Square, Inc. (SQ) Stock Rating Reaffirmed by Stifel Nicolaus
Stifel Nicolaus reaffirmed their buy rating on shares of Square, Inc. (NYSE:SQ) in a report released on Wednesday. Stifel Nicolaus currently has a $29.00 target price on the technology company’s stock, up from their previous target price of $27.00.
A number of other research firms have also issued reports on SQ. Credit Suisse Group lowered Square from an outperform rating to a neutral rating and upped their target price for the company from $20.00 to $25.00 in a research note on Friday, June 16th. Needham & Company LLC reaffirmed a buy rating and issued a $23.00 target price (up previously from $20.00) on shares of Square in a research note on Thursday, May 4th. Royal Bank Of Canada reduced their target price on Square to $18.00 and set a buy rating on the stock in a research note on Monday, April 24th. KeyCorp reaffirmed an overweight rating on shares of Square in a research note on Tuesday, July 18th. Finally, Canaccord Genuity upped their target price on Square from $18.00 to $26.00 and gave the company a hold rating in a research note on Thursday, August 3rd. Eleven analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Square presently has a consensus rating of Buy and an average target price of $24.61.
Square (NYSE:SQ) opened at 24.82 on Wednesday. The stock’s market cap is $9.52 billion. Square has a 12 month low of $10.88 and a 12 month high of $27.97. The company’s 50-day moving average price is $25.32 and its 200-day moving average price is $20.07.
Square (NYSE:SQ) last posted its earnings results on Wednesday, August 2nd. The technology company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Square had a negative return on equity of 12.41% and a negative net margin of 4.13%. The firm had revenue of $240 million for the quarter, compared to analyst estimates of $228.64 million. During the same quarter in the prior year, the company earned ($0.08) EPS. Square’s revenue was up 40.4% on a year-over-year basis. Equities analysts forecast that Square will post $0.24 earnings per share for the current year.
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In related news, CFO Sarah Friar sold 19,200 shares of the stock in a transaction on Monday, July 17th. The stock was sold at an average price of $26.25, for a total value of $504,000.00. Following the completion of the sale, the chief financial officer now directly owns 368,791 shares in the company, valued at approximately $9,680,763.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Jack Dorsey sold 381,500 shares of the stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $20.42, for a total value of $7,790,230.00. The disclosure for this sale can be found here. Insiders sold a total of 914,900 shares of company stock worth $20,202,610 over the last ninety days. Corporate insiders own 32.68% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Virtu KCG Holdings LLC bought a new stake in shares of Square during the second quarter valued at about $2,352,000. Renaissance Technologies LLC increased its stake in shares of Square by 5.8% in the second quarter. Renaissance Technologies LLC now owns 9,076,600 shares of the technology company’s stock valued at $212,937,000 after buying an additional 498,100 shares in the last quarter. Parametric Portfolio Associates LLC increased its stake in shares of Square by 10.7% in the second quarter. Parametric Portfolio Associates LLC now owns 229,309 shares of the technology company’s stock valued at $5,380,000 after buying an additional 22,100 shares in the last quarter. Bluestein R H & Co. increased its stake in shares of Square by 1,065.3% in the second quarter. Bluestein R H & Co. now owns 275,000 shares of the technology company’s stock valued at $6,452,000 after buying an additional 251,400 shares in the last quarter. Finally, ARK Investment Management LLC increased its stake in shares of Square by 18.2% in the second quarter. ARK Investment Management LLC now owns 288,524 shares of the technology company’s stock valued at $6,769,000 after buying an additional 44,524 shares in the last quarter. Hedge funds and other institutional investors own 76.25% of the company’s stock.
Square Company Profile
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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