GAM Holding AG acquired a new stake in Square, Inc. (NYSE:SQ) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 6,600 shares of the technology company’s stock, valued at approximately $407,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Huntington National Bank boosted its stake in shares of Square by 1,725.0% during the 2nd quarter. Huntington National Bank now owns 1,825 shares of the technology company’s stock worth $112,000 after acquiring an additional 1,725 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Square by 1,476.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 2,317 shares of the technology company’s stock worth $114,000 after acquiring an additional 2,170 shares in the last quarter. McKinley Carter Wealth Services Inc. purchased a new stake in shares of Square during the 1st quarter worth approximately $138,000. Thompson Davis & CO. Inc. boosted its stake in shares of Square by 736.7% during the 2nd quarter. Thompson Davis & CO. Inc. now owns 2,510 shares of the technology company’s stock worth $155,000 after acquiring an additional 2,210 shares in the last quarter. Finally, NewSquare Capital LLC purchased a new stake in shares of Square during the 2nd quarter worth approximately $196,000. 51.95% of the stock is currently owned by institutional investors.
SQ has been the topic of a number of recent research reports. Guggenheim upped their target price on Square from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, August 29th. Stephens lowered Square from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, June 26th. Royal Bank of Canada upped their target price on Square from $53.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, May 23rd. Nomura upped their target price on Square from $65.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, June 21st. Finally, JPMorgan Chase & Co. upped their target price on Square to $60.00 and gave the company an “overweight” rating in a research note on Thursday, August 2nd. Four investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twenty have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $60.89.
Shares of SQ opened at $87.20 on Thursday. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.18 and a quick ratio of 2.18. The firm has a market capitalization of $36.38 billion, a price-to-earnings ratio of -889.40 and a beta of 4.35. Square, Inc. has a fifty-two week low of $25.72 and a fifty-two week high of $91.64.
Square (NYSE:SQ) last issued its quarterly earnings results on Wednesday, August 1st. The technology company reported $0.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.14. The company had revenue of $385.00 million during the quarter, compared to the consensus estimate of $367.99 million. Square had a negative return on equity of 3.18% and a negative net margin of 2.30%. Square’s revenue was up 60.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.07 EPS. analysts forecast that Square, Inc. will post -0.04 EPS for the current year.
In other news, CEO Jack Dorsey sold 103,035 shares of the company’s stock in a transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Morgan Jr. Mckelvey sold 400,000 shares of the company’s stock in a transaction on Monday, June 11th. The stock was sold at an average price of $61.56, for a total value of $24,624,000.00. Following the sale, the director now owns 468,223 shares of the company’s stock, valued at $28,823,807.88. The disclosure for this sale can be found here. Insiders sold a total of 1,655,076 shares of company stock valued at $114,371,232 over the last quarter. 27.99% of the stock is currently owned by insiders.
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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