Zacks: Analysts Expect Square, Inc. (SQ) Will Post Quarterly Sales of $860.52 Million

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Equities research analysts expect that Square, Inc. (NYSE:SQ) will announce sales of $860.52 million for the current fiscal quarter, Zacks reports. Nine analysts have issued estimates for Square’s earnings, with the lowest sales estimate coming in at $825.60 million and the highest estimate coming in at $869.30 million. Square reported sales of $585.16 million during the same quarter last year, which would suggest a positive year over year growth rate of 47.1%. The business is expected to report its next quarterly earnings report after the market closes on Wednesday, November 7th.

According to Zacks, analysts expect that Square will report full year sales of $3.23 billion for the current financial year, with estimates ranging from $3.09 billion to $3.27 billion. For the next financial year, analysts forecast that the business will report sales of $4.27 billion, with estimates ranging from $4.11 billion to $4.48 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow Square.

Square (NYSE:SQ) last announced its earnings results on Wednesday, August 1st. The technology company reported $0.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.14. Square had a negative net margin of 2.30% and a negative return on equity of 3.18%. The business had revenue of $385.00 million for the quarter, compared to analyst estimates of $367.99 million. During the same quarter last year, the business earned $0.07 earnings per share. The company’s revenue for the quarter was up 60.4% compared to the same quarter last year.

Several analysts have recently issued reports on the stock. Buckingham Research upgraded shares of Square from a “neutral” rating to a “buy” rating and lifted their target price for the company from $65.00 to $85.00 in a research report on Monday, August 6th. Credit Suisse Group upgraded shares of Square from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $44.00 to $81.00 in a research report on Thursday, July 19th. Oppenheimer lowered shares of Square from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 10th. Citigroup lifted their target price on shares of Square from $47.00 to $67.00 and gave the company a “neutral” rating in a research report on Thursday, June 28th. Finally, Guggenheim raised their price target on shares of Square from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, August 29th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $72.39.

In other Square news, CEO Jack Dorsey sold 103,035 shares of Square stock in a transaction dated Wednesday, October 3rd. The shares were sold at an average price of $97.67, for a total transaction of $10,063,428.45. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Sivan Whiteley sold 1,875 shares of Square stock in a transaction dated Thursday, August 2nd. The stock was sold at an average price of $69.84, for a total transaction of $130,950.00. Following the transaction, the insider now directly owns 526,299 shares in the company, valued at $36,756,722.16. The disclosure for this sale can be found here. Insiders have sold 1,888,510 shares of company stock worth $156,182,876 over the last ninety days. 27.99% of the stock is owned by insiders.

A number of hedge funds have recently modified their holdings of the business. Bank of Montreal Can raised its stake in Square by 14.9% during the third quarter. Bank of Montreal Can now owns 179,451 shares of the technology company’s stock worth $17,767,000 after purchasing an additional 23,326 shares during the period. Gofen & Glossberg LLC IL acquired a new stake in shares of Square during the third quarter valued at about $383,000. Iberiabank Corp acquired a new stake in shares of Square during the third quarter valued at about $295,000. DNB Asset Management AS increased its position in shares of Square by 22.3% during the third quarter. DNB Asset Management AS now owns 31,566 shares of the technology company’s stock valued at $3,125,000 after acquiring an additional 5,766 shares during the last quarter. Finally, EFG Asset Management Americas Corp. increased its position in shares of Square by 10.1% during the third quarter. EFG Asset Management Americas Corp. now owns 57,966 shares of the technology company’s stock valued at $5,739,000 after acquiring an additional 5,312 shares during the last quarter. 51.86% of the stock is currently owned by institutional investors.

Shares of NYSE SQ traded up $4.94 during trading on Monday, hitting $73.97. The company had a trading volume of 38,083,201 shares, compared to its average volume of 13,064,450. Square has a fifty-two week low of $31.44 and a fifty-two week high of $101.15. The firm has a market cap of $40.64 billion, a price-to-earnings ratio of -739.70 and a beta of 4.33. The company has a quick ratio of 2.18, a current ratio of 2.18 and a debt-to-equity ratio of 0.99.

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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