Square Inc. (SQ) Lifted to Overweight at Pacific Crest
Pacific Crest upgraded shares of Square Inc. (NYSE:SQ) from a sector weight rating to an overweight rating in a research report sent to investors on Monday. The brokerage currently has $15.00 price objective on the stock.
Several other analysts have also issued reports on SQ. Wedbush cut their price target on Square from $10.00 to $8.00 and set a neutral rating for the company in a report on Thursday, August 4th. Mizuho reissued a buy rating and set a $16.00 price target on shares of Square in a report on Wednesday, November 2nd. Vetr downgraded 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. Credit Suisse Group AG started coverage on Square in a research report on Wednesday, October 19th. They issued a neutral rating and a $12.00 price objective on the stock. They noted that the move was a valuation call. Finally, Evercore ISI boosted their price objective on Square from $7.00 to $8.00 and gave the company a hold rating in a research report on Thursday, August 4th. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $13.01.
Shares of Square (NYSE:SQ) opened at 12.03 on Monday. The company’s 50-day moving average price is $11.56 and its 200-day moving average price is $10.71. Square has a 1-year low of $8.06 and a 1-year high of $15.91. The company’s market capitalization is $4.24 billion.
Square (NYSE:SQ) last posted its earnings results on Tuesday, November 1st. The company reported ($0.09) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.11) by $0.02. The business earned $439 million during the quarter, compared to analyst estimates of $374.36 million. Square had a negative return on equity of 31.99% and a negative net margin of 12.55%. The company’s revenue was up 50.9% on a year-over-year basis. On average, equities analysts expect that Square will post ($0.55) earnings per share for the current fiscal year.
In other Square news, insider Dana Wagner sold 50,000 shares of the stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $12.27, for a total transaction of $613,500.00. Following the sale, the insider now owns 321,315 shares of the company’s stock, valued at approximately $3,942,535.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Sarah Friar sold 2,704 shares of the stock in a transaction on Wednesday, October 26th. The shares were sold at an average price of $11.05, for a total value of $29,879.20. Following the sale, the chief financial officer now directly owns 111,698 shares in the company, valued at approximately $1,234,262.90. The disclosure for this sale can be found here. 42.60% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the stock. Jane Street Group LLC raised its stake in shares of Square by 128.9% in the third quarter. Jane Street Group LLC now owns 75,864 shares of the company’s stock valued at $885,000 after buying an additional 42,723 shares in the last quarter. Blackstone Group L.P. acquired a new stake in shares of Square during the third quarter valued at approximately $14,943,000. Capital World Investors raised its stake in shares of Square by 131.4% in the third quarter. Capital World Investors now owns 10,813,575 shares of the company’s stock valued at $126,086,000 after buying an additional 6,140,745 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Square during the third quarter valued at approximately $112,000. Finally, Analytic Investors LLC raised its stake in shares of Square by 103.7% in the third quarter. Analytic Investors LLC now owns 1,471,434 shares of the company’s stock valued at $17,157,000 after buying an additional 749,102 shares in the last quarter. 20.66% of the stock is currently owned by institutional investors and hedge funds.
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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