Square, Inc. (SQ) Research Coverage Started at Bank of America Corporation
Analysts at Bank of America Corporation assumed coverage on shares of Square, Inc. (NYSE:SQ) in a research note issued on Tuesday. The firm set a “neutral” rating on the technology company’s stock.
A number of other research analysts have also issued reports on SQ. BTIG Research restated a “neutral” rating and set a $20.00 price objective (down previously from $21.00) on shares of Square in a research report on Monday, May 15th. Deutsche Bank AG boosted their price objective on Square from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, May 15th. Stephens boosted their price objective on Square from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Monday, May 15th. Royal Bank Of Canada restated a “buy” rating and set a $24.00 price objective on shares of Square in a research report on Wednesday, May 17th. Finally, Stifel Nicolaus restated a “buy” rating and set a $23.00 price objective (up previously from $21.00) on shares of Square in a research report on Wednesday, May 17th. Twelve investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Square currently has a consensus rating of “Buy” and an average price target of $24.64.
Shares of Square (NYSE SQ) opened at 27.57 on Tuesday. The stock has a 50 day moving average price of $25.70 and a 200 day moving average price of $21.56. Square has a 12-month low of $10.88 and a 12-month high of $27.97. The firm’s market capitalization is $10.58 billion.
Square (NYSE:SQ) last released its quarterly earnings data on Wednesday, August 2nd. The technology company reported ($0.04) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 business had revenue of $240 million during the quarter, compared to analyst estimates of $228.64 million. During the same quarter in the previous year, the firm posted ($0.08) EPS. The business’s revenue for the quarter was up 40.4% compared to the same quarter last year. Equities analysts anticipate that Square will post $0.24 earnings per share for the current fiscal year.
In other news, CFO Sarah Friar sold 38,400 shares of the business’s stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $24.22, for a total transaction of $930,048.00. Following the sale, the chief financial officer now directly owns 375,023 shares of the company’s stock, valued at $9,083,057.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Morgan Jr. Mckelvey sold 400,000 shares of the business’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $25.02, for a total value of $10,008,000.00. Following the sale, the director now directly owns 507,385 shares in the company, valued at $12,694,772.70. The disclosure for this sale can be found here. Insiders have sold 553,600 shares of company stock worth $13,928,064 over the last ninety days. 32.68% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the company. Pacer Advisors Inc. raised its position in shares of Square by 22.7% during the first quarter. Pacer Advisors Inc. now owns 5,883 shares of the technology company’s stock worth $102,000 after purchasing an additional 1,090 shares during the period. Glassman Wealth Services raised its position in shares of Square by 1,987.3% during the first quarter. Glassman Wealth Services now owns 6,575 shares of the technology company’s stock worth $114,000 after purchasing an additional 6,260 shares during the period. Almanack Investment Partners LLC. acquired a new stake in shares of Square during the second quarter worth $117,000. Concert Wealth Management Inc. acquired a new stake in shares of Square during the first quarter worth $144,000. Finally, Riverhead Capital Management LLC acquired a new stake in shares of Square during the second quarter worth $149,000. 82.02% of the stock is currently owned by institutional investors.
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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