Square Inc. (SQ) Downgraded to “Buy” at Vetr Inc.
Vetr downgraded shares of Square Inc. (NYSE:SQ) from a strong-buy rating to a buy rating in a research note published on Monday morning. They currently have $12.28 price objective on the stock.
SQ has been the topic of a number of other reports. Jefferies Group reaffirmed a buy rating and set a $15.00 target price on shares of Square in a research report on Wednesday, September 28th. Stifel Nicolaus raised Square from a hold rating to a buy rating and upped their price target for the company from $8.06 to $15.00 in a research report on Monday, August 22nd. BTIG Research lowered Square from a buy rating to a neutral rating and dropped their price target for the company from $15.91 to $12.00 in a research report on Monday, August 29th. Craig Hallum initiated coverage on Square in a research report on Wednesday, June 15th. They set a hold rating and a $7.50 price target on the stock. Finally, Evercore ISI initiated coverage on Square in a research report on Tuesday, June 21st. They set a hold rating and a $7.00 price target on the stock. Fifteen investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $12.76.
Square (NYSE:SQ) opened at 11.67 on Monday. Square has a 1-year low of $8.06 and a 1-year high of $15.91. The stock has a 50 day moving average price of $11.75 and a 200 day moving average price of $11.27. The firm’s market capitalization is $3.99 billion.
Square (NYSE:SQ) last announced its earnings results on Wednesday, August 3rd. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.03. The company had revenue of $439 million for the quarter, compared to analyst estimates of $406.93 million. Square had a negative return on equity of 37.14% and a negative net margin of 14.85%. Square’s revenue for the quarter was up 54.1% compared to the same quarter last year. Analysts predict that Square will post ($0.60) EPS for the current year.
In other Square news, insider Francoise Brougher sold 57,692 shares of the company’s stock in a transaction that occurred on Wednesday, September 28th. The stock was sold at an average price of $12.00, for a total value of $692,304.00. Following the completion of the transaction, the insider now owns 164,977 shares of the company’s stock, valued at approximately $1,979,724. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Sarah Friar sold 2,690 shares of the company’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $9.77, for a total value of $26,281.30. Following the completion of the transaction, the chief financial officer now directly owns 114,402 shares of the company’s stock, valued at approximately $1,117,707.54. The disclosure for this sale can be found here. 42.60% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of SQ. State Treasurer State of Michigan purchased a new position in Square during the second quarter valued at approximately $102,710,000. Vanguard Group Inc. boosted its position in Square by 72.6% in the second quarter. Vanguard Group Inc. now owns 2,606,190 shares of the company’s stock valued at $23,586,000 after buying an additional 1,095,830 shares during the period. Loomis Sayles & Co. L P purchased a new position in Square during the first quarter valued at approximately $20,557,000. FMR LLC boosted its position in Square by 8.7% in the second quarter. FMR LLC now owns 1,190,800 shares of the company’s stock valued at $10,777,000 after buying an additional 95,600 shares during the period. Finally, Rizvi Traverse Management LLC boosted its position in Square by 2,286.1% in the second quarter. Rizvi Traverse Management LLC now owns 1,048,620 shares of the company’s stock valued at $9,490,000 after buying an additional 1,004,673 shares during the period. 16.89% of the stock is owned by hedge funds and other institutional investors.
Square, Inc enables payment processing, and also offers financial and marketing services. The Company provides sellers various tools to start, run, manage and grow their businesses. It serves sellers of all sizes, ranging from a single vendor at a farmers’ market to multinational businesses. It serves as a payment service provider, acting as the touch point for the seller to the rest of the payment chain.
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