Guggenheim downgraded shares of Square Inc (NYSE:SQ) from a buy rating to a neutral rating in a report published on Thursday, May 4th. Guggenheim currently has $20.00 price objective on the technology company’s stock, up from their previous price objective of $19.00. The analysts noted that the move was a valuation call.
Other equities research analysts also recently issued research reports about the stock. Stifel Nicolaus restated a buy rating and issued a $18.00 target price (up previously from $15.00) on shares of Square in a research note on Thursday, February 23rd. Vetr cut shares of Square from a strong-buy rating to a buy rating and set a $19.66 price target for the company. in a research note on Thursday, April 20th. Canaccord Genuity reaffirmed a hold rating and set a $16.00 price target (up from $14.00) on shares of Square in a research note on Tuesday, February 21st. Royal Bank of Canada increased their price objective on Square from $17.00 to $18.00 and gave the company an outperform rating in a report on Thursday, February 23rd. Finally, Mizuho reiterated a buy rating on shares of Square in a research report on Monday, March 20th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. Square presently has a consensus rating of Buy and an average price target of $18.51.
Square (NYSE:SQ) traded up 1.17% during mid-day trading on Thursday, reaching $19.91. 2,716,460 shares of the company traded hands. The stock’s market capitalization is $7.45 billion. The stock has a 50-day moving average of $18.25 and a 200 day moving average of $15.45. Square has a 52-week low of $8.42 and a 52-week high of $20.69.
Square (NYSE:SQ) last posted its earnings results on Wednesday, May 3rd. The technology company reported ($0.03) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.05. The firm had revenue of $461.55 million during the quarter, compared to analysts’ expectations of $450.66 million. Square had a negative net margin of 12.55% and a negative return on equity of 31.99%. Equities research analysts expect that Square will post ($0.19) earnings per share for the current year.
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In related news, insider Jacqueline D. Reses sold 10,936 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The shares were sold at an average price of $18.95, for a total value of $207,237.20. Following the transaction, the insider now directly owns 673,340 shares of the company’s stock, valued at approximately $12,759,793. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jack Dorsey sold 381,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $20.42, for a total transaction of $7,790,230.00. The disclosure for this sale can be found here. Insiders have sold a total of 3,183,338 shares of company stock worth $56,299,960 over the last 90 days. Insiders own 42.60% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Cambridge Investment Research Advisors Inc. increased its stake in Square by 0.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 10,150 shares of the technology company’s stock valued at $175,000 after buying an additional 30 shares during the period. Stifel Financial Corp increased its stake in Square by 1.8% in the first quarter. Stifel Financial Corp now owns 26,635 shares of the technology company’s stock valued at $461,000 after buying an additional 473 shares during the period. First Mercantile Trust Co. increased its stake in Square by 2.2% in the first quarter. First Mercantile Trust Co. now owns 31,641 shares of the technology company’s stock valued at $547,000 after buying an additional 690 shares during the period. Guggenheim Capital LLC increased its stake in Square by 4.0% in the fourth quarter. Guggenheim Capital LLC now owns 18,680 shares of the technology company’s stock valued at $255,000 after buying an additional 727 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in Square by 6.7% in the third quarter. PNC Financial Services Group Inc. now owns 15,940 shares of the technology company’s stock valued at $187,000 after buying an additional 1,000 shares during the period. Hedge funds and other institutional investors own 24.28% of the company’s stock.
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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