Citigroup upgraded shares of Square (NYSE:SQ) from a neutral rating to a buy rating in a research note published on Tuesday morning, MarketBeat reports. The brokerage currently has $90.00 price objective on the technology company’s stock.
Other analysts have also recently issued reports about the company. JPMorgan Chase & Co. upped their target price on Square from $45.00 to $46.00 and gave the company a $71.60 rating in a research report on Monday, July 23rd. Needham & Company LLC upped their target price on Square from $65.00 to $75.00 and gave the company a buy rating in a research report on Thursday, August 2nd. Stifel Nicolaus upped their target price on Square from $66.00 to $72.00 and gave the company a buy rating in a research report on Tuesday, July 31st. Deutsche Bank upped their target price on Square from $57.00 to $78.00 and gave the company a buy rating in a research report on Tuesday, July 24th. Finally, Guggenheim reissued a buy rating and issued a $73.00 target price on shares of Square in a research report on Friday, July 13th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Hold and an average target price of $78.59.
Shares of NYSE:SQ traded down $1.96 on Tuesday, hitting $73.27. 17,254,739 shares of the company’s stock were exchanged, compared to its average volume of 20,881,962. The stock has a market cap of $33.94 billion, a P/E ratio of -732.70 and a beta of 4.30. Square has a 1-year low of $34.14 and a 1-year high of $101.15. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.18 and a current ratio of 2.18.
Square (NYSE:SQ) last announced its earnings results on Wednesday, November 7th. The technology company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The firm had revenue of $431.00 million during the quarter, compared to analysts’ expectations of $414.19 million. Square had a negative return on equity of 1.18% and a negative net margin of 0.87%. The business’s revenue was up 67.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.07 EPS. On average, equities research analysts predict that Square will post -0.04 EPS for the current year.
In other news, Director James Morgan Jr. Mckelvey sold 400,000 shares of the stock in a transaction that occurred on Tuesday, September 18th. The stock was sold at an average price of $88.04, for a total transaction of $35,216,000.00. Following the completion of the transaction, the director now directly owns 472,175 shares of the company’s stock, valued at approximately $41,570,287. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Jack Dorsey sold 103,035 shares of the stock in a transaction that occurred on Wednesday, October 31st. The stock was sold at an average price of $71.78, for a total value of $7,395,852.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,300,650 shares of company stock valued at $187,755,700. 27.99% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the company. FIL Ltd grew its holdings in shares of Square by 75.2% in the 3rd quarter. FIL Ltd now owns 2,965,450 shares of the technology company’s stock worth $293,609,000 after acquiring an additional 1,272,790 shares during the period. American Century Companies Inc. grew its holdings in shares of Square by 2,070.5% in the 2nd quarter. American Century Companies Inc. now owns 827,790 shares of the technology company’s stock worth $51,025,000 after acquiring an additional 789,651 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of Square by 85.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,450,154 shares of the technology company’s stock worth $143,579,000 after acquiring an additional 668,394 shares during the period. Korea Investment CORP acquired a new stake in shares of Square in the 2nd quarter worth approximately $36,435,000. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Square by 8.1% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,700,722 shares of the technology company’s stock worth $289,753,000 after acquiring an additional 353,037 shares during the period. 51.25% of the stock is owned by institutional investors and hedge funds.
Square Company Profile
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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