Square, Inc. (NYSE:SQ)‘s stock had its “buy” rating reissued by analysts at Royal Bank Of Canada in a research note issued on Sunday, October 8th. They currently have a $31.00 target price on the technology company’s stock. Royal Bank Of Canada’s price target points to a potential downside of 4.62% from the stock’s current price.
Several other research firms have also recently weighed in on SQ. Zacks Investment Research cut shares of Square from a “buy” rating to a “hold” rating in a research report on Wednesday, October 4th. Vetr cut shares of Square from a “buy” rating to a “hold” rating and set a $31.08 price objective for the company. in a research report on Wednesday, October 4th. KeyCorp upped their price objective on shares of Square from $29.00 to $32.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 3rd. Tigress Financial reaffirmed a “buy” rating on shares of Square in a research report on Monday, September 25th. Finally, Bank of America Corporation assumed coverage on shares of Square in a research report on Tuesday, September 12th. They set a “neutral” rating for the company. Eleven analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $26.57.
Shares of Square (NYSE:SQ) opened at 32.50 on Friday. Square has a 12 month low of $10.88 and a 12 month high of $33.22. The stock’s market capitalization is $12.47 billion. The company’s 50-day moving average is $29.35 and its 200-day moving average is $24.34.
Square (NYSE:SQ) last released its quarterly earnings results on Wednesday, August 2nd. The technology company reported ($0.04) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. Square had a negative net margin of 4.13% and a negative return on equity of 12.41%. The business had revenue of $240.00 million for the quarter, compared to the consensus estimate of $228.64 million. During the same period in the prior year, the company posted ($0.08) earnings per share. Square’s revenue was up 40.4% compared to the same quarter last year. Equities research analysts expect that Square will post $0.24 earnings per share for the current fiscal year.
In other Square news, Director James Morgan Jr. Mckelvey sold 400,000 shares of the stock in a transaction that occurred on Tuesday, October 17th. The shares were sold at an average price of $32.72, for a total transaction of $13,088,000.00. Following the completion of the sale, the director now owns 507,732 shares of the company’s stock, valued at approximately $16,612,991.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sarah Friar sold 19,200 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $25.54, for a total transaction of $490,368.00. Following the sale, the chief financial officer now directly owns 366,103 shares of the company’s stock, valued at approximately $9,350,270.62. The disclosure for this sale can be found here. Insiders have sold a total of 1,353,600 shares of company stock valued at $38,351,040 in the last three months. Insiders own 32.68% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Almanack Investment Partners LLC. acquired a new stake in shares of Square during the 2nd quarter worth approximately $117,000. Pacer Advisors Inc. grew its position in shares of Square by 22.7% during the 1st quarter. Pacer Advisors Inc. now owns 5,883 shares of the technology company’s stock worth $102,000 after buying an additional 1,090 shares during the period. Riverhead Capital Management LLC acquired a new stake in shares of Square during the 2nd quarter worth approximately $149,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Square by 19.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,752 shares of the technology company’s stock worth $158,000 after buying an additional 1,099 shares during the period. Finally, CENTRAL TRUST Co grew its position in shares of Square by 683.7% during the 2nd quarter. CENTRAL TRUST Co now owns 8,613 shares of the technology company’s stock worth $203,000 after buying an additional 7,514 shares during the period. 53.97% of the stock is owned by institutional investors.
Square, Inc (Square) is a commerce ecosystem. The Company enables its sellers start, run and grow their businesses. It combines software with hardware to enable sellers to turn mobile devices and computing devices into payments and point-of-sale solutions. Once a seller downloads the Square Point of Sale mobile application, they can take their first payment.
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