Square’s (SQ) “Buy” Rating Reiterated at Royal Bank Of Canada
Royal Bank Of Canada reiterated their buy rating on shares of Square, Inc. (NYSE:SQ) in a research report sent to investors on Sunday morning. The brokerage currently has a $31.00 target price on the technology company’s stock.
Several other research firms have also commented on SQ. Zacks Investment Research raised shares of Square from a hold rating to a buy rating and set a $32.00 price target on the stock in a research report on Tuesday, October 3rd. Credit Suisse Group lowered shares of Square from an outperform rating to a neutral rating and lifted their price target for the company from $20.00 to $25.00 in a research report on Friday, June 16th. KeyCorp reaffirmed an overweight rating on shares of Square in a research report on Tuesday, July 18th. Barclays PLC reaffirmed an overweight rating and set a $28.00 price target (up previously from $21.00) on shares of Square in a research report on Wednesday, August 9th. Finally, Canaccord Genuity reaffirmed a hold rating and set a $26.00 price target (up previously from $18.00) on shares of Square in a research report on Wednesday, August 9th. Twelve analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. The company has an average rating of Buy and an average price target of $25.48.
Square (SQ) opened at 31.32 on Friday. The company’s market cap is $12.02 billion. Square has a 1-year low of $10.88 and a 1-year high of $31.52. The stock’s 50 day moving average price is $27.72 and its 200-day moving average price is $23.56.
Square (NYSE:SQ) last released its quarterly earnings results on Wednesday, August 2nd. The technology company reported ($0.04) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. The firm had revenue of $240.00 million for the quarter, compared to analyst estimates of $228.64 million. Square had a negative net margin of 4.13% and a negative return on equity of 12.41%. The business’s revenue for the quarter was up 40.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.08) EPS. On average, analysts forecast that Square will post $0.24 earnings per share for the current year.
In other news, CFO Sarah Friar sold 19,200 shares of Square stock in a transaction on Monday, July 17th. The shares were 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 approximately $9,680,763.75. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James Morgan Jr. Mckelvey sold 400,000 shares of Square stock in a transaction 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 sale, the director now directly owns 507,385 shares of the company’s stock, valued at $12,694,772.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 972,800 shares of company stock valued at $25,520,512. Corporate insiders own 32.68% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Makena Capital Management LLC purchased a new stake in shares of Square during the 2nd quarter worth $4,561,000. Royce & Associates LP lifted its position in shares of Square by 55.6% during the 2nd quarter. Royce & Associates LP now owns 235,000 shares of the technology company’s stock worth $5,513,000 after purchasing an additional 84,000 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd lifted its position in shares of Square by 2.9% during the 2nd quarter. Clal Insurance Enterprises Holdings Ltd now owns 3,190,200 shares of the technology company’s stock worth $74,842,000 after purchasing an additional 90,200 shares during the last quarter. National Asset Management Inc. purchased a new stake in shares of Square during the 1st quarter worth $177,000. Finally, Allen Operations LLC lifted its position in shares of Square by 7.2% during the 2nd quarter. Allen Operations LLC now owns 210,825 shares of the technology company’s stock worth $4,946,000 after purchasing an additional 14,228 shares during the last quarter. 53.83% of the stock is owned by institutional investors and hedge funds.
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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