Sumitomo Mitsui Trust Holdings Inc. Grows Stake in Square, Inc. (SQ)
Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Square, Inc. (NYSE:SQ) by 57.4% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,743,800 shares of the technology company’s stock after acquiring an additional 635,600 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.45% of Square worth $50,239,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in SQ. Almanack Investment Partners LLC. bought a new position in Square in the 2nd quarter worth approximately $117,000. Riverhead Capital Management LLC bought a new position in Square in the 2nd quarter worth approximately $149,000. Hudock Capital Group LLC bought a new position in Square in the 3rd quarter worth approximately $157,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in 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 period. Finally, Pacer Advisors Inc. boosted its holdings in Square by 42.2% in the 2nd quarter. Pacer Advisors Inc. now owns 8,368 shares of the technology company’s stock worth $196,000 after buying an additional 2,485 shares during the period. 53.64% of the stock is owned by hedge funds and other institutional investors.
Shares of Square, Inc. (NYSE SQ) opened at $45.03 on Monday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.81 and a quick ratio of 1.81. Square, Inc. has a twelve month low of $12.08 and a twelve month high of $45.74.
Square (NYSE:SQ) last announced its earnings results on Wednesday, November 8th. The technology company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.02. The firm had revenue of $257.12 million for the quarter, compared to analyst estimates of $244.95 million. Square had a negative net margin of 3.04% and a negative return on equity of 7.98%. The company’s revenue for the quarter was up 44.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.01 EPS. equities analysts expect that Square, Inc. will post -0.16 EPS for the current year.
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In other news, CFO Sarah Friar sold 38,400 shares of Square stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $25.58, for a total transaction of $982,272.00. Following the sale, the chief financial officer now owns 366,103 shares of the company’s stock, valued at approximately $9,364,914.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James Morgan Jr. Mckelvey sold 400,000 shares of Square stock in a transaction dated Tuesday, October 17th. The shares were sold at an average price of $32.72, for a total transaction of $13,088,000.00. Following the sale, the director now directly owns 507,732 shares in the company, valued at approximately $16,612,991.04. The disclosure for this sale can be found here. Insiders have sold a total of 1,394,791 shares of company stock worth $45,611,401 in the last ninety days. Insiders own 32.68% of the company’s stock.
Several analysts have issued reports on the stock. Credit Suisse Group reiterated a “positive” rating and issued a $37.00 target price (up from $31.00) on shares of Square in a research note on Monday. Vetr cut shares of Square from a “buy” rating to a “hold” rating and set a $45.60 target price on the stock. in a research note on Monday. Royal Bank Of Canada reiterated an “outperform” rating and issued a $31.00 target price (up from $24.00) on shares of Square in a research note on Wednesday, August 9th. Oppenheimer Holdings, Inc. increased their target price on shares of Square from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Friday, November 10th. Finally, Canaccord Genuity increased their target price on shares of Square from $26.00 to $33.00 and gave the stock a “hold” rating in a research note on Thursday, November 9th. Fourteen investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. Square currently has an average rating of “Buy” and a consensus target price of $33.18.
Square Company Profile
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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