State Treasurer State of Michigan cut its stake in Square, Inc. (NYSE:SQ) by 66.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 500,000 shares of the technology company’s stock after selling 970,500 shares during the period. State Treasurer State of Michigan owned approximately 0.12% of Square worth $49,505,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. American Century Companies Inc. grew its position in shares of Square by 2,070.5% in the 2nd quarter. American Century Companies Inc. now owns 827,790 shares of the technology company’s stock valued at $51,025,000 after buying an additional 789,651 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Square by 85.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,450,154 shares of the technology company’s stock valued at $143,579,000 after buying an additional 668,394 shares during the last quarter. Korea Investment CORP bought a new stake in shares of Square in the 2nd quarter valued at about $36,435,000. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Square by 8.1% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,700,722 shares of the technology company’s stock valued at $289,753,000 after buying an additional 353,037 shares during the last quarter. Finally, Scout Investments Inc. bought a new stake in shares of Square in the 3rd quarter valued at about $34,577,000. 51.16% of the stock is owned by hedge funds and other institutional investors.
In other Square news, CEO Jack Dorsey sold 103,035 shares of the stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $76.02, for a total transaction of $7,832,720.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Morgan Jr. Mckelvey sold 400,000 shares of the firm’s stock in a transaction on Tuesday, September 18th. The stock was sold at an average price of $88.04, for a total value of $35,216,000.00. Following the completion of the transaction, the director now directly owns 472,175 shares of the company’s stock, valued at $41,570,287. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,225,650 shares of company stock valued at $182,074,855. 27.99% of the stock is owned by corporate insiders.
Square (NYSE:SQ) last announced its quarterly earnings data on Wednesday, November 7th. The technology company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. Square had a negative return on equity of 1.11% and a negative net margin of 0.87%. The business had revenue of $431.00 million during the quarter, compared to analyst estimates of $414.19 million. During the same period in the prior year, the company earned $0.07 earnings per share. Square’s revenue was up 67.7% compared to the same quarter last year. On average, equities analysts expect that Square, Inc. will post -0.02 EPS for the current fiscal year.
A number of equities research analysts have commented on SQ shares. ValuEngine upgraded Square from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, October 2nd. Deutsche Bank upped their target price on Square from $57.00 to $78.00 and gave the company a “buy” rating in a research report on Tuesday, July 24th. Stifel Nicolaus upped their target price on Square from $66.00 to $72.00 and gave the company a “buy” rating in a research report on Tuesday, July 31st. Needham & Company LLC upped their target price on Square from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, November 8th. Finally, Goldman Sachs Group upped their price target on Square from $77.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, October 8th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $81.17.
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Square Company Profile
Square, Inc provides payment and point-of-sale solutions in the United States and internationally. The company's commerce ecosystem includes point-of-sale software and hardware that enables sellers to turn mobile and computing devices into payment and point-of-sale solutions. It offers hardware products, including Magstripe reader, which enables swiped transactions of magnetic stripe cards; Contactless and chip reader that accepts EMV® chip cards and Near Field Communication payments; Chip card reader, which accepts EMV® chip cards and enables swiped transactions of magnetic stripe cards; Square Stand, which enables an iPad to be used as a payment terminal or full point of sale solution; and Square Register that combines its hardware, point-of-sale software, and payments technology, as well as managed payments solutions.
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