Square, Inc. (NYSE:SQ) Receives “Hold” Rating from Piper Jaffray Companies
Piper Jaffray Companies reiterated their hold rating on shares of Square, Inc. (NYSE:SQ) in a research note released on Wednesday morning. Piper Jaffray Companies currently has a $24.00 price objective on the technology company’s stock.
Other equities analysts have also issued reports about the company. Zacks Investment Research lowered Square from a strong-buy rating to a hold rating in a report on Tuesday, April 25th. Royal Bank Of Canada decreased their price objective on Square to $18.00 and set a buy rating for the company in a report on Monday, April 24th. Guggenheim lowered Square from a buy rating to a neutral rating and increased their price objective for the stock from $19.00 to $20.00 in a report on Thursday, May 4th. They noted that the move was a valuation call. Instinet increased their price objective on Square from $21.00 to $22.00 and gave the stock a buy rating in a report on Thursday, May 4th. Finally, BTIG Research reissued a neutral rating and issued a $20.00 price objective (down from $21.00) on shares of Square in a report on Monday, May 15th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $21.58.
Shares of Square (NYSE SQ) opened at 26.20 on Wednesday. The stock has a 50 day moving average price of $24.77 and a 200 day moving average price of $19.32. The firm’s market capitalization is $9.80 billion. Square has a 12-month low of $9.85 and a 12-month high of $27.97.
Square (NYSE:SQ) last issued its quarterly earnings data on Wednesday, May 3rd. The technology company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.05. Square had a negative return on equity of 15.81% and a negative net margin of 5.02%. The business had revenue of $461.55 million during the quarter, compared to analyst estimates of $450.66 million. Analysts predict that Square will post ($0.19) EPS for the current fiscal year.
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In other news, insider Jacqueline D. Reses sold 10,936 shares of the stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $18.95, for a total transaction of $207,237.20. Following the completion of the sale, the insider now owns 673,340 shares in the company, valued at approximately $12,759,793. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sarah Friar sold 19,200 shares of the stock in a transaction on Monday, July 17th. The shares were sold at an average price of $26.25, for a total value of $504,000.00. Following the sale, the chief financial officer now owns 368,791 shares of the company’s stock, valued at approximately $9,680,763.75. The disclosure for this sale can be found here. Insiders have sold a total of 1,307,336 shares of company stock valued at $27,517,192 in the last quarter. Insiders own 32.68% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp raised its stake in Square by 72.1% in the first quarter. Bank of New York Mellon Corp now owns 14,480,815 shares of the technology company’s stock worth $250,229,000 after buying an additional 6,065,730 shares during the last quarter. FMR LLC raised its stake in Square by 24.4% in the first quarter. FMR LLC now owns 11,124,126 shares of the technology company’s stock worth $192,225,000 after buying an additional 2,183,127 shares during the last quarter. Vanguard Group Inc. raised its stake in Square by 2.3% in the first quarter. Vanguard Group Inc. now owns 10,975,970 shares of the technology company’s stock worth $189,665,000 after buying an additional 241,563 shares during the last quarter. Renaissance Technologies LLC raised its stake in Square by 641.8% in the first quarter. Renaissance Technologies LLC now owns 8,578,500 shares of the technology company’s stock worth $148,236,000 after buying an additional 7,422,000 shares during the last quarter. Finally, BlackRock Inc. raised its stake in Square by 7,162.2% in the first quarter. BlackRock Inc. now owns 5,383,325 shares of the technology company’s stock worth $93,023,000 after buying an additional 5,309,197 shares during the last quarter. Institutional investors own 74.91% 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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