Bank of America Corporation began coverage on shares of Square, Inc. (NYSE:SQ) in a report released on Tuesday, MarketBeat.com reports. The brokerage issued a neutral rating on the technology company’s stock.
A number of other equities analysts have also recently weighed in on SQ. BTIG Research reissued a neutral rating and set a $20.00 price objective (down from $21.00) on shares of Square in a report on Monday, May 15th. Deutsche Bank AG raised their price objective on Square from $19.00 to $21.00 and gave the company a buy rating in a report on Monday, May 15th. Stephens raised their price objective on Square from $20.00 to $22.00 and gave the company an overweight rating in a report on Monday, May 15th. Royal Bank Of Canada reissued a buy rating and set a $24.00 price objective on shares of Square in a report on Wednesday, May 17th. Finally, Stifel Nicolaus reissued a buy rating and set a $23.00 price objective (up from $21.00) on shares of Square in a report on Wednesday, May 17th. Twelve analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. Square currently has a consensus rating of Buy and an average price target of $24.87.
Square (NYSE:SQ) opened at 28.61 on Tuesday. The firm’s market cap is $10.98 billion. Square has a 1-year low of $10.88 and a 1-year high of $28.80. The stock has a 50 day moving average price of $25.79 and a 200 day moving average price of $21.89.
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, beating the Zacks’ consensus estimate of ($0.05) by $0.01. The firm had revenue of $240.00 million during the quarter, compared to the consensus estimate of $228.64 million. Square had a negative return on equity of 12.41% and a negative net margin of 4.13%. The company’s revenue for the quarter was up 40.4% on a year-over-year basis. During the same quarter last year, the company posted ($0.08) EPS. On average, analysts anticipate that Square will post $0.24 EPS for the current year.
In related news, Director James Morgan Jr. Mckelvey sold 400,000 shares of Square stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $27.22, for a total transaction of $10,888,000.00. Following the sale, the director now directly owns 507,385 shares in the company, valued at $13,811,019.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sarah Friar sold 38,400 shares of Square stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $26.39, for a total value of $1,013,376.00. Following the sale, the chief financial officer now owns 368,791 shares in the company, valued at $9,732,394.49. The disclosure for this sale can be found here. Insiders have sold 953,600 shares of company stock worth $24,816,064 over the last three months. Insiders own 32.68% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Almanack Investment Partners LLC. bought a new stake in shares of Square during the second quarter valued at approximately $117,000. Pacer Advisors Inc. boosted 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 valued at $102,000 after purchasing an additional 1,090 shares in the last quarter. Riverhead Capital Management LLC bought a new stake in shares of Square during the second quarter valued at approximately $149,000. Glassman Wealth Services boosted 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 valued at $114,000 after purchasing an additional 6,260 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Square by 19.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,752 shares of the technology company’s stock valued at $158,000 after purchasing an additional 1,099 shares in the last quarter. Institutional investors own 82.02% of the company’s stock.
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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