Square (SQ) Stock Price Down 1.5% on Insider Selling
Square, Inc. (NYSE:SQ) fell 1.5% on Tuesday after an insider sold shares in the company. The company traded as low as $62.70 and last traded at $62.05. 995,262 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 17,626,718 shares. The stock had previously closed at $62.97.
Specifically, insider Sivan Whiteley sold 1,875 shares of the company’s stock in a transaction on Friday, November 2nd. The stock was sold at an average price of $77.70, for a total value of $145,687.50. Following the completion of the sale, the insider now directly owns 121,708 shares in the company, valued at approximately $9,456,711.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Alyssa Henry sold 50,000 shares of the company’s stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $80.07, for a total value of $4,003,500.00. Following the completion of the sale, the insider now owns 494,544 shares of the company’s stock, valued at $39,598,138.08. The disclosure for this sale can be found here. Insiders sold a total of 2,522,615 shares of company stock valued at $202,794,134 over the last quarter. Company insiders own 27.99% of the company’s stock.
A number of equities research analysts recently weighed in on the company. Credit Suisse Group upped their price objective on Square from $81.00 to $94.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 10th. Guggenheim upped their price objective on Square from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, August 29th. Mizuho upped their price objective on Square from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, November 8th. JPMorgan Chase & Co. upped their price objective on Square to $60.00 and gave the stock an “overweight” rating in a research note on Thursday, August 2nd. Finally, Buckingham Research upped their price objective on Square from $85.00 to $105.00 and gave the stock a “buy” rating in a research note on Wednesday, September 26th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and nineteen have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $81.82.
Square (NYSE:SQ) last announced its quarterly earnings data on Wednesday, November 7th. The technology company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The business had revenue of $431.00 million for the quarter, compared to analyst estimates of $414.19 million. Square had a negative return on equity of 1.11% and a negative net margin of 0.87%. The company’s revenue was up 67.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.07 earnings per share. On average, analysts expect that Square, Inc. will post -0.02 EPS for the current fiscal year.
Hedge funds have recently made changes to their positions in the company. Centaurus Financial Inc. acquired a new position in shares of Square in the second quarter valued at about $100,000. Huntington National Bank increased its holdings in shares of Square by 1,725.0% in the second quarter. Huntington National Bank now owns 1,825 shares of the technology company’s stock valued at $112,000 after purchasing an additional 1,725 shares during the period. Columbia Asset Management acquired a new position in shares of Square in the third quarter valued at about $114,000. Panagora Asset Management Inc. acquired a new position in shares of Square in the third quarter valued at about $119,000. Finally, Girard Partners LTD. acquired a new position in shares of Square in the third quarter valued at about $138,000. 51.04% of the stock is currently owned by institutional investors and hedge funds.
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Square Company Profile (NYSE:SQ)
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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