VeriFone Systems Inc (PAY) is Downgraded by Barclays to Equal Weight, Lowers Price Target to $ 23

VeriFone Systems Inc (PAY) was Downgraded by Barclays to ” Equal Weight” while Lowering the Price Target of the company shares to $ 23 from a previous price target of $37 . Earlier the firm had a rating of “Overweight ” on the company shares. Barclays advised their investors in a research report released on Jun 8, 2016.

Many Wall Street Analysts have commented on VeriFone Systems Inc. Shares were Downgraded by Compass Point on Jun 8, 2016 to ” Neutral” and Lowered the Price Target to $ 23 from a previous price target of $34 .VeriFone Systems Inc was Downgraded by Pacific Crest to ” Sector Weight” on Jun 8, 2016. Shares were Reiterated by Wedbush on Jun 8, 2016 to “Outperform” and Lowered the Price Target to $ 30 from a previous price target of $36 .

On the company’s financial health, VeriFone Systems Inc reported $0.47 EPS for the quarter, missing the analyst consensus estimate by $ -0.05 based on the information available during the earnings call on Jun 7, 2016. Analyst had a consensus of $0.52. The company had revenue of $532.00 million for the quarter, compared to analysts expectations of $530.07 million. The company’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 EPS.

VeriFone Systems Inc opened for trading at $28.02 and hit $28.24 on the upside on Tuesday, eventually ending the session at $28.23, with a gain of 1.33% or 0.37 points. The heightened volatility saw the trading volume jump to 47,20,187 shares. Company has a market cap of $3,111 M.

In a different news, on Dec 30, 2015, Alok Bhanot (EVP, Engineering & CTO) sold 994 shares at $28.74 per share price. According to the SEC, on Jun 25, 2015, Eitan Raff (director) sold 1,375 shares at $36.00 per share price. On Apr 22, 2015, Sunil Aruna Kappagoda (President, ASPAC & EVP) sold 52,900 shares at $35.29 per share price, according to the Form-4 filing with the securities and exchange commission.

VeriFone Systems Inc. (VeriFone) formerly VeriFone Holdings Inc. is a holding company of VeriFone Inc. The Company is engaged in the secure electronic payment solutions. Its 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. Its system solutions process a range of payment types. The Company’s electronic payment systems are available in several modular configurations offering its support to a range of connectivity options. The Company also offers customers technical support for installed payment systems consulting services and project management services for system deployment and customization of integrated software solutions. It provides solutions and services for the financial services retail petroleum restaurant hospitality taxi transportation and healthcare markets.

VeriFone Systems Inc

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