Square (SQ) Trading -2% Higher After Analyst Upgrade

Square, Inc. (NYSE:SQ) traded up 2% during mid-day trading on Wednesday after Buckingham Research raised their price target on the stock from $85.00 to $105.00. Buckingham Research currently has a buy rating on the stock. Square traded as high as $96.00 and last traded at $94.76. 730,276 shares were traded during mid-day trading, a decline of 94% from the average session volume of 11,682,446 shares. The stock had previously closed at $96.66.

A number of other equities research analysts also recently issued reports on the stock. Jefferies Financial Group boosted their price target on shares of Square to $88.00 and gave the company a “hold” rating in a research note on Tuesday. Evercore ISI set a $101.00 price target on shares of Square and gave the company an “outperform” rating in a research note on Friday, September 21st. Stifel Nicolaus reissued a “buy” rating and issued a $100.00 price target (up from $76.00) on shares of Square in a research note on Wednesday, September 19th. Deutsche Bank boosted their price target on shares of Square from $78.00 to $98.00 and gave the company a “buy” rating in a research note on Friday, September 14th. Finally, Guggenheim boosted their price target on shares of Square from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, August 29th. Four 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. The stock presently has a consensus rating of “Hold” and an average price target of $65.80.

In other Square news, insider Jacqueline D. Reses sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, July 2nd. The shares were sold at an average price of $62.34, for a total transaction of $935,100.00. Following the completion of the transaction, the insider now owns 559,200 shares in the company, valued at approximately $34,860,528. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jack Dorsey sold 103,035 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $73.93, for a total transaction of $7,617,377.55. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,989,181 shares of company stock worth $154,720,102. 27.99% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. United Services Automobile Association grew its holdings in Square by 22.5% during the 2nd quarter. United Services Automobile Association now owns 137,505 shares of the technology company’s stock worth $8,476,000 after acquiring an additional 25,247 shares in the last quarter. Rehmann Capital Advisory Group grew its holdings in Square by 649.8% during the 2nd quarter. Rehmann Capital Advisory Group now owns 2,317 shares of the technology company’s stock worth $143,000 after acquiring an additional 2,008 shares in the last quarter. Northern Trust Corp grew its holdings in Square by 10.0% during the 2nd quarter. Northern Trust Corp now owns 1,681,310 shares of the technology company’s stock worth $103,635,000 after acquiring an additional 153,458 shares in the last quarter. BDO Wealth Advisors LLC acquired a new position in Square during the 2nd quarter worth approximately $3,089,000. Finally, Advisors Asset Management Inc. grew its holdings in Square by 942.0% during the 2nd quarter. Advisors Asset Management Inc. now owns 26,572 shares of the technology company’s stock worth $1,638,000 after acquiring an additional 24,022 shares in the last quarter. Institutional investors own 51.86% of the company’s stock.

The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.18 and a current ratio of 2.18. The firm has a market capitalization of $39.13 billion, a P/E ratio of -963.66 and a beta of 4.36.

Square (NYSE:SQ) last posted its quarterly earnings results on Wednesday, August 1st. The technology company reported $0.13 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.14. Square had a negative net margin of 2.30% and a negative return on equity of 3.18%. The company had revenue of $385.00 million during the quarter, compared to analysts’ expectations of $367.99 million. During the same quarter in the previous year, the business posted $0.07 EPS. The firm’s revenue was up 60.4% on a year-over-year basis. research analysts expect that Square, Inc. will post -0.04 earnings per share for the current year.

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.

Further Reading: Why do company’s buyback their stock?

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