Square, Inc. (SQ) Now Covered by Analysts at CIBC
Research analysts at CIBC assumed coverage on shares of Square, Inc. (NYSE:SQ) in a research report issued to clients and investors on Thursday. The firm set an “outperform” rating and a $35.00 price target on the technology company’s stock. CIBC’s price objective suggests a potential upside of 6.67% from the company’s previous close.
Several other research analysts have also recently weighed in on SQ. Credit Suisse Group lowered shares of Square from an “outperform” rating to a “neutral” rating and lifted their price objective for the stock from $20.00 to $25.00 in a research report on Friday, June 16th. Mizuho started coverage on shares of Square in a research report on Wednesday, June 28th. They issued a “buy” rating and a $28.00 price objective on the stock. Vetr raised shares of Square from a “buy” rating to a “strong-buy” rating and set a $26.28 price target on the stock in a research report on Tuesday, July 4th. Citigroup Inc. boosted their price target on shares of Square from $23.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, July 6th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $28.00 price target on shares of Square in a research report on Thursday, July 6th. Thirteen research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. Square has a consensus rating of “Buy” and an average target price of $26.11.
Shares of Square (NYSE SQ) traded up 2.53% during midday trading on Thursday, hitting $32.81. The stock had a trading volume of 10,518,921 shares. Square has a 1-year low of $10.88 and a 1-year high of $33.16. The firm’s market cap is $12.59 billion. The firm has a 50-day moving average price of $27.91 and a 200-day moving average price of $23.62.
Square (NYSE:SQ) last posted its quarterly earnings results on Wednesday, August 2nd. The technology company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The business had revenue of $240.00 million during the quarter, compared to analysts’ expectations of $228.64 million. Square had a negative net margin of 4.13% and a negative return on equity of 12.41%. The business’s quarterly revenue was up 40.4% on a year-over-year basis. During the same period last year, the company posted ($0.08) earnings per share. On average, equities analysts anticipate that Square will post $0.24 EPS for the current fiscal year.
In other Square news, CFO Sarah Friar sold 19,200 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $26.25, for a total transaction of $504,000.00. Following the sale, the chief financial officer now owns 368,791 shares in the company, valued at approximately $9,680,763.75. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James Morgan Jr. Mckelvey sold 400,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $25.02, for a total transaction of $10,008,000.00. Following the sale, the director now owns 507,385 shares in the company, valued at approximately $12,694,772.70. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 972,800 shares of company stock worth $25,520,512. Insiders own 32.68% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Almanack Investment Partners LLC. bought a new stake in Square in the second quarter worth $117,000. Pacer Advisors Inc. increased its position in 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 purchasing an additional 1,090 shares during the last quarter. Riverhead Capital Management LLC bought a new stake in Square in the second quarter worth $149,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Square by 19.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,752 shares of the technology company’s stock worth $158,000 after purchasing an additional 1,099 shares during the last quarter. Finally, CENTRAL TRUST Co increased its position in Square by 683.7% in the second quarter. CENTRAL TRUST Co now owns 8,613 shares of the technology company’s stock worth $203,000 after purchasing an additional 7,514 shares during the last quarter. Hedge funds and other institutional investors own 53.83% of the company’s stock.
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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