Square (NYSE:SQ) was downgraded by equities research analysts at Stephens from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports.
Several other analysts have also issued reports on the company. Nomura upped their target price on Square from $65.00 to $82.00 and gave the stock a “buy” rating in a report on Thursday, June 21st. KeyCorp reiterated an “overweight” rating and set a $70.00 target price (up previously from $55.00) on shares of Square in a report on Tuesday, June 19th. Raymond James assumed coverage on Square in a report on Friday, June 15th. They set a “market perform” rating on the stock. They noted that the move was a valuation call. Wells Fargo & Co upped their target price on Square from $42.00 to $60.00 and gave the stock an “underperform” rating in a report on Thursday, June 14th. Finally, Buckingham Research lowered Square from a “buy” rating to a “neutral” rating and upped their target price for the stock from $55.00 to $65.00 in a report on Wednesday, June 13th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty-three have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $49.54.
Shares of Square opened at $60.09 on Tuesday, Marketbeat Ratings reports. The stock has a market capitalization of $24.80 billion, a PE ratio of -600.90 and a beta of 4.32. Square has a one year low of $22.66 and a one year high of $69.40. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.76 and a current ratio of 1.76.
In other news, insider Jacqueline D. Reses sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, April 2nd. The stock was sold at an average price of $47.76, for a total value of $716,400.00. Following the transaction, the insider now owns 589,283 shares of the company’s stock, valued at $28,144,156.08. The transaction 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, June 11th. The shares were sold at an average price of $61.56, for a total value of $24,624,000.00. Following the completion of the transaction, the director now directly owns 468,223 shares in the company, valued at approximately $28,823,807.88. The disclosure for this sale can be found here. Insiders sold 1,250,315 shares of company stock worth $68,079,756 in the last ninety days. 27.99% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the stock. California State Teachers Retirement System grew its position in Square by 2.2% during the fourth quarter. California State Teachers Retirement System now owns 400,433 shares of the technology company’s stock worth $13,883,000 after buying an additional 8,626 shares in the last quarter. Oppenheimer & Co. Inc. grew its position in Square by 145.8% during the first quarter. Oppenheimer & Co. Inc. now owns 64,183 shares of the technology company’s stock worth $3,158,000 after buying an additional 38,069 shares in the last quarter. Sciencast Management LP acquired a new stake in Square during the fourth quarter worth approximately $547,000. AMP Capital Investors Ltd acquired a new stake in Square during the fourth quarter worth approximately $2,244,000. Finally, Macquarie Group Ltd. grew its position in Square by 167.2% during the fourth quarter. Macquarie Group Ltd. now owns 536,158 shares of the technology company’s stock worth $18,589,000 after buying an additional 335,505 shares in the last quarter. 52.14% of the stock is currently owned by institutional investors and hedge funds.
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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