Atlantic Securities Upgrades Square (NYSE:SQ) to “Overweight”

Square (NYSE:SQ) was upgraded by research analysts at Atlantic Securities from a “neutral” rating to an “overweight” rating in a note issued to investors on Tuesday, Analyst Ratings Network reports. The brokerage presently has a $300.00 target price on the technology company’s stock. Atlantic Securities’ target price would indicate a potential upside of 23.59% from the company’s previous close.

Other analysts have also recently issued reports about the stock. Truist lifted their target price on shares of Square from $325.00 to $365.00 and gave the stock a “buy” rating in a research note on Tuesday, August 3rd. JPMorgan Chase & Co. lifted their price objective on shares of Square from $300.00 to $320.00 and gave the company an “overweight” rating in a research note on Tuesday, August 17th. Moffett Nathanson restated a “buy” rating and set a $300.00 price objective on shares of Square in a research note on Friday, July 9th. Robert W. Baird reaffirmed a “hold” rating and set a $250.00 target price on shares of Square in a report on Thursday, August 5th. Finally, Evercore ISI lifted their target price on shares of Square from $361.00 to $371.00 and gave the company an “outperform” rating in a report on Wednesday, September 15th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $288.31.

Shares of Square stock opened at $242.73 on Tuesday. The firm’s 50 day moving average price is $257.13 and its 200-day moving average price is $243.37. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 1.77. Square has a 52-week low of $151.10 and a 52-week high of $289.23. The company has a market cap of $111.58 billion, a P/E ratio of 212.92, a PEG ratio of 10.06 and a beta of 2.43.

Square (NYSE:SQ) last released its earnings results on Saturday, July 31st. The technology company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.35. The company had revenue of $4.68 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Square had a net margin of 3.60% and a return on equity of 16.94%. Square’s revenue for the quarter was up 143.3% on a year-over-year basis. During the same period last year, the business earned $0.18 EPS. As a group, equities research analysts forecast that Square will post 0.81 EPS for the current fiscal year.

In other Square news, CAO Ajmere Dale sold 500 shares of the company’s stock in a transaction dated Thursday, August 5th. The shares were sold at an average price of $266.00, for a total value of $133,000.00. Following the transaction, the chief accounting officer now owns 38,324 shares of the company’s stock, valued at $10,194,184. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Amrita Ahuja sold 8,070 shares of the company’s stock in a transaction dated Friday, July 23rd. The shares were sold at an average price of $264.20, for a total transaction of $2,132,094.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 289,381 shares of company stock worth $75,140,618. Corporate insiders own 15.12% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of SQ. Quilter Plc lifted its position in shares of Square by 132.7% during the first quarter. Quilter Plc now owns 18,874 shares of the technology company’s stock worth $4,285,000 after purchasing an additional 10,762 shares in the last quarter. Advisors Capital Management LLC increased its stake in shares of Square by 38.8% during the first quarter. Advisors Capital Management LLC now owns 1,396 shares of the technology company’s stock worth $316,000 after buying an additional 390 shares during the period. Quadrant Capital Group LLC increased its stake in shares of Square by 25.7% during the first quarter. Quadrant Capital Group LLC now owns 1,190 shares of the technology company’s stock worth $270,000 after buying an additional 243 shares during the period. Ensign Peak Advisors Inc increased its stake in shares of Square by 44.8% during the first quarter. Ensign Peak Advisors Inc now owns 167,811 shares of the technology company’s stock worth $38,101,000 after buying an additional 51,927 shares during the period. Finally, Prudential Financial Inc. increased its stake in shares of Square by 2.6% during the first quarter. Prudential Financial Inc. now owns 21,133 shares of the technology company’s stock worth $4,798,000 after buying an additional 534 shares during the period. 62.65% of the stock is currently owned by institutional investors and hedge funds.

Square Company Profile

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.

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Analyst Recommendations for Square (NYSE:SQ)

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