Pittenger & Anderson Inc. cut its holdings in shares of Square, Inc. (NYSE:SQ) by 14.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,240 shares of the technology company’s stock after selling 1,925 shares during the period. Pittenger & Anderson Inc.’s holdings in Square were worth $1,113,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Boston Family Office LLC bought a new stake in Square during the 2nd quarter worth approximately $341,000. Cognios Capital LLC grew its position in Square by 18.2% during the 2nd quarter. Cognios Capital LLC now owns 24,549 shares of the technology company’s stock worth $1,513,000 after acquiring an additional 3,779 shares during the last quarter. Brighton Jones LLC lifted its holdings in Square by 39.1% during the 2nd quarter. Brighton Jones LLC now owns 11,572 shares of the technology company’s stock worth $713,000 after buying an additional 3,251 shares in the last quarter. NumerixS Investment Technologies Inc lifted its holdings in Square by 46.7% during the 2nd quarter. NumerixS Investment Technologies Inc now owns 39,000 shares of the technology company’s stock worth $2,400,000 after buying an additional 12,420 shares in the last quarter. Finally, ING Groep NV acquired a new position in Square during the 2nd quarter worth $200,000. Institutional investors and hedge funds own 51.86% of the company’s stock.
Several research firms have issued reports on SQ. Canaccord Genuity raised Square from a “hold” rating to a “buy” rating in a report on Friday. BTIG Research began coverage on Square in a report on Thursday. They set a “sell” rating on the stock. Credit Suisse Group upped their price objective on Square from $81.00 to $94.00 and gave the stock an “outperform” rating in a report on Wednesday. Goldman Sachs Group upped their price objective on Square from $77.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, October 8th. Finally, KeyCorp reaffirmed an “overweight” rating and set a $115.00 price objective (up previously from $75.00) on shares of Square in a report on Tuesday, October 2nd. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $70.82.
In related news, CEO Jack Dorsey sold 103,035 shares of the firm’s stock in a transaction on Wednesday, October 10th. The stock was sold at an average price of $80.38, for a total transaction of $8,281,953.30. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director James Morgan Jr. Mckelvey sold 400,000 shares of the firm’s stock in a transaction on Friday, August 10th. The stock was sold at an average price of $71.26, for a total value of $28,504,000.00. Following the sale, the director now directly owns 472,175 shares in the company, valued at approximately $33,647,190.50. The disclosure for this sale can be found here. In the last three months, insiders sold 1,888,510 shares of company stock worth $156,182,876. 27.99% of the stock is currently owned by company insiders.
SQ stock opened at $73.97 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.18 and a current ratio of 2.18. The firm has a market capitalization of $40.64 billion, a PE ratio of -739.70 and a beta of 4.33. Square, Inc. has a twelve month low of $31.44 and a twelve month high of $101.15.
Square (NYSE:SQ) last posted its quarterly earnings results on Wednesday, August 1st. The technology company reported $0.13 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.14. The company had revenue of $385.00 million for 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%. The firm’s quarterly revenue was up 60.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.07 EPS. On average, analysts expect that Square, Inc. will post -0.04 earnings per share for the current fiscal year.
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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