Credit Suisse Group Increases Square, Inc. (SQ) Price Target to $26.00
Square, Inc. (NYSE:SQ) had its target price upped by stock analysts at Credit Suisse Group from $25.00 to $26.00 in a note issued to investors on Thursday. The firm currently has a “neutral” rating on the technology company’s stock. Credit Suisse Group’s price target suggests a potential upside of 3.13% from the stock’s current price.
Other analysts have also issued research reports about the company. Piper Jaffray Companies restated a “hold” rating and set a $24.00 target price on shares of Square in a report on Wednesday, July 26th. Deutsche Bank AG upped their target price on Square to $28.00 and gave the stock a “buy” rating in a report on Monday, July 24th. Royal Bank Of Canada upped their target price on Square from $24.00 to $31.00 and gave the stock an “outperform” rating in a report on Thursday. Craig Hallum restated a “hold” rating and set a $23.00 target price (up previously from $18.00) on shares of Square in a report on Thursday. Finally, Needham & Company LLC restated a “buy” rating and set a $30.00 target price (up previously from $20.00) on shares of Square in a report on Thursday. Ten investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $24.61.
Square (SQ) traded down 0.04% on Thursday, hitting $25.21. The stock had a trading volume of 8,209,666 shares. Square has a 1-year low of $10.85 and a 1-year high of $27.97. The firm’s market capitalization is $9.49 billion. The stock’s 50-day moving average is $24.96 and its 200 day moving average is $19.56. Square also was the recipient of some unusual options trading on Thursday. Investors purchased 15,478 call options on the company. This represents an increase of approximately 273% compared to the average daily volume of 4,147 call options.
Square (NYSE:SQ) last announced its quarterly earnings results on Wednesday, August 2nd. The technology company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. The firm had revenue of $240 million during the quarter, compared to analyst estimates of $228.64 million. Square had a negative return on equity of 12.41% and a negative net margin of 4.13%. Square’s quarterly revenue was up 40.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.08) earnings per share. On average, equities research analysts predict that Square will post $0.17 earnings per share for the current fiscal year.
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In related news, CEO Jack Dorsey sold 381,500 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $20.42, for a total value of $7,790,230.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director James Morgan Jr. Mckelvey sold 90,000 shares of the firm’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $23.36, for a total transaction of $2,102,400.00. Following the completion of the transaction, the director now directly owns 186,308 shares in the company, valued at $4,352,154.88. The disclosure for this sale can be found here. Insiders sold a total of 914,900 shares of company stock worth $20,202,610 over the last ninety days. 32.68% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of SQ. Bank of New York Mellon Corp raised its position in shares of Square by 72.1% in the first quarter. Bank of New York Mellon Corp now owns 14,480,815 shares of the technology company’s stock worth $250,229,000 after buying an additional 6,065,730 shares in the last quarter. FMR LLC raised its position in shares of Square by 24.4% in the first quarter. FMR LLC now owns 11,124,126 shares of the technology company’s stock worth $192,225,000 after buying an additional 2,183,127 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Square by 2.3% in the first quarter. Vanguard Group Inc. now owns 10,975,970 shares of the technology company’s stock worth $189,665,000 after buying an additional 241,563 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Square by 641.8% in the first quarter. Renaissance Technologies LLC now owns 8,578,500 shares of the technology company’s stock worth $148,236,000 after buying an additional 7,422,000 shares in the last quarter. Finally, BlackRock Inc. raised its position in shares of Square by 7,162.2% in the first quarter. BlackRock Inc. now owns 5,383,325 shares of the technology company’s stock worth $93,023,000 after buying an additional 5,309,197 shares in the last quarter. 75.60% of the stock is currently owned by hedge funds and other institutional investors.
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.
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