VeriFone Systems Inc (PAY) Expected to Post Quarterly Sales of $458.58 Million

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Wall Street analysts forecast that VeriFone Systems Inc (NYSE:PAY) will announce sales of $458.58 million for the current quarter, according to Zacks. Six analysts have provided estimates for VeriFone Systems’ earnings, with estimates ranging from $450.52 million to $470.00 million. VeriFone Systems posted sales of $466.90 million in the same quarter last year, which would indicate a negative year over year growth rate of 1.8%. The firm is scheduled to issue its next quarterly earnings results on Thursday, September 6th.

On average, analysts expect that VeriFone Systems will report full-year sales of $1.80 billion for the current fiscal year, with estimates ranging from $1.79 billion to $1.81 billion. For the next financial year, analysts expect that the firm will post sales of $1.88 billion per share, with estimates ranging from $1.85 billion to $1.89 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow VeriFone Systems.

VeriFone Systems (NYSE:PAY) last posted its quarterly earnings data on Friday, June 8th. The business services provider reported $0.17 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.05). The company had revenue of $438.40 million for the quarter, compared to analysts’ expectations of $435.46 million. VeriFone Systems had a negative net margin of 4.27% and a positive return on equity of 13.72%.

Several analysts have commented on PAY shares. Jefferies Financial Group downgraded VeriFone Systems from a “buy” rating to a “hold” rating and set a $23.00 price objective for the company. in a research note on Monday, April 16th. TheStreet raised VeriFone Systems from a “d+” rating to a “c-” rating in a research note on Monday, April 16th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and three have given a buy rating to the company. VeriFone Systems currently has an average rating of “Hold” and a consensus price target of $21.34.

PAY remained flat at $$23.01 on Friday. The company’s stock had a trading volume of 2,237,610 shares, compared to its average volume of 1,318,477. The company has a current ratio of 1.46, a quick ratio of 1.22 and a debt-to-equity ratio of 1.09. The stock has a market cap of $2.55 billion, a P/E ratio of 24.22, a PEG ratio of 1.27 and a beta of 1.45. VeriFone Systems has a 12-month low of $14.90 and a 12-month high of $23.14.

Several hedge funds have recently modified their holdings of PAY. Stone Ridge Asset Management LLC purchased a new position in shares of VeriFone Systems during the 4th quarter worth approximately $186,000. Xact Kapitalforvaltning AB purchased a new position in shares of VeriFone Systems during the 4th quarter worth approximately $216,000. Fort Washington Investment Advisors Inc. OH raised its stake in shares of VeriFone Systems by 7.3% during the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 987,777 shares of the business services provider’s stock worth $15,192,000 after buying an additional 67,300 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of VeriFone Systems by 4.4% during the 1st quarter. Wells Fargo & Company MN now owns 927,155 shares of the business services provider’s stock worth $14,260,000 after buying an additional 39,254 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. raised its stake in shares of VeriFone Systems by 33,159.0% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 66,518 shares of the business services provider’s stock worth $1,023,000 after buying an additional 66,318 shares in the last quarter. 95.09% of the stock is owned by institutional investors and hedge funds.

VeriFone Systems Company Profile

VeriFone Systems, Inc provides payments and commerce solutions at the point of sale (POS) worldwide. It offers countertop solutions that accept payment options, including contactless, NFC, mobile wallets, and EMV; PIN pads that support credit and debit card, EBT, EMV, and other PIN-based transactions; and multilane consumer facing commerce devices.

Further Reading: Outstanding Shares and The Effect on Share Price

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