A number of other equities analysts have also weighed in on the stock. Bank of America Corporation started coverage on shares of Square in a research report on Tuesday, September 12th. They set a neutral rating for the company. Citigroup Inc. upped their target price on shares of Square from $23.00 to $30.00 and gave the stock a buy rating in a research report on Thursday, July 6th. Cantor Fitzgerald started coverage on shares of Square in a research report on Tuesday, September 12th. They set an overweight rating and a $31.00 target price for the company. Stifel Nicolaus restated a buy rating and set a $29.00 target price (up previously from $23.00) on shares of Square in a research report on Sunday, July 30th. Finally, BTIG Research restated a neutral rating on shares of Square in a research report on Thursday, September 7th. Thirteen investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. Square currently has a consensus rating of Buy and a consensus target price of $25.82.
Square (NYSE:SQ) traded up 2.72% during mid-day trading on Wednesday, hitting $32.87. 4,899,979 shares of the stock traded hands. Square has a 12 month low of $10.88 and a 12 month high of $32.92. The company’s market cap is $12.61 billion. The company’s 50 day moving average is $27.91 and its 200 day moving average is $23.62.
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Square (NYSE:SQ) last issued its earnings results on Wednesday, August 2nd. The technology company reported ($0.04) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.01. Square had a negative net margin of 4.13% and a negative return on equity of 12.41%. The firm had revenue of $240.00 million during the quarter, compared to analyst estimates of $228.64 million. During the same quarter in the prior year, the business earned ($0.08) earnings per share. Square’s revenue for the quarter was up 40.4% on a year-over-year basis. On average, analysts expect that Square will post $0.24 earnings per share for the current fiscal year.
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In related news, CFO Sarah Friar sold 38,400 shares of the firm’s stock in a transaction dated Thursday, September 21st. The shares were sold at an average price of $28.36, for a total value of $1,089,024.00. Following the transaction, the chief financial officer now owns 366,103 shares of the company’s stock, valued at approximately $10,382,681.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director James Morgan Jr. Mckelvey sold 400,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the director now directly owns 507,385 shares in the company, valued at approximately $12,694,772.70. The disclosure for this sale can be found here. Insiders sold a total of 972,800 shares of company stock worth $25,520,512 in the last ninety days. 32.68% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Almanack Investment Partners LLC. purchased a new position in Square in the 2nd quarter worth about $117,000. Pacer Advisors Inc. increased its stake in Square by 22.7% in the 1st quarter. Pacer Advisors Inc. now owns 5,883 shares of the technology company’s stock worth $102,000 after buying an additional 1,090 shares during the period. Riverhead Capital Management LLC purchased a new position in Square in the 2nd quarter worth about $149,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Square by 19.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,752 shares of the technology company’s stock worth $158,000 after buying an additional 1,099 shares during the period. Finally, CENTRAL TRUST Co increased its stake in Square by 683.7% in the 2nd quarter. CENTRAL TRUST Co now owns 8,613 shares of the technology company’s stock worth $203,000 after buying an additional 7,514 shares during the period. 53.83% of the stock is currently owned by institutional investors.
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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