Square, Inc. (SQ) Raised to Buy at Guggenheim
Guggenheim upgraded shares of Square, Inc. (NYSE:SQ) from a neutral rating to a buy rating in a research report report published on Thursday, Marketbeat reports. Guggenheim currently has $44.00 price objective on the technology company’s stock.
Several other research analysts have also issued reports on the company. Citigroup Inc. lowered Square from a buy rating to a neutral rating and set a $38.00 target price for the company. in a research report on Thursday. KeyCorp reaffirmed an overweight rating and set a $40.00 target price (up from $35.00) on shares of Square in a research report on Monday, November 6th. Stifel Nicolaus lowered Square from a buy rating to a hold rating and raised their target price for the stock from $29.00 to $36.00 in a research report on Wednesday, November 1st. Deutsche Bank AG lifted their price objective on Square to $37.00 and gave the stock a buy rating in a research report on Tuesday, October 31st. Finally, Nomura lifted their price objective on Square from $33.00 to $45.00 and gave the stock a buy rating in a research report on Tuesday, October 31st. Thirteen research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company. Square currently has a consensus rating of Buy and an average target price of $31.67.
Shares of Square (NYSE:SQ) traded up $1.25 during trading hours on Thursday, reaching $39.21. The company had a trading volume of 19,473,400 shares, compared to its average volume of 9,402,780. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.81 and a quick ratio of 2.30. Square has a twelve month low of $11.43 and a twelve month high of $39.73.
Square (NYSE:SQ) last announced its earnings results on Wednesday, November 8th. The technology company reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.02. The business had revenue of $257.12 million during the quarter, compared to analyst estimates of $244.95 million. Square had a negative return on equity of 7.98% and a negative net margin of 3.04%. Square’s revenue for the quarter was up 44.6% compared to the same quarter last year. During the same period last year, the company earned $0.01 EPS. analysts expect that Square will post -0.16 earnings per share for the current fiscal year.
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In other Square news, Director James Morgan Jr. Mckelvey sold 400,000 shares of Square stock in a transaction dated Tuesday, October 17th. The stock was sold at an average price of $32.72, for a total transaction of $13,088,000.00. Following the completion of the transaction, the director now owns 507,732 shares in the company, valued at approximately $16,612,991.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Sarah Friar sold 38,400 shares of Square stock in a transaction dated Friday, October 13th. The shares were sold at an average price of $32.81, for a total value of $1,259,904.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,353,600 shares of company stock valued at $38,351,040 in the last quarter. Company insiders own 32.68% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Almanack Investment Partners LLC. purchased a new position in shares of Square in the 2nd quarter worth approximately $117,000. Hudock Capital Group LLC purchased a new position in shares of Square in the 3rd quarter worth approximately $157,000. Riverhead Capital Management LLC purchased a new position in shares of Square in the 2nd quarter worth approximately $149,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of 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 last quarter. Finally, Prudential Financial Inc. purchased a new position in shares of Square in the 3rd quarter worth approximately $205,000. Hedge funds and other institutional investors own 53.91% 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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