Tocqueville Asset Management L.P. Decreases Stake in Square, Inc. (SQ)
Tocqueville Asset Management L.P. reduced its stake in Square, Inc. (NYSE:SQ) by 2.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 149,000 shares of the technology company’s stock after selling 4,500 shares during the period. Tocqueville Asset Management L.P.’s holdings in Square were worth $3,496,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in SQ. Bank of New York Mellon Corp raised its position in shares of Square by 72.1% in the first quarter. Bank of New York Mellon Corp now owns 14,480,815 shares of the technology company’s stock valued at $250,229,000 after buying an additional 6,065,730 shares during the period. FMR LLC raised its position in shares of Square by 24.4% in the first quarter. FMR LLC now owns 11,124,126 shares of the technology company’s stock valued at $192,225,000 after buying an additional 2,183,127 shares during the period. Vanguard Group Inc. raised its position in shares of Square by 2.3% in the first quarter. Vanguard Group Inc. now owns 10,975,970 shares of the technology company’s stock valued at $189,665,000 after buying an additional 241,563 shares during the period. Renaissance Technologies LLC raised its position in shares of Square by 641.8% in the first quarter. Renaissance Technologies LLC now owns 8,578,500 shares of the technology company’s stock valued at $148,236,000 after buying an additional 7,422,000 shares during the period. Finally, BlackRock Inc. raised its position in shares of Square by 7,162.2% in the first quarter. BlackRock Inc. now owns 5,383,325 shares of the technology company’s stock valued at $93,023,000 after buying an additional 5,309,197 shares during the period. Institutional investors own 68.74% of the company’s stock.
Square, Inc. (NYSE:SQ) opened at 25.66 on Friday. The company has a 50-day moving average of $25.62 and a 200-day moving average of $20.75. The company’s market capitalization is $9.85 billion. Square, Inc. has a 1-year low of $10.88 and a 1-year high of $27.97.
Square (NYSE:SQ) last issued its quarterly earnings results on Wednesday, August 2nd. The technology company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $240 million during the quarter, compared to the consensus estimate of $228.64 million. During the same quarter in the previous year, the firm earned ($0.08) earnings per share. The firm’s quarterly revenue was up 40.4% on a year-over-year basis. Equities analysts expect that Square, Inc. will post $0.24 EPS for the current fiscal year.
Several research firms have issued reports on SQ. Credit Suisse Group lowered shares of Square from an “outperform” rating to a “neutral” rating and upped their price target for the company from $20.00 to $25.00 in a research report on Friday, June 16th. Needham & Company LLC restated a “buy” rating and set a $23.00 price target (up from $20.00) on shares of Square in a research report on Thursday, May 4th. KeyCorp restated an “overweight” rating on shares of Square in a research report on Tuesday, July 18th. Barclays PLC restated an “overweight” rating and set a $28.00 price target (up from $21.00) on shares of Square in a research report on Wednesday, August 9th. Finally, Canaccord Genuity restated a “hold” rating and set a $26.00 price target (up from $18.00) on shares of Square in a research report on Wednesday, August 9th. Eleven investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $24.61.
In related news, CEO Jack Dorsey sold 309,000 shares of Square stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $22.70, for a total value of $7,014,300.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James Morgan Jr. Mckelvey sold 400,000 shares of Square stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $25.02, for a total transaction of $10,008,000.00. Following the completion of the transaction, the director now owns 507,385 shares of the company’s stock, valued at approximately $12,694,772.70. The disclosure for this sale can be found here. Insiders sold 895,000 shares of company stock valued at $21,572,124 in the last quarter. 32.68% of the stock is owned by insiders.
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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