Revenue Update on VeriFone Systems Inc(NYSE:PAY)

VeriFone Systems Inc(NYSE:PAY) announced the earnings results for Fiscal Year 2016 and Q2. The results came in during After-hours on Jun 7, 2016. Company reported revenue of $532.40M. Analysts estimated a revenue of $530.10M. Earnings per share were $0.47. Analysts had estimated an EPS of $0.52.

In a different note, Compass Point said it Initiates Coverage on VeriFone Systems Inc, according to a research note issued on Apr 15, 2016. The shares have been rated ‘Buy’ by the firm. On Mar 21, 2016, Credit Suisse said it Maintains its rating on VeriFone Systems Inc. In the research note, the firm Raises the price-target to $29.00 per share. The shares have been rated ‘Neutral’ by the firm. On Mar 11, 2016, Pacific Crest said it Maintains its rating on VeriFone Systems Inc. In the research note, the firm Lowers the price-target to $39.00 per share. The shares have been rated ‘Overweight’ by the firm.

VeriFone Systems Inc (PAY) shares turned negative on Fridays trading session with the shares closing down -1.32 points or -6.29% at a volume of 90,89,527. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $20.79. The peak price level was also seen at $20.79 while the days lowest was $19.56. Finally the shares closed at $19.66. The 52-week high of the shares is $37.06 while the 52-week low is $19.56. According to the latest information available, the market cap of the company is $2,173 M.

Several Insider Transactions has been reported to the SEC. On Dec 30, 2015, Alok Bhanot (EVP, Engineering & CTO) sold 994 shares at $28.74 per share price.Also, 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.

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