Square (SQ) Sets New 52-Week High at $66.14
Square, Inc. (NYSE:SQ) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $66.14 and last traded at $66.17, with a volume of 7240005 shares. The stock had previously closed at $64.48.
SQ has been the subject of several research analyst reports. Vetr raised Square from a “hold” rating to a “buy” rating and set a $57.03 price objective for the company in a research note on Monday, March 19th. Craig Hallum downgraded Square from a “hold” rating to a “sell” rating and set a $37.00 price objective for the company. in a research note on Friday, March 23rd. Evercore ISI reaffirmed an “outperform” rating and set a $67.00 price target on shares of Square in a research note on Monday, March 26th. Barclays raised their price target on Square from $43.00 to $51.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 28th. Finally, Buckingham Research raised their price target on Square from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, April 3rd. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-four have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $49.00.
The company has a debt-to-equity ratio of 0.45, a current ratio of 1.76 and a quick ratio of 1.76. The firm has a market cap of $25.84 billion, a P/E ratio of -659.60 and a beta of 4.32.
In other Square news, Director James Morgan Jr. Mckelvey sold 400,000 shares of the firm’s stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $61.56, for a total value of $24,624,000.00. Following the sale, the director now owns 468,223 shares of the company’s stock, valued at approximately $28,823,807.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ajmere Dale sold 5,315 shares of the firm’s stock in a transaction that occurred on Monday, June 4th. The shares were sold at an average price of $61.13, for a total value of $324,905.95. Following the completion of the sale, the insider now directly owns 126,745 shares in the company, valued at approximately $7,747,921.85. The disclosure for this sale can be found here. Insiders sold a total of 1,289,515 shares of company stock worth $70,042,500 in the last ninety days. Insiders own 27.99% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SQ. Whale Rock Capital Management LLC bought a new stake in shares of Square in the 1st quarter worth approximately $180,818,000. BlackRock Inc. lifted its position in shares of Square by 18.4% in the 4th quarter. BlackRock Inc. now owns 13,005,859 shares of the technology company’s stock worth $450,913,000 after acquiring an additional 2,024,019 shares during the period. UBS Asset Management Americas Inc. lifted its position in shares of Square by 458.6% in the 4th quarter. UBS Asset Management Americas Inc. now owns 1,962,828 shares of the technology company’s stock worth $68,051,000 after acquiring an additional 1,611,446 shares during the period. State Treasurer State of Michigan lifted its position in shares of Square by 82.2% in the 1st quarter. State Treasurer State of Michigan now owns 2,540,500 shares of the technology company’s stock worth $124,993,000 after acquiring an additional 1,146,219 shares during the period. Finally, Carillon Tower Advisers Inc. bought a new stake in shares of Square in the 4th quarter worth approximately $31,189,000. 51.91% of the stock is currently owned by hedge funds and other institutional investors.
Square Company Profile
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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