Vetr Inc. Lowers Square, Inc. (SQ) to Hold
Square, Inc. (NYSE:SQ) was downgraded by Vetr from a “buy” rating to a “hold” rating in a research report issued on Wednesday. They currently have a $32.96 price objective on the technology company’s stock. Vetr‘s price objective indicates a potential upside of 3.00% from the company’s current price.
A number of other equities research analysts have also commented on the stock. Bank of America Corporation started coverage on shares of Square in a research note on Tuesday, September 12th. They issued a “neutral” rating on the stock. Citigroup Inc. increased their price target on shares of Square from $23.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, July 6th. Cantor Fitzgerald initiated coverage on shares of Square in a research report on Tuesday, September 12th. They issued an “overweight” rating and a $31.00 price target on the stock. Stifel Nicolaus reiterated a “buy” rating and issued a $29.00 price target (up from $23.00) on shares of Square in a research report on Sunday, July 30th. Finally, BTIG Research reiterated a “neutral” rating on shares of Square in a research report on Thursday, September 7th. Thirteen analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $25.50.
Square (SQ) traded up 2.17% on Wednesday, hitting $32.00. The firm has a 50 day moving average price of $27.91 and a 200 day moving average price of $23.62. The stock’s market capitalization is $12.28 billion. Square has a 12 month low of $10.88 and a 12 month high of $32.00.
Square (NYSE:SQ) last announced its quarterly earnings data on Wednesday, August 2nd. The technology company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Square had a negative net margin of 4.13% and a negative return on equity of 12.41%. The company had revenue of $240.00 million during the quarter, compared to analysts’ expectations of $228.64 million. During the same quarter in the prior year, the company posted ($0.08) EPS. The business’s revenue was up 40.4% on a year-over-year basis. Equities research analysts expect that Square will post $0.24 earnings per share for the current year.
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In other news, CFO Sarah Friar sold 19,200 shares of the company’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $26.25, for a total transaction of $504,000.00. Following the transaction, the chief financial officer now directly owns 368,791 shares of the company’s stock, valued at $9,680,763.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Morgan Jr. Mckelvey sold 400,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $25.02, for a total value of $10,008,000.00. Following the transaction, the director now directly owns 507,385 shares in the company, valued at $12,694,772.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 972,800 shares of company stock worth $25,520,512. Insiders own 32.68% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Almanack Investment Partners LLC. bought a new position in Square in the 2nd quarter valued at $117,000. Pacer Advisors Inc. grew its stake in Square by 22.7% in the 1st quarter. Pacer Advisors Inc. now owns 5,883 shares of the technology company’s stock valued at $102,000 after purchasing an additional 1,090 shares during the period. Riverhead Capital Management LLC bought a new position in Square in the 2nd quarter valued at $149,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Square by 19.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,752 shares of the technology company’s stock valued at $158,000 after purchasing an additional 1,099 shares during the period. Finally, CENTRAL TRUST Co grew its stake in Square by 683.7% in the 2nd quarter. CENTRAL TRUST Co now owns 8,613 shares of the technology company’s stock valued at $203,000 after purchasing an additional 7,514 shares during the period. 53.83% of the stock is owned by institutional investors and hedge funds.
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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