Square Inc. (SQ) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Square Inc. (NYSE:SQ) from a hold rating to a buy rating in a report issued on Thursday. Zacks Investment Research currently has $13.00 price objective on the stock.
According to Zacks, “Square, Inc. offers financial services and marketing services. The Company provides payments and point-of-sale which include hardware and software to accept payments, streamline operations and analyze business information. Its payments and POS services include In-Person Payments, Online Payments, Square Cash, Square Register, Square Analytics, Square Appointments and Square App Marketplace. The Company’s financial services include Square Capital and Square Payroll. Square, Inc. is headquartered in San Francisco, California. “
A number of other brokerages have also recently commented on SQ. Wedbush cut their price target on shares of Square from $10.00 to $8.00 and set a neutral rating on the stock in a research report on Thursday, August 4th. Vetr cut shares of Square from a buy rating to a hold rating and set a $9.34 price objective on the stock. in a research report on Monday, July 18th. Mizuho reissued a buy rating and set a $16.00 price objective on shares of Square in a research report on Thursday, August 4th. BTIG Research reissued a buy rating and set a $12.00 price objective on shares of Square in a research report on Monday, June 20th. Finally, Evercore ISI increased their price objective on shares of Square from $7.00 to $8.00 and gave the stock a hold rating in a research report on Thursday, August 4th. Fourteen research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $12.76.
Square (NYSE:SQ) traded down 1.82% during trading on Thursday, reaching $11.31. The company had a trading volume of 881,357 shares. The company has a 50-day moving average price of $11.76 and a 200 day moving average price of $11.28. Square has a one year low of $8.06 and a one year high of $15.91. The company’s market capitalization is $3.87 billion.
Square (NYSE:SQ) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.08) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.11) by $0.03. The business had revenue of $439 million for the quarter, compared to analysts’ expectations of $406.93 million. Square had a negative net margin of 14.85% and a negative return on equity of 37.14%. The company’s revenue for the quarter was up 54.1% compared to the same quarter last year. Analysts expect that Square will post ($0.60) earnings per share for the current year.
In other Square news, Director Lawrence Henry Summers sold 23,125 shares of the business’s stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $12.50, for a total value of $289,062.50. Following the transaction, the director now owns 50,507 shares in the company, valued at $631,337.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sarah Friar sold 2,690 shares of the business’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $9.77, for a total transaction of $26,281.30. Following the completion of the transaction, the chief financial officer now owns 114,402 shares in the company, valued at approximately $1,117,707.54. The disclosure for this sale can be found here. 42.60% of the stock is currently owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. Schwab Charles Investment Management Inc. boosted its position in Square by 3.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 45,636 shares of the company’s stock worth $414,000 after buying an additional 1,512 shares during the last quarter. BlackRock Investment Management LLC boosted its position in Square by 1.0% in the second quarter. BlackRock Investment Management LLC now owns 211,570 shares of the company’s stock worth $1,915,000 after buying an additional 2,025 shares during the last quarter. Commonwealth Equity Services Inc boosted its position in Square by 30.9% in the second quarter. Commonwealth Equity Services Inc now owns 15,789 shares of the company’s stock worth $143,000 after buying an additional 3,725 shares during the last quarter. Creative Planning boosted its position in Square by 76.2% in the second quarter. Creative Planning now owns 14,719 shares of the company’s stock worth $133,000 after buying an additional 6,365 shares during the last quarter. Finally, BlackRock Inc. boosted its position in Square by 28.0% in the first quarter. BlackRock Inc. now owns 42,526 shares of the company’s stock worth $649,000 after buying an additional 9,309 shares during the last quarter. Hedge funds and other institutional investors own 16.89% of the company’s stock.
Square Company Profile
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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