Canaccord Genuity Lowers Square (NYSE:SQ) to Hold

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Canaccord Genuity downgraded shares of Square (NYSE:SQ) from a buy rating to a hold rating in a research note published on Thursday morning, BenzingaRatingsTable reports. Canaccord Genuity currently has $64.00 price objective on the technology company’s stock, down from their prior price objective of $88.00.

SQ has been the subject of several other reports. KeyCorp set a $100.00 target price on shares of Square and gave the stock a buy rating in a research note on Friday, September 6th. BTIG Research reaffirmed a sell rating and issued a $30.00 target price on shares of Square in a research note on Sunday, August 4th. Moffett Nathanson raised shares of Square from a neutral rating to a buy rating in a research note on Tuesday, September 3rd. Bank of America lowered their target price on shares of Square from $78.00 to $70.00 and set a neutral rating for the company in a research note on Wednesday, September 11th. Finally, Raymond James raised shares of Square from an underperform rating to a market perform rating and set a $74.15 target price for the company in a research note on Tuesday, July 9th. Four research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nineteen have issued a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $81.07.

Shares of SQ opened at $58.29 on Thursday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.49 and a quick ratio of 1.49. The firm has a 50 day simple moving average of $66.03 and a 200-day simple moving average of $70.94. Square has a 1-year low of $49.82 and a 1-year high of $101.15. The stock has a market cap of $24.68 billion, a price-to-earnings ratio of 2,914.50, a price-to-earnings-growth ratio of 19.64 and a beta of 3.41.

Square (NYSE:SQ) last issued its quarterly earnings data on Thursday, August 1st. The technology company reported $0.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.20. The business had revenue of $563.00 million during the quarter, compared to analysts’ expectations of $557.67 million. Square had a negative net margin of 1.35% and a positive return on equity of 2.65%. The company’s revenue was up 46.2% on a year-over-year basis. During the same period last year, the company posted $0.13 EPS. On average, equities analysts expect that Square will post 0.12 earnings per share for the current fiscal year.

In related news, insider Jacqueline D. Reses sold 5,000 shares of Square stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $81.83, for a total transaction of $409,150.00. Following the transaction, the insider now owns 373,984 shares in the company, valued at approximately $30,603,110.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Ajmere Dale sold 2,048 shares of Square stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $62.47, for a total transaction of $127,938.56. Following the transaction, the chief accounting officer now owns 64,050 shares in the company, valued at approximately $4,001,203.50. The disclosure for this sale can be found here. Insiders have sold a total of 77,001 shares of company stock worth $5,295,829 in the last 90 days. Company insiders own 21.79% of the company’s stock.

Several large investors have recently bought and sold shares of the stock. AdvisorNet Financial Inc lifted its holdings in Square by 1.5% in the 2nd quarter. AdvisorNet Financial Inc now owns 9,338 shares of the technology company’s stock worth $677,000 after buying an additional 140 shares in the last quarter. Atlantic Trust LLC lifted its holdings in Square by 38.9% in the 2nd quarter. Atlantic Trust LLC now owns 521 shares of the technology company’s stock worth $38,000 after buying an additional 146 shares in the last quarter. Cresset Asset Management LLC lifted its holdings in Square by 6.6% in the 2nd quarter. Cresset Asset Management LLC now owns 2,940 shares of the technology company’s stock worth $213,000 after buying an additional 181 shares in the last quarter. Hilltop Holdings Inc. lifted its holdings in Square by 4.2% in the 2nd quarter. Hilltop Holdings Inc. now owns 4,776 shares of the technology company’s stock worth $347,000 after buying an additional 191 shares in the last quarter. Finally, Meridian Wealth Management LLC lifted its holdings in Square by 4.4% in the 1st quarter. Meridian Wealth Management LLC now owns 4,677 shares of the technology company’s stock worth $351,000 after buying an additional 199 shares in the last quarter. Institutional investors and hedge funds own 55.74% of the company’s stock.

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.

See Also: Outstanding Shares and The Effect on Share Price

Analyst Recommendations for Square (NYSE:SQ)

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