ARK Investment Management LLC Boosts Position in Square, Inc. (SQ)
ARK Investment Management LLC lifted its position in shares of Square, Inc. (NYSE:SQ) by 18.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 288,524 shares of the technology company’s stock after acquiring an additional 44,524 shares during the period. Square comprises approximately 1.3% of ARK Investment Management LLC’s holdings, making the stock its 29th largest holding. ARK Investment Management LLC owned about 0.08% of Square worth $6,769,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of SQ. FMR LLC increased its position in Square by 114.7% in the second quarter. FMR LLC now owns 23,888,617 shares of the technology company’s stock worth $560,427,000 after buying an additional 12,764,491 shares during the period. Vanguard Group Inc. increased its position in Square by 73.4% in the second quarter. Vanguard Group Inc. now owns 19,034,862 shares of the technology company’s stock worth $446,558,000 after buying an additional 8,058,892 shares during the period. Renaissance Technologies LLC increased its position in Square by 641.8% in the first quarter. Renaissance Technologies LLC now owns 8,578,500 shares of the technology company’s stock worth $148,236,000 after buying an additional 7,422,000 shares during the period. BlackRock Inc. increased its position in Square by 23.0% in the second quarter. BlackRock Inc. now owns 6,618,987 shares of the technology company’s stock worth $155,282,000 after buying an additional 1,235,662 shares during the period. Finally, Sumitomo Mitsui Asset Management Company LTD increased its position in Square by 39.3% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 3,699,540 shares of the technology company’s stock worth $86,791,000 after buying an additional 1,044,120 shares during the period. 82.00% of the stock is currently owned by institutional investors and hedge funds.
In related news, CFO Sarah Friar sold 19,200 shares of Square stock in a transaction on Monday, July 17th. The stock was sold at an average price of $26.25, for a total transaction of $504,000.00. Following the completion of the sale, the chief financial officer now directly owns 368,791 shares of the company’s stock, valued at $9,680,763.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director James Morgan Jr. Mckelvey sold 400,000 shares of Square stock in a transaction on Monday, September 11th. The stock was sold at an average price of $27.22, for a total value of $10,888,000.00. Following the sale, the director now directly owns 507,385 shares of the company’s stock, valued at $13,811,019.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 915,200 shares of company stock valued at $23,886,016. 32.68% of the stock is owned by insiders.
Several brokerages have weighed in on SQ. Zacks Investment Research raised Square from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a research report on Tuesday, August 1st. Mizuho began coverage on Square in a research report on Wednesday, June 28th. They issued a “buy” rating and a $28.00 target price on the stock. Jefferies Group LLC reaffirmed a “buy” rating and issued a $28.00 target price on shares of Square in a research report on Thursday, July 6th. Vetr lowered Square from a “strong-buy” rating to a “buy” rating and set a $30.12 target price on the stock. in a research report on Tuesday, September 12th. Finally, Credit Suisse Group increased their target price on Square from $25.00 to $26.00 and gave the stock a “neutral” rating in a research report on Thursday, August 3rd. Twelve research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $24.87.
Square, Inc. (SQ) traded up 0.60% during trading on Friday, hitting $28.57. The company had a trading volume of 1,643,214 shares. The firm has a 50-day moving average of $26.00 and a 200 day moving average of $22.21. Square, Inc. has a 12-month low of $10.88 and a 12-month high of $29.00. The company’s market capitalization is $10.96 billion.
Square (NYSE:SQ) last announced its quarterly earnings data on Wednesday, August 2nd. The technology company reported ($0.04) EPS for the quarter, topping 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 business had revenue of $240.00 million during the quarter, compared to analysts’ expectations of $228.64 million. During the same period in the previous year, the firm earned ($0.08) earnings per share. The firm’s quarterly revenue was up 40.4% compared to the same quarter last year. On average, equities research analysts forecast that Square, Inc. will post $0.24 earnings per share for the current year.
TRADEMARK VIOLATION WARNING: “ARK Investment Management LLC Boosts Position in Square, Inc. (SQ)” was first published by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this piece on another site, it was illegally copied and reposted in violation of United States and international trademark and copyright legislation. The original version of this piece can be viewed at https://www.thecerbatgem.com/2017/09/22/ark-investment-management-llc-boosts-position-in-square-inc-sq.html.
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.
Receive News & Stock Ratings for Square Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Square Inc. and related stocks with our FREE daily email newsletter.