Square (SQ) Shares Gap Down Following Insider Selling
Square, Inc. (NYSE:SQ) shares gapped down prior to trading on Monday following insider selling activity. The stock had previously closed at $73.44, but opened at $73.27. Square shares last traded at $68.70, with a volume of 909841 shares.
Specifically, CEO Jack Dorsey sold 103,035 shares of the firm’s stock in a transaction that occurred on Wednesday, November 7th. The stock was sold at an average price of $79.61, for a total transaction of $8,202,616.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sivan Whiteley sold 5,224 shares of the firm’s stock in a transaction that occurred on Tuesday, October 2nd. The shares were sold at an average price of $99.41, for a total value of $519,317.84. Following the transaction, the insider now directly owns 490,344 shares of the company’s stock, valued at approximately $48,745,097.04. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,122,615 shares of company stock valued at $174,706,822. 27.99% of the stock is currently owned by company insiders.
A number of research firms recently weighed in on SQ. Mizuho raised their price objective on Square from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, November 8th. Wells Fargo & Co raised their price objective on Square from $60.00 to $80.00 and gave the company a “market perform” rating in a research report on Thursday, November 8th. Susquehanna Bancshares reaffirmed a “neutral” rating on shares of Square in a research report on Thursday, November 8th. They noted that the move was a valuation call. Needham & Company LLC raised their price objective on Square from $65.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, August 2nd. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $95.00 price objective (up previously from $90.00) on shares of Square in a research report on Thursday, November 8th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $79.76.
Square (NYSE:SQ) last issued its quarterly earnings data on Wednesday, November 7th. The technology company reported $0.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.02. Square had a negative return on equity of 1.11% and a negative net margin of 0.87%. The company had revenue of $431.00 million during the quarter, compared to analyst estimates of $414.19 million. During the same quarter in the previous year, the company posted $0.07 earnings per share. Square’s revenue was up 67.7% compared to the same quarter last year. Equities analysts anticipate that Square, Inc. will post -0.03 earnings per share for the current year.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Invictus RG bought a new stake in shares of Square in the third quarter worth $1,415,000. First Republic Investment Management Inc. grew its holdings in shares of Square by 22.3% in the third quarter. First Republic Investment Management Inc. now owns 99,453 shares of the technology company’s stock worth $9,847,000 after acquiring an additional 18,141 shares during the period. Wedbush Securities Inc. grew its holdings in shares of Square by 7.8% in the third quarter. Wedbush Securities Inc. now owns 29,120 shares of the technology company’s stock worth $2,883,000 after acquiring an additional 2,099 shares during the period. Ibex Investors LLC bought a new stake in shares of Square in the third quarter worth $245,000. Finally, Renaissance Technologies LLC grew its holdings in shares of Square by 208.7% in the third quarter. Renaissance Technologies LLC now owns 536,300 shares of the technology company’s stock worth $53,099,000 after acquiring an additional 362,577 shares during the period. 51.16% of the stock is owned by institutional investors.
ILLEGAL ACTIVITY NOTICE: “Square (SQ) Shares Gap Down Following Insider Selling” was first posted by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are reading this story on another site, it was illegally stolen and reposted in violation of U.S. & international trademark and copyright laws. The legal version of this story can be read at https://www.thecerbatgem.com/2018/11/14/square-sq-shares-gap-down-following-insider-selling.html.
Square Company Profile (NYSE:SQ)
Square, Inc provides payment and point-of-sale solutions in the United States and internationally. The company's commerce ecosystem includes point-of-sale software and hardware that enables sellers to turn mobile and computing devices into payment and point-of-sale solutions. It offers hardware products, including Magstripe reader, which enables swiped transactions of magnetic stripe cards; Contactless and chip reader that accepts EMV® chip cards and Near Field Communication payments; Chip card reader, which accepts EMV® chip cards and enables swiped transactions of magnetic stripe cards; Square Stand, which enables an iPad to be used as a payment terminal or full point of sale solution; and Square Register that combines its hardware, point-of-sale software, and payments technology, as well as managed payments solutions.
Featured Article: Why do companies engage in swaps?
Receive News & Ratings for Square Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Square and related companies with MarketBeat.com's FREE daily email newsletter.