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VeriFone Systems Inc (NYSE:PAY) Target Price Raised, Ratings Improved

Posted in Technology1 year ago • Written by Jenny LambNo Comments

Dallas, Texas, 03/13/2014 (ustrademedia) –  The target price of VeriFone Systems Inc. (NYSE:PAY) was raised by analysts from $28.00 to $34.00 in the research notes recently released. But the Analysts at Wedbush raised the price target for the stock from $35.00 to $40.00 The various stock analysts have also upgraded the overall ranking of VeriFone Systems Inc. (NYSE:PAY). The analysts at Barclays have given a rating of ‘Equal Weight’ for the stock while the analysts at Wedbush gave the ranking of ‘positive’ for VeriFone Systems Inc. (NYSE:PAY). The average ranking of the stock is now at ‘Hold’ rating while the average target price is around $31.00.

Quarterly results of VeriFone Systems Inc. (NYSE:PAY)beat Analysts’ estimates

The quarterly results of VeriFone Systems Inc. (NYSE:PAY) was announced on March 11th. This secure electronic payment solutions company has posted earnings per share of $0.31 for the quarter, which is $0.04 higher than theestimates from the analysts Thomson Reuters. The total revenue for the quarter stood at $436 million, which again is higher than the estimated $429.60.With this result, analysts hope that VeriFone Systems Inc. (NYSE:PAY)would post$1.39 Earnings per Share for the current fiscal year. The year on year quarterly revenue of the company had increased by almost 1.6%.

Share prices trade up for VeriFone Systems Inc. (NYSE:PAY)

The share prices of VeriFone Systems Inc. (NYSE:PAY) rallied up by 11% during the trading on Monday and reached a price $32.49. The volume reached around 7,411,245 shares in this trading session. This rally was triggered by the higher than expected earnings report from the company. The current market cap of the company is at $3.584 billion. The 50-day moving average of VeriFone Systems Inc. (NYSE:PAY)is around $28.93 while the 200-day moving average is around $25.14. The overall outlook of this point of sales provider seems to be promising.

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