Morgan Stanley Reiterates “Equal Weight” Rating for Square Inc (SQ)
Square Inc (NYSE:SQ)‘s stock had its “equal weight” rating reissued by research analysts at Morgan Stanley in a research note issued on Friday. They presently have a $20.00 price objective on the technology company’s stock, up from their prior price objective of $17.00. Morgan Stanley’s target price would indicate a potential upside of 0.45% from the company’s current price.
SQ has been the subject of several other reports. Mizuho reissued a “buy” rating on shares of Square in a research note on Monday, March 20th. Instinet raised their price target on Square from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, March 6th. Vetr upgraded Square from a “buy” rating to a “strong-buy” rating and set a $22.17 price target on the stock in a research report on Thursday, May 11th. Citigroup Inc initiated coverage on Square in a research report on Friday, February 17th. They issued a “buy” rating and a $20.00 price target on the stock. Finally, Canaccord Genuity restated a “hold” rating and issued a $16.00 price target (up from $14.00) on shares of Square in a research report on Tuesday, February 21st. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $18.51.
Shares of Square (NYSE:SQ) opened at 19.91 on Friday. Square has a one year low of $8.42 and a one year high of $20.69. The stock has a 50 day moving average price of $18.32 and a 200 day moving average price of $15.51. The firm’s market cap is $7.45 billion.
Square (NYSE:SQ) last released its earnings results on Wednesday, May 3rd. The technology company reported ($0.03) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.05. The company had revenue of $461.55 million during the quarter, compared to analysts’ expectations of $450.66 million. Square had a negative return on equity of 31.99% and a negative net margin of 12.55%. On average, equities research analysts forecast that Square will post ($0.19) EPS for the current year.
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In other Square news, insider Alyssa Henry sold 5,406 shares of the business’s stock in a transaction that occurred on Wednesday, April 26th. The stock was sold at an average price of $18.23, for a total transaction of $98,551.38. Following the transaction, the insider now owns 475,238 shares of the company’s stock, valued at $8,663,588.74. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Ventures Iii L.P. Khosla sold 1,000,000 shares of the business’s stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $17.30, for a total value of $17,300,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,183,338 shares of company stock worth $56,299,960. Company insiders own 42.60% of the company’s stock.
Several large investors have recently modified their holdings of the company. Pacer Advisors Inc. boosted its stake in shares of Square by 22.7% in the first quarter. Pacer Advisors Inc. now owns 5,883 shares of the technology company’s stock worth $102,000 after buying an additional 1,090 shares in the last quarter. Glassman Wealth Services boosted its stake in shares of Square by 1,987.3% in the first quarter. Glassman Wealth Services now owns 6,575 shares of the technology company’s stock worth $114,000 after buying an additional 6,260 shares in the last quarter. Old Mutual Global Investors UK Ltd. purchased a new stake in shares of Square during the first quarter worth about $131,000. FNY Partners Fund LP boosted its stake in shares of Square by 55.4% in the first quarter. FNY Partners Fund LP now owns 10,100 shares of the technology company’s stock worth $174,000 after buying an additional 3,600 shares in the last quarter. Finally, Two Sigma Securities LLC purchased a new stake in shares of Square during the third quarter worth about $118,000. Institutional investors own 24.28% of the company’s stock.
Square Company Profile
Square, Inc (Square) is a commerce ecosystem. The Company enables its sellers start, run and grow their businesses. It combines software with hardware to enable sellers to turn mobile devices and computing devices into payments and point-of-sale solutions. Once a seller downloads the Square Point of Sale mobile application, they can take their first payment.
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