Square (NYSE:SQ) Given “Buy” Rating at Bank of America

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Square (NYSE:SQ)‘s stock had its “buy” rating reissued by stock analysts at Bank of America in a report released on Wednesday, AnalystRatings.com reports. They presently have a $72.00 price objective on the technology company’s stock. Bank of America‘s price target points to a potential upside of 37.43% from the stock’s previous close.

Several other research firms also recently issued reports on SQ. Royal Bank of Canada restated a “buy” rating and issued a $85.00 price target on shares of Square in a research note on Monday, March 9th. Morgan Stanley reduced their price target on Square from $75.00 to $41.00 and set an “equal weight” rating for the company in a research note on Monday. ValuEngine downgraded Square from a “buy” rating to a “hold” rating in a research note on Tuesday, February 4th. UBS Group reduced their price target on Square from $88.00 to $54.00 and set a “buy” rating for the company in a research note on Friday, March 20th. Finally, Atlantic Securities upgraded Square from an “underweight” rating to a “neutral” rating and set a $44.00 price target for the company in a research note on Tuesday, March 17th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and eighteen have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $67.32.

NYSE:SQ traded up $6.08 during mid-day trading on Wednesday, hitting $52.39. 34,902,537 shares of the stock were exchanged, compared to its average volume of 12,601,106. The firm’s 50-day simple moving average is $70.92 and its 200 day simple moving average is $66.03. The stock has a market capitalization of $17.41 billion, a price-to-earnings ratio of 67.17, a price-to-earnings-growth ratio of 78.11 and a beta of 2.71. Square has a fifty-two week low of $32.33 and a fifty-two week high of $87.25. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.90 and a current ratio of 1.90.

Square (NYSE:SQ) last released its quarterly earnings results on Wednesday, February 26th. The technology company reported $0.23 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.02. The business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.19 billion. Square had a return on equity of 6.57% and a net margin of 7.97%. On average, analysts predict that Square will post 0.02 EPS for the current fiscal year.

In other news, insider Jacqueline D. Reses sold 82,720 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $63.64, for a total transaction of $5,264,300.80. Following the sale, the insider now directly owns 248,534 shares in the company, valued at $15,816,703.76. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jacqueline D. Reses sold 5,596 shares of the business’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $70.98, for a total value of $397,204.08. Following the sale, the insider now owns 229,652 shares in the company, valued at $16,300,698.96. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,316 shares of company stock worth $7,064,905. 21.79% of the stock is currently owned by company insiders.

Several large investors have recently added to or reduced their stakes in the company. Capital World Investors grew its holdings in shares of Square by 86.1% during the fourth quarter. Capital World Investors now owns 17,798,895 shares of the technology company’s stock worth $1,113,499,000 after purchasing an additional 8,237,229 shares during the last quarter. Bares Capital Management Inc. increased its position in shares of Square by 6.6% during the fourth quarter. Bares Capital Management Inc. now owns 5,185,949 shares of the technology company’s stock worth $324,433,000 after buying an additional 321,411 shares during the period. ARK Investment Management LLC increased its position in shares of Square by 9.5% during the fourth quarter. ARK Investment Management LLC now owns 3,747,978 shares of the technology company’s stock worth $234,474,000 after buying an additional 323,893 shares during the period. Norges Bank bought a new position in Square during the fourth quarter worth $228,755,000. Finally, Massachusetts Financial Services Co. MA raised its stake in Square by 9.1% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,422,268 shares of the technology company’s stock worth $214,097,000 after buying an additional 284,583 shares during the last quarter. Institutional investors own 58.59% of the company’s stock.

About Square

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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