Square’s (SQ) Positive Rating Reiterated at Credit Suisse Group
Credit Suisse Group reaffirmed their positive rating on shares of Square, Inc. (NYSE:SQ) in a research note published on Monday. Credit Suisse Group currently has a $37.00 price target on the technology company’s stock, up from their prior price target of $31.00.
Several other research firms also recently commented on SQ. Zacks Investment Research upgraded Square from a hold rating to a buy rating and set a $32.00 price objective for the company in a report on Tuesday, October 3rd. Barclays PLC lifted their price objective on Square from $28.00 to $37.00 and gave the stock an overweight rating in a report on Thursday, November 9th. Canaccord Genuity reissued a hold rating and issued a $26.00 target price (up from $18.00) on shares of Square in a research report on Wednesday, August 9th. Vetr cut Square from a buy rating to a hold rating and set a $31.08 target price on the stock. in a research report on Wednesday, October 4th. Finally, Deutsche Bank AG raised their target price on Square to $37.00 and gave the stock a buy rating in a research report on Tuesday, October 31st. Fifteen research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. The company has a consensus rating of Buy and an average price target of $33.44.
Shares of Square (NYSE:SQ) opened at $48.81 on Monday. Square has a twelve month low of $12.32 and a twelve month high of $49.55. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.48.
Square (NYSE:SQ) last released its quarterly earnings data on Wednesday, November 8th. The technology company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.05 by $0.02. Square had a negative return on equity of 7.98% and a negative net margin of 3.04%. The company had revenue of $257.12 million during the quarter, compared to the consensus estimate of $244.95 million. During the same period last year, the company earned $0.01 EPS. Square’s revenue for the quarter was up 44.6% on a year-over-year basis. sell-side analysts predict that Square will post -0.16 EPS for the current fiscal year.
In other news, insider Hillary B. Smith sold 3,459 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $38.95, for a total transaction of $134,728.05. Following the transaction, the insider now owns 641,154 shares of the company’s stock, valued at approximately $24,972,948.30. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director James Morgan Jr. Mckelvey sold 400,000 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $39.15, for a total value of $15,660,000.00. Following the transaction, the director now directly owns 507,732 shares in the company, valued at approximately $19,877,707.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,337,191 shares of company stock worth $44,138,761. Corporate insiders own 32.68% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SQ. Teachers Advisors LLC grew its position in Square by 11.6% in the 1st quarter. Teachers Advisors LLC now owns 256,516 shares of the technology company’s stock valued at $4,433,000 after acquiring an additional 26,712 shares during the last quarter. Legal & General Group Plc grew its position in Square by 2,210.9% in the 1st quarter. Legal & General Group Plc now owns 28,540 shares of the technology company’s stock valued at $493,000 after acquiring an additional 27,305 shares during the last quarter. Geode Capital Management LLC grew its position in Square by 12.9% in the 1st quarter. Geode Capital Management LLC now owns 230,557 shares of the technology company’s stock valued at $3,984,000 after acquiring an additional 26,262 shares during the last quarter. BlackRock Inc. grew its position in Square by 7,162.2% in the 1st quarter. BlackRock Inc. now owns 5,383,325 shares of the technology company’s stock valued at $93,023,000 after acquiring an additional 5,309,197 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its position in Square by 101.7% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 45,653 shares of the technology company’s stock valued at $789,000 after acquiring an additional 23,021 shares during the last quarter. 53.64% of the stock is currently owned by hedge funds and other institutional investors.
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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