Pacific Crest Upgrades Square Inc. (SQ) to “Overweight”
Square Inc. (NYSE:SQ) was upgraded by investment analysts at Pacific Crest to an “overweight” rating in a research note issued to investors on Wednesday. The firm currently has a $15.00 price target on the stock. Pacific Crest’s price objective would suggest a potential upside of 15.92% from the stock’s current price.
Other analysts also recently issued reports about the stock. Vetr raised shares of Square from a “sell” rating to a “hold” rating and set a $12.24 price objective on the stock in a research report on Tuesday, November 15th. BTIG Research reissued a “buy” rating and set a $12.00 price objective on shares of Square in a research report on Thursday, August 4th. Evercore ISI increased their price objective on shares of Square from $7.00 to $8.00 and gave the company a “hold” rating in a research report on Thursday, August 4th. SunTrust Banks Inc. increased their price objective on shares of Square from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Thursday, August 4th. Finally, Jefferies Group reissued a “buy” rating and set a $15.00 price objective on shares of Square in a research report on Thursday, November 3rd. Fourteen equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Square presently has a consensus rating of “Buy” and an average target price of $13.06.
Shares of Square (NYSE:SQ) traded up 3.85% during trading on Wednesday, reaching $12.94. 7,805,292 shares of the company were exchanged. The stock has a 50-day moving average price of $11.73 and a 200-day moving average price of $10.77. The stock’s market capitalization is $4.56 billion. Square has a one year low of $8.06 and a one year high of $15.91.
Square (NYSE:SQ) last issued its quarterly earnings results on Tuesday, November 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.11) by $0.02. The company earned $439 million during the quarter, compared to analyst estimates of $374.36 million. Square had a negative net margin of 12.55% and a negative return on equity of 31.99%. Square’s revenue was up 50.9% on a year-over-year basis. Analysts forecast that Square will post ($0.55) EPS for the current year.
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In related news, Director James Morgan Jr. Mckelvey sold 400,000 shares of the firm’s stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $11.27, for a total value of $4,508,000.00. Following the completion of the transaction, the director now directly owns 424,837 shares of the company’s stock, valued at $4,787,912.99. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Francoise Brougher sold 7,152 shares of the firm’s stock in a transaction on Wednesday, October 26th. The shares were sold at an average price of $11.08, for a total transaction of $79,244.16. Following the completion of the transaction, the insider now directly owns 100,133 shares of the company’s stock, valued at $1,109,473.64. The disclosure for this sale can be found here. Insiders own 42.60% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. TIAA CREF Investment Management LLC raised its position in Square by 110.0% in the first quarter. TIAA CREF Investment Management LLC now owns 177,978 shares of the company’s stock worth $2,720,000 after buying an additional 93,239 shares during the period. Jacobs Levy Equity Management Inc. purchased a new position in Square during the first quarter valued at approximately $704,000. Creative Planning raised its position in Square by 76.2% in the second quarter. Creative Planning now owns 14,719 shares of the company’s stock valued at $133,000 after buying an additional 6,365 shares during the last quarter. Bollard Group LLC purchased a new position in Square during the second quarter valued at approximately $1,810,000. Finally, Westwood Management Corp IL purchased a new position in Square during the second quarter valued at approximately $362,000. 26.73% of the stock is owned by hedge funds and other institutional investors.
Square Company Profile
Square, Inc enables payment processing, and also offers financial and marketing services. The Company provides sellers various tools to start, run, manage and grow their businesses. It serves sellers of all sizes, ranging from a single vendor at a farmers’ market to multinational businesses. It serves as a payment service provider, acting as the touch point for the seller to the rest of the payment chain.
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