Square, Inc. (NYSE:SQ)‘s stock had its “neutral” rating reissued by investment analysts at Wedbush in a report released on Wednesday, August 9th. They currently have a $28.00 price target on the technology company’s stock. Wedbush’s price target suggests a potential upside of 12.77% from the company’s current price. Wedbush also issued estimates for Square’s Q3 2018 earnings at ($0.01) EPS and FY2018 earnings at ($0.04) EPS.
A number of other research firms also recently commented on SQ. Credit Suisse Group downgraded Square from an “outperform” rating to a “neutral” rating and boosted their target price for the stock from $20.00 to $25.00 in a research report on Friday, June 16th. Royal Bank Of Canada decreased their target price on Square to $18.00 and set a “buy” rating on the stock in a research report on Monday, April 24th. Needham & Company LLC reiterated a “buy” rating and issued a $23.00 target price (up from $20.00) on shares of Square in a research report on Thursday, May 4th. KeyCorp reiterated an “overweight” rating on shares of Square in a research report on Tuesday, July 18th. Finally, Barclays PLC reiterated an “overweight” rating and issued a $28.00 target price (up from $21.00) on shares of Square in a research report on Wednesday, August 9th. Eleven analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $24.61.
Square (NYSE SQ) traded up 1.18% on Wednesday, hitting $24.83. The stock had a trading volume of 5,325,691 shares. The company’s market capitalization is $9.53 billion. Square has a 52 week low of $10.88 and a 52 week high of $27.97. The firm has a 50-day moving average of $25.47 and a 200 day moving average of $20.44.
Square (NYSE:SQ) last released its quarterly earnings data on Wednesday, August 2nd. The technology company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The firm had revenue of $240 million during the quarter, compared to analyst estimates of $228.64 million. Square had a negative return on equity of 12.41% and a negative net margin of 4.13%. The business’s quarterly revenue was up 40.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.08) earnings per share. On average, analysts predict that Square will post $0.24 earnings per share for the current year.
In related news, CFO Sarah Friar sold 38,400 shares of the stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $22.09, for a total value of $848,256.00. Following the transaction, the chief financial officer now owns 375,023 shares of the company’s stock, valued at $8,284,258.07. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Jack Dorsey sold 309,000 shares of the stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $22.70, for a total value of $7,014,300.00. The disclosure for this sale can be found here. In the last three months, insiders sold 933,400 shares of company stock worth $22,420,380. 32.68% of the stock is owned by insiders.
A number of 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 during the second quarter valued at about $117,000. Pacer Advisors Inc. boosted its position in shares of Square by 22.7% in the first quarter. Pacer Advisors Inc. now owns 5,883 shares of the technology company’s stock valued at $102,000 after buying an additional 1,090 shares during the period. Riverhead Capital Management LLC purchased a new position in shares of Square during the second quarter valued at about $149,000. Glassman Wealth Services boosted its stake in shares of Square by 1,987.3% in the first quarter. Glassman Wealth Services now owns 6,575 shares of the technology company’s stock valued at $114,000 after buying an additional 6,260 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Square by 19.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,752 shares of the technology company’s stock valued at $158,000 after buying an additional 1,099 shares during the period. 68.74% of the stock is currently owned by institutional investors.
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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