Square Inc. (SQ) Research Coverage Started at Credit Suisse Group AG
Research analysts at Credit Suisse Group AG assumed coverage on shares of Square Inc. (NYSE:SQ) in a research report issued to clients and investors on Wednesday. The brokerage set a “neutral” rating and a $12.00 price target on the stock. Credit Suisse Group AG’s target price points to a potential upside of 5.82% from the company’s current price. The analysts noted that the move was a valuation call.
A number of other equities analysts also recently weighed in on SQ. Evercore ISI started coverage on shares of Square in a research note on Tuesday, June 21st. They set a “hold” rating and a $7.00 target price for the company. Vetr downgraded shares of Square from a “strong-buy” rating to a “buy” rating and set a $10.20 target price for the company. in a research note on Tuesday, June 21st. Morgan Stanley reaffirmed an “equal weight” rating and set a $10.00 target price (down previously from $12.00) on shares of Square in a research note on Thursday, June 30th. Wedbush raised shares of Square from an “underperform” rating to a “neutral” rating and set a $8.00 target price for the company in a research note on Friday, July 1st. They noted that the move was a valuation call. Finally, BTIG Research reaffirmed a “buy” rating and set a $12.00 target price on shares of Square in a research note on Friday, July 8th. Seventeen equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $12.72.
Square (NYSE:SQ) traded down 0.35% during trading on Wednesday, reaching $11.30. The company had a trading volume of 1,034,866 shares. The firm’s 50 day moving average price is $11.58 and its 200 day moving average price is $11.11. Square has a 12-month low of $8.06 and a 12-month high of $15.91. The firm’s market capitalization is $3.86 billion.
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Square (NYSE:SQ) last announced its earnings results on Wednesday, August 3rd. The company reported ($0.08) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.11) by $0.03. Square had a negative net margin of 14.85% and a negative return on equity of 37.14%. The business earned $439 million during the quarter, compared to the consensus estimate of $406.93 million. The company’s quarterly revenue was up 54.1% compared to the same quarter last year. Equities research analysts forecast that Square will post ($0.60) EPS for the current year.
In related news, Director James Morgan Jr. Mckelvey sold 400,000 shares of Square stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $11.27, for a total transaction of $4,508,000.00. Following the transaction, the director now owns 424,837 shares in the company, valued at approximately $4,787,912.99. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Lawrence Henry Summers sold 23,125 shares of Square stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $12.50, for a total transaction of $289,062.50. Following the transaction, the director now owns 50,507 shares in the company, valued at approximately $631,337.50. The disclosure for this sale can be found here. Corporate insiders own 42.60% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cambridge Investment Research Advisors Inc. purchased a new position in Square during the second quarter worth $107,000. Ancora Inverness LLC purchased a new position in Square during the second quarter worth $109,000. Emerald Acquisition Ltd. purchased a new position in Square during the second quarter worth $115,000. Passport Capital LLC purchased a new position in Square during the second quarter worth $116,000. Finally, HighTower Advisors LLC purchased a new position in Square during the second quarter worth $121,000. Institutional investors own 16.89% of the company’s stock.
Square Company Profile
Square, Inc enables payment processing, and also offers financial and marketing services. The Company provides sellers various tools to start, run, manage and grow their businesses. It serves sellers of all sizes, ranging from a single vendor at a farmers’ market to multinational businesses. It serves as a payment service provider, acting as the touch point for the seller to the rest of the payment chain.
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