CNH Partners LLC Buys New Stake in Square, Inc. (SQ)
CNH Partners LLC bought a new stake in shares of Square, Inc. (NYSE:SQ) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 312,534 shares of the technology company’s stock, valued at approximately $7,332,000. CNH Partners LLC owned 0.08% of Square at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. 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 buying an additional 1,090 shares during the period. Almanack Investment Partners LLC. purchased a new position in shares of Square during the second quarter valued at approximately $117,000. Riverhead Capital Management LLC purchased a new position in shares of Square during the second quarter valued at approximately $149,000. 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 buying an additional 1,099 shares during the period. Finally, FNY Partners Fund LP boosted its position in shares of Square by 55.4% during the first quarter. FNY Partners Fund LP now owns 10,100 shares of the technology company’s stock valued at $174,000 after buying an additional 3,600 shares during the period. Institutional investors and hedge funds own 53.83% of the company’s stock.
Shares of Square, Inc. (NYSE SQ) remained flat at $30.76 during trading on Friday. The company’s stock had a trading volume of 4,008,147 shares. The company has a 50 day moving average price of $27.34 and a 200 day moving average price of $23.25. The company’s market cap is $11.80 billion. Square, Inc. has a 12-month low of $10.88 and a 12-month high of $30.90.
Square (NYSE:SQ) last released its quarterly earnings data on Wednesday, August 2nd. The technology company reported ($0.04) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. The business had revenue of $240.00 million during the quarter, compared to analysts’ expectations of $228.64 million. Square had a negative net margin of 4.13% and a negative return on equity of 12.41%. The company’s revenue for the quarter was up 40.4% on a year-over-year basis. During the same period in the previous year, the company earned ($0.08) EPS. Equities research analysts forecast that Square, Inc. will post $0.24 earnings per share for the current year.
SQ has been the subject of several recent analyst reports. Jefferies Group LLC restated a “buy” rating and set a $28.00 target price on shares of Square in a research report on Thursday, July 6th. Citigroup Inc. boosted their target price on Square from $23.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, July 6th. Mizuho initiated coverage on Square in a research report on Wednesday, June 28th. They set a “buy” rating and a $28.00 target price for the company. Deutsche Bank AG boosted their target price on Square to $28.00 and gave the company a “buy” rating in a research report on Monday, July 24th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $29.00 price target (up previously from $23.00) on shares of Square in a report on Sunday, July 30th. Thirteen analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $25.24.
In other news, CFO Sarah Friar sold 19,200 shares of Square stock in a transaction on Monday, July 17th. The shares were sold at an average price of $26.25, for a total transaction of $504,000.00. Following the completion of the sale, the chief financial officer now directly owns 368,791 shares of the company’s stock, valued at approximately $9,680,763.75. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James Morgan Jr. Mckelvey sold 400,000 shares of Square stock in a transaction on 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 sale, the director now directly owns 507,385 shares of the company’s stock, valued at $12,694,772.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 972,800 shares of company stock valued at $25,520,512. Corporate insiders own 32.68% 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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