Square (NYSE:SQ) Downgraded to Hold at Canaccord Genuity

Square (NYSE:SQ) was downgraded by analysts at Canaccord Genuity from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, Briefing.com Automated Import reports.

Several other analysts have also weighed in on the stock. Argus initiated coverage on shares of Square in a research report on Monday, July 8th. They set a “buy” rating and a $94.00 target price on the stock. SunTrust Banks upgraded shares of Square from a “hold” rating to a “buy” rating in a research report on Tuesday, September 3rd. Wedbush reiterated a “neutral” rating on shares of Square in a research report on Monday, July 1st. BMO Capital Markets lifted their target price on shares of Square from $91.00 to $92.00 and gave the company a “market perform” rating in a research report on Monday, August 5th. Finally, ValuEngine lowered shares of Square from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating and twenty have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $82.31.

NYSE:SQ opened at $59.20 on Thursday. The firm’s 50-day moving average is $66.46 and its 200-day moving average is $71.03. Square has a 52-week low of $49.82 and a 52-week high of $101.15. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.49 and a current ratio of 1.49. The company has a market cap of $26.26 billion, a price-to-earnings ratio of 2,960.00, a PEG ratio of 20.89 and a beta of 3.41.

Square (NYSE:SQ) last posted its quarterly earnings data on Thursday, August 1st. The technology company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.20. Square had a negative net margin of 1.35% and a positive return on equity of 2.65%. The company had revenue of $563.00 million for the quarter, compared to the consensus estimate of $557.67 million. During the same quarter in the previous year, the firm posted $0.13 EPS. The business’s revenue was up 46.2% compared to the same quarter last year. Equities analysts predict that Square will post 0.12 EPS for the current year.

In other news, CAO Ajmere Dale sold 2,048 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $62.47, for a total transaction of $127,938.56. Following the transaction, the chief accounting officer now directly owns 64,050 shares in the company, valued at $4,001,203.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jacqueline D. Reses sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $81.83, for a total transaction of $409,150.00. Following the transaction, the insider now owns 373,984 shares in the company, valued at $30,603,110.72. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 57,001 shares of company stock worth $4,090,629. Company insiders own 21.79% of the company’s stock.

Several hedge funds have recently made changes to their positions in SQ. Western Wealth Management LLC raised its stake in shares of Square by 1.9% during the first quarter. Western Wealth Management LLC now owns 14,395 shares of the technology company’s stock worth $1,063,000 after buying an additional 270 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Square by 100.9% during the first quarter. Envestnet Asset Management Inc. now owns 70,549 shares of the technology company’s stock worth $5,286,000 after buying an additional 35,438 shares during the last quarter. State of Wisconsin Investment Board raised its stake in shares of Square by 81.0% during the first quarter. State of Wisconsin Investment Board now owns 177,665 shares of the technology company’s stock worth $13,311,000 after buying an additional 79,533 shares during the last quarter. Eagle Asset Management Inc. raised its stake in shares of Square by 2.4% during the second quarter. Eagle Asset Management Inc. now owns 729,344 shares of the technology company’s stock worth $52,899,000 after buying an additional 17,417 shares during the last quarter. Finally, Tributary Capital Management LLC bought a new stake in shares of Square during the second quarter worth approximately $1,472,000. Institutional investors own 55.74% of the company’s stock.

Square Company Profile

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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Analyst Recommendations for Square (NYSE:SQ)

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