Square, Inc. (NYSE:SQ) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday.

According to Zacks, “Square provides payments and point-of-sale (POS) services. The company's adjusted loss in the second quarter of 2017 was in line with the Zacks Consensus Estimate, while revenues surpassed the same.  Year to date, the stock has outperformed the Zacks Internet-Software industry. Square’s comprehensive commerce ecosystem, accelerated business growth and focus on integration, automation, and platform are positives. However, it’s currently a loss making business and vulnerability to intense competition and changing technology, industry standards and seller and buyer needs pose challenges.”

Other equities analysts also recently issued research reports about the stock. Credit Suisse Group upped their price objective on shares of Square from $25.00 to $26.00 and gave the stock a “neutral” rating in a research report on Thursday, August 3rd. Royal Bank Of Canada cut their price objective on shares of Square to $18.00 and set a “buy” rating for the company in a research report on Monday, April 24th. Barclays PLC restated an “overweight” rating and set a $28.00 price objective (up previously from $21.00) on shares of Square in a research report on Thursday, August 3rd. Guggenheim downgraded shares of Square from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $19.00 to $20.00 in a research report on Thursday, May 4th. They noted that the move was a valuation call. Finally, Instinet upped their price objective on shares of Square from $21.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, May 4th. Eleven research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $24.61.

Shares of Square (NYSE:SQ) opened at 26.02 on Monday. The stock has a 50 day moving average of $25.13 and a 200-day moving average of $19.69. The firm’s market cap is $9.79 billion. Square has a 1-year low of $10.88 and a 1-year high of $27.97. Square also saw unusually large options trading activity on Monday. Investors bought 11,023 put options on the company. This represents an increase of approximately 385% compared to the average daily volume of 2,271 put options.

Square (NYSE:SQ) last announced its quarterly earnings data on Wednesday, August 2nd. The technology company reported ($0.04) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.01. The company had revenue of $240 million during the quarter, compared to the consensus estimate of $228.64 million. Square had a negative net margin of 4.13% and a negative return on equity of 12.41%. Square’s quarterly revenue was up 40.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.08) EPS. Equities analysts anticipate that Square will post $0.19 EPS for the current fiscal year.

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In related news, Director James Morgan Jr. Mckelvey sold 90,000 shares of the stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $23.36, for a total value of $2,102,400.00. Following the sale, the director now directly owns 186,308 shares of the company’s stock, valued at approximately $4,352,154.88. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Sarah Friar sold 19,200 shares of the stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $26.25, for a total transaction of $504,000.00. Following the completion of the sale, the chief financial officer now directly owns 368,791 shares in the company, valued at $9,680,763.75. The disclosure for this sale can be found here. Over the last three months, insiders sold 914,900 shares of company stock worth $20,202,610. 32.68% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the stock. Pacer Advisors Inc. raised its position in Square by 22.7% in the first quarter. Pacer Advisors Inc. now owns 5,883 shares of the technology company’s stock worth $102,000 after buying an additional 1,090 shares during the period. Glassman Wealth Services raised its position in Square by 1,987.3% in the first quarter. Glassman Wealth Services now owns 6,575 shares of the technology company’s stock worth $114,000 after buying an additional 6,260 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Square by 19.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,752 shares of the technology company’s stock worth $158,000 after buying an additional 1,099 shares during the period. Old Mutual Global Investors UK Ltd. purchased a new position in Square during the first quarter worth about $131,000. Finally, CENTRAL TRUST Co raised its position in Square by 683.7% in the second quarter. CENTRAL TRUST Co now owns 8,613 shares of the technology company’s stock worth $203,000 after buying an additional 7,514 shares during the period. 76.25% of the stock is currently owned by hedge funds and other institutional investors.

Square Company Profile

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.

Analyst Recommendations for Square (NYSE:SQ)

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