Kornitzer Capital Management Inc. KS Acquires 17,440 Shares of Square, Inc. (NYSE:SQ)
Kornitzer Capital Management Inc. KS grew its position in shares of Square, Inc. (NYSE:SQ) by 13.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 151,205 shares of the technology company’s stock after purchasing an additional 17,440 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Square were worth $10,967,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Lenox Wealth Management Inc. bought a new position in shares of Square during the 1st quarter valued at about $25,000. FTB Advisors Inc. purchased a new stake in Square during the 1st quarter valued at about $27,000. Cullen Frost Bankers Inc. purchased a new stake in Square during the 1st quarter valued at about $28,000. Larson Financial Group LLC boosted its holdings in Square by 130.7% during the 2nd quarter. Larson Financial Group LLC now owns 376 shares of the technology company’s stock valued at $27,000 after acquiring an additional 213 shares during the period. Finally, Private Ocean LLC purchased a new stake in Square during the 1st quarter valued at about $28,000. Hedge funds and other institutional investors own 52.70% of the company’s stock.
SQ has been the subject of several analyst reports. ValuEngine cut Square from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. BTIG Research restated a “sell” rating and set a $30.00 target price on shares of Square in a report on Sunday, August 4th. Zacks Investment Research upgraded Square from a “hold” rating to a “buy” rating and set a $77.00 target price for the company in a report on Tuesday, May 7th. Citigroup set a $95.00 target price on Square and gave the company a “buy” rating in a report on Friday, July 19th. Finally, Sanford C. Bernstein initiated coverage on Square in a report on Tuesday, April 16th. They set a “market perform” rating and a $80.00 target price for the company. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and nineteen have given a buy rating to the company’s stock. Square has a consensus rating of “Hold” and a consensus price target of $84.44.
Shares of Square stock traded down $1.21 on Wednesday, reaching $61.09. The company’s stock had a trading volume of 3,095,307 shares, compared to its average volume of 10,849,350. The company has a market cap of $27.77 billion, a P/E ratio of 3,054.25, a price-to-earnings-growth ratio of 22.09 and a beta of 3.31. The company’s fifty day moving average price is $74.78. Square, Inc. has a 52 week low of $49.82 and a 52 week high of $101.15. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.87.
Square (NYSE:SQ) last posted its earnings results on Thursday, August 1st. The technology company reported $0.21 EPS 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 analyst estimates of $557.67 million. Square had a positive return on equity of 2.65% and a negative net margin of 1.35%. The company’s quarterly revenue was up 46.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.13 EPS. As a group, analysts expect that Square, Inc. will post 0.12 EPS for the current fiscal year.
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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