaft FI increased its position in shares of VeriFone by 25.5% during the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 20,488 shares of the business services provider’s stock valued at $363,000 after purchasing an additional 4,167 shares during the last quarter. Finally, Catalyst Capital Advisors LLC increased its position in shares of VeriFone by 12.7% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 44,500 shares of the business services provider’s stock valued at $902,000 after purchasing an additional 5,000 shares during the last quarter.
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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