VeriFone (NYSE:PAY) Receives a Downgrade
The Rating of VeriFone (NYSE:PAY) shares have been cut by Goldman from a Buy rating to a Neutral rating in an analyst note revealed to investors on Tuesday, 15 December.
From a total of 17 analysts covering Verifone Systems Inc. (NYSE:PAY) stock, 17 rate it a ”Buy”, 0 a “Sell”, and 3 a ”Hold”. This means that 85% of the ratings are positive. The highest target price is $44 while the lowest target price is $29. The mean of all analyst targets is $39.53 with a 50.21% above today’s ($26.49) stock price. Verifone Systems Inc. was the topic of 17 analyst reports since August 5, 2015 according to the firm StockzIntelligence Inc. Credit Suisse initiated shares on December 11 with “Neutral” rating. Imperial Capital maintained shares with “Outperform” rating and $38 target share price in a report from a September 11. Piper Jaffray initiated PAY stock in a recent report from November 25 with “Overweight” rating. Pacific Crest maintained the rating on September 5. Pacific Crest has a “Outperform” rating and a $39 price target on shares. Finally, Argus Research upgraded the stock to “Buy” rating in a report issued on a September 30.
The stock increased 0.15% or $0.04 during the last trading session, striking $26.49. Approximately 4.99 million shares of stock traded hands or 375.24% up from the average. VeriFone Systems Inc (NYSE:PAY) has declined 27.01% since May 12, 2015 and is downtrending. It has underperformed by 23.33% the S&P500.
Analysts await VeriFone Systems Inc (NYSE:PAY) to reports earnings on December, 21. They expect $0.40 EPS, up 11.11% or $0.04 from last year’s $0.36 per share. PAY’s profit will be $45.90 million for 16.56 P/E if the $0.40 EPS becomes reality. After $0.38 actual EPS reported by VeriFone Systems Inc for the previous quarter, Wall Street now forecasts 5.26% EPS growth.
The overall sentiment of institutions has decreased to 1.19 in Q2 2015. Its down 0.19, from 1.38 in 2015Q2. The ratio dived, as 49 institutions have sold all the shares of VeriFone Systems Inc that they owned while 85 funds have taken shares off the table. 43 funds have purchased shares for the first time while 117 added to their positions. These institutions now hold 102.27 million shares or 8.17% less than the 111.37 million shares they owned in 2015Q2.
The Fund Lapides Asset Management Llc currently is holding shares equating to 3.49% of its total portfolio in VeriFone Systems Inc representing a total of 731,900 shares. Another fund,Guinness Atkinson Asset Management Inc, is holding a total of 194,000 shares equating to 3.43% of their holdings. Additionally, Managed Asset Portfolios Llc has a 141,525 share stake in VeriFone Systems Inc which represents 2.02% of their total portfolio. The Fund, Netols Asset Management Inc., based out of Wisconsin, has also built up a stake in the stock, which represents a total of 1.86% of their total portfolio. Finally Tamro Capital Partners Llc, a fund which is based in the state of Virginia reported a total holdings of 581,855 shares.
VeriFone Systems, Inc. , formerly VeriFone Holdings, Inc. is a holding firm of VeriFone, Inc. The company has a market cap of $3.04 billion. The Firm is engaged in the secure electronic payment solutions. It has 42.18 P/E ratio. The Company’s system solutions consist of point of sale (POS) electronic payment devices that run its and third-party operating systems, security and encryption software, and certified payment software, as well as other third-party value-added applications.
According to Zacks Investment Research, “VeriFone Systems, Inc. offers secure electronic payment solutions. The company provides solutions and services to the financial, retail, hospitality, petroleum, transportation, government and healthcare vertical markets. VeriFone Systems, Inc., formerly known as VeriFone Holdings, Inc., is headquartered in San Jose, California.”