United Services Automobile Association decreased its holdings in Square, Inc. (NYSE:SQ) by 2.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 133,728 shares of the technology company’s stock after selling 3,777 shares during the quarter. United Services Automobile Association’s holdings in Square were worth $13,240,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Columbia Asset Management purchased a new stake in Square in the 3rd quarter valued at about $114,000. Panagora Asset Management Inc. purchased a new stake in Square in the 3rd quarter valued at about $119,000. Girard Partners LTD. purchased a new stake in Square in the 3rd quarter valued at about $138,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Square in the 3rd quarter valued at about $155,000. Finally, Centaurus Financial Inc. purchased a new stake in Square in the 2nd quarter valued at about $100,000. 48.16% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Alyssa Henry sold 25,000 shares of Square stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $88.13, for a total value of $2,203,250.00. Following the completion of the transaction, the insider now directly owns 469,544 shares in the company, valued at approximately $41,380,912.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sivan Whiteley sold 5,224 shares of Square stock in a transaction that occurred on Tuesday, October 2nd. The shares were sold at an average price of $99.41, for a total transaction of $519,317.84. Following the completion of the transaction, the insider now owns 490,344 shares of the company’s stock, valued at $48,745,097.04. The disclosure for this sale can be found here. Insiders sold a total of 2,482,286 shares of company stock valued at $194,762,300 over the last quarter. 27.99% of the stock is owned by company insiders.
SQ has been the subject of several analyst reports. Stifel Nicolaus reiterated a “buy” rating and issued a $100.00 price objective (up previously from $76.00) on shares of Square in a research note on Wednesday, September 19th. BTIG Research began coverage on shares of Square in a research note on Thursday, October 11th. They set a “sell” rating for the company. Canaccord Genuity upgraded shares of Square from a “hold” rating to a “buy” rating and raised their price target for the stock from $60.00 to $90.00 in a research note on Friday, October 12th. Credit Suisse Group raised their price target on shares of Square from $81.00 to $94.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 10th. Finally, Buckingham Research raised their price target on shares of Square from $85.00 to $105.00 and gave the stock a “buy” rating in a research note on Wednesday, September 26th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nineteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $82.89.
Square stock opened at $60.78 on Friday. Square, Inc. has a 1-year low of $34.14 and a 1-year high of $101.15. The company has a market capitalization of $27.16 billion, a P/E ratio of -607.80 and a beta of 4.24. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 0.80.
Square (NYSE:SQ) last released its quarterly earnings data on Wednesday, November 7th. The technology company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. Square had a negative net margin of 0.87% and a negative return on equity of 1.11%. The business had revenue of $431.00 million during the quarter, compared to analyst estimates of $414.19 million. During the same period in the previous year, the business earned $0.07 EPS. Square’s revenue was up 67.7% compared to the same quarter last year. Sell-side analysts forecast that Square, Inc. will post -0.02 EPS for the current year.
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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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