Goldman Sachs Group Inc. Has $107.79 Million Stake in Square, Inc. (SQ)
Goldman Sachs Group Inc. grew its position in Square, Inc. (NYSE:SQ) by 556.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,594,445 shares of the technology company’s stock after acquiring an additional 3,894,639 shares during the period. Goldman Sachs Group Inc. owned about 1.20% of Square worth $107,786,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. raised its stake in Square by 0.3% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 10,150 shares of the technology company’s stock valued at $175,000 after acquiring an additional 30 shares during the period. Raymond James Trust N.A. lifted its holdings in Square by 1.3% during the 2nd quarter. Raymond James Trust N.A. now owns 15,193 shares of the technology company’s stock valued at $357,000 after purchasing an additional 193 shares during the last quarter. Neuberger Berman Group LLC lifted its holdings in Square by 2.1% during the 2nd quarter. Neuberger Berman Group LLC now owns 10,212 shares of the technology company’s stock valued at $240,000 after purchasing an additional 212 shares during the last quarter. Stifel Financial Corp lifted its holdings in Square by 1.8% during the 1st quarter. Stifel Financial Corp now owns 26,635 shares of the technology company’s stock valued at $461,000 after purchasing an additional 473 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its holdings in Square by 1.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 46,166 shares of the technology company’s stock valued at $1,084,000 after purchasing an additional 513 shares during the last quarter. 53.83% of the stock is owned by institutional investors.
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In related news, Director James Morgan Jr. Mckelvey sold 400,000 shares of the stock in a transaction on Monday, September 11th. The stock was sold at an average price of $27.22, for a total value of $10,888,000.00. Following the sale, the director now owns 507,385 shares in the company, valued at $13,811,019.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Sarah Friar sold 38,400 shares of the stock in a transaction on Thursday, September 21st. The stock was sold at an average price of $28.36, for a total value of $1,089,024.00. Following the completion of the sale, the chief financial officer now owns 366,103 shares in the company, valued at approximately $10,382,681.08. The disclosure for this sale can be found here. Insiders have sold a total of 972,800 shares of company stock valued at $25,520,512 over the last 90 days. Company insiders own 32.68% of the company’s stock.
Square, Inc. (SQ) traded up 0.3739% during midday trading on Tuesday, reaching $29.4999. The company’s stock had a trading volume of 1,594,225 shares. The stock has a 50-day moving average price of $26.71 and a 200 day moving average price of $22.95. Square, Inc. has a 12 month low of $10.88 and a 12 month high of $29.63. The company’s market cap is $11.32 billion.
Square (NYSE:SQ) last posted its earnings results 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. Square had a negative net margin of 4.13% and a negative return on equity of 12.41%. The business had revenue of $240.00 million for the quarter, compared to analysts’ expectations of $228.64 million. During the same period in the prior year, the company posted ($0.08) EPS. The business’s revenue for the quarter was up 40.4% compared to the same quarter last year. Analysts expect that Square, Inc. will post $0.24 earnings per share for the current fiscal year.
Several research firms have commented on SQ. Credit Suisse Group upped their price objective on shares of Square from $25.00 to $26.00 and gave the company a “neutral” rating in a report on Thursday, August 3rd. Zacks Investment Research raised shares of Square from a “hold” rating to a “buy” rating and set a $32.00 target price for the company in a report on Tuesday. KeyCorp lifted their target price on shares of Square from $29.00 to $32.00 and gave the stock an “overweight” rating in a report on Tuesday. Barclays PLC reiterated an “overweight” rating and issued a $28.00 price target (up previously from $21.00) on shares of Square in a research note on Thursday, August 3rd. Finally, Craig Hallum reiterated a “hold” rating and issued a $23.00 price target (up previously from $18.00) on shares of Square in a research note on Thursday, August 3rd. Eleven research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. Square has a consensus rating of “Buy” and a consensus target price of $25.20.
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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