Square, Inc. (SQ) Shares Gap Up After Analyst Upgrade

Square, Inc. (NYSE:SQ) gapped up before the market opened on Thursday after Nomura raised their price target on the stock from $45.00 to $48.00. The stock had previously closed at $40.75, but opened at $40.95. Nomura currently has a buy rating on the stock. Square shares last traded at $41.88, with a volume of 12430000 shares changing hands.

SQ has been the subject of several other research reports. Citigroup Inc. lifted their price objective on shares of Square from $30.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 18th. Vetr downgraded shares of Square from a “strong-buy” rating to a “buy” rating and set a $30.12 target price on the stock. in a report on Tuesday, September 12th. Zacks Investment Research upgraded shares of Square from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a report on Tuesday, August 1st. Oppenheimer Holdings, Inc. began coverage on shares of Square in a report on Thursday, October 12th. They issued an “outperform” rating and a $35.00 target price on the stock. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $24.00 target price on shares of Square in a report on Wednesday, July 26th. Fourteen equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $32.37.

In other news, insider Ajmere Dale sold 20,286 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $39.12, for a total transaction of $793,588.32. Following the transaction, the insider now directly owns 134,518 shares in the company, valued at $5,262,344.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Morgan Jr. Mckelvey sold 400,000 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $39.15, for a total transaction of $15,660,000.00. Following the transaction, the director now owns 507,732 shares in the company, valued at $19,877,707.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,394,791 shares of company stock worth $45,611,401. Company insiders own 32.68% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Neuberger Berman Group LLC lifted its holdings in Square by 5,187.9% in the third quarter. Neuberger Berman Group LLC now owns 540,000 shares of the technology company’s stock valued at $15,557,000 after buying an additional 529,788 shares during the period. California Public Employees Retirement System lifted its holdings in Square by 4.1% in the third quarter. California Public Employees Retirement System now owns 368,151 shares of the technology company’s stock valued at $10,606,000 after buying an additional 14,451 shares during the period. Ladenburg Thalmann Financial Services Inc. lifted its holdings in Square by 256.0% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 59,112 shares of the technology company’s stock valued at $1,701,000 after buying an additional 42,506 shares during the period. Whale Rock Capital Management LLC acquired a new position in Square in the third quarter valued at approximately $44,337,000. Finally, Janus Henderson Group PLC acquired a new position in Square in the third quarter valued at approximately $5,039,000. Institutional investors and hedge funds own 53.24% of the company’s stock.

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 announced its quarterly earnings data on Wednesday, November 8th. The technology company reported $0.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.02. Square had a negative net margin of 3.04% and a negative return on equity of 7.98%. The business had revenue of $257.12 million for the quarter, compared to analyst estimates of $244.95 million. During the same period in the prior year, the business posted $0.01 earnings per share. Square’s revenue was up 44.6% compared to the same quarter last year. analysts expect that Square, Inc. will post -0.16 earnings per share for the current year.

TRADEMARK VIOLATION NOTICE: This article was posted by Week Herald and is the property of of Week Herald. If you are reading this article on another site, it was illegally copied and republished in violation of U.S. and international copyright & trademark laws. The original version of this article can be viewed at https://weekherald.com/2017/11/16/square-inc-sq-shares-gap-up-after-analyst-upgrade.html.

Square Company Profile

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.

Receive News & Ratings for Square Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Square Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply