Korea Investment CORP acquired a new position in shares of Square, Inc. (NYSE:SQ) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 591,100 shares of the technology company’s stock, valued at approximately $36,435,000. Korea Investment CORP owned approximately 0.14% of Square as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the business. Schnieders Capital Management LLC bought a new position in shares of Square in the second quarter worth about $333,000. Dai Ichi Life Insurance Company Ltd lifted its holdings in shares of Square by 7.4% in the second quarter. Dai Ichi Life Insurance Company Ltd now owns 105,972 shares of the technology company’s stock worth $6,532,000 after acquiring an additional 7,277 shares during the last quarter. United Services Automobile Association lifted its holdings in shares of Square by 22.5% in the second 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 during the last quarter. Berkshire Capital Holdings Inc. lifted its holdings in shares of Square by 38.1% in the second quarter. Berkshire Capital Holdings Inc. now owns 148,760 shares of the technology company’s stock worth $9,170,000 after acquiring an additional 41,060 shares during the last quarter. Finally, ING Groep NV bought a new position in shares of Square in the second quarter worth about $200,000. Hedge funds and other institutional investors own 51.95% of the company’s stock.
A number of research analysts have recently commented on the stock. Guggenheim increased their target price on shares of Square from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, August 29th. Stephens cut shares of Square from an “overweight” rating to an “equal weight” rating in a report on Tuesday, June 26th. Royal Bank of Canada increased their target price on shares of Square from $53.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, May 23rd. Nomura increased their target price on shares of Square from $65.00 to $82.00 and gave the stock a “buy” rating in a report on Thursday, June 21st. Finally, JPMorgan Chase & Co. increased their target price on shares of Square to $60.00 and gave the stock an “overweight” rating in a report on Thursday, August 2nd. Four investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twenty have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $60.89.
In other Square news, Director James Morgan Jr. Mckelvey sold 400,000 shares of the firm’s stock in a transaction that occurred on Monday, June 11th. The shares were sold at an average price of $61.56, for a total transaction of $24,624,000.00. Following the completion of the transaction, the director now owns 468,223 shares in the company, valued at approximately $28,823,807.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Jack Dorsey sold 103,035 shares of the firm’s stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $83.85, for a total transaction of $8,639,484.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,650,980 shares of company stock valued at $114,002,633. Company insiders own 27.99% of the company’s stock.
Square stock opened at $91.25 on Wednesday. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.18 and a quick ratio of 2.18. Square, Inc. has a 52-week low of $25.24 and a 52-week high of $91.64. The company has a market cap of $36.38 billion, a price-to-earnings ratio of -912.50 and a beta of 4.35.
Square (NYSE:SQ) last released its quarterly earnings results on Wednesday, August 1st. The technology company reported $0.13 earnings per share (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 firm had revenue of $385.00 million during the quarter, compared to analyst estimates of $367.99 million. During the same quarter last year, the business earned $0.07 EPS. The company’s revenue was up 60.4% compared to the same quarter last year. analysts forecast that Square, Inc. will post -0.04 earnings per share for the current year.
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.
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