Square, Inc. (SQ) Rating Reiterated by Wedbush
Square, Inc. (NYSE:SQ)‘s stock had its “neutral” rating reaffirmed by research analysts at Wedbush in a research note issued on Wednesday. They presently have a $28.00 price target on the technology company’s stock. Wedbush’s price target would suggest a potential upside of 7.61% from the company’s current price. Wedbush also issued estimates for Square’s Q3 2018 earnings at ($0.01) EPS and FY2018 earnings at ($0.04) EPS.
Several other equities analysts also recently commented on SQ. Vetr downgraded Square from a “strong-buy” rating to a “buy” rating and set a $19.66 price objective on the stock. in a research report on Thursday, April 20th. Royal Bank Of Canada cut their price objective on Square to $18.00 and set a “buy” rating on the stock in a research report on Monday, April 24th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $19.00 price objective on shares of Square in a research report on Monday, April 24th. Zacks Investment Research downgraded Square from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 25th. Finally, Guggenheim downgraded Square from a “buy” rating to a “neutral” rating and upped their price objective for the company from $19.00 to $20.00 in a research report on Thursday, May 4th. They noted that the move was a valuation call. Eleven investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. Square presently has a consensus rating of “Buy” and a consensus price target of $24.61.
Shares of Square (NYSE SQ) opened at 26.02 on Wednesday. The stock’s market cap is $9.79 billion. Square has a 52 week low of $10.88 and a 52 week high of $27.97. The company has a 50-day moving average price of $25.13 and a 200-day moving average price of $19.69. Square also saw some unusual options trading on Monday. Investors bought 11,023 put options on the stock. This is an increase of approximately 385% compared to the typical 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, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. The company had revenue of $240 million for the quarter, compared to the consensus estimate 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 prior year, the company posted ($0.08) EPS. Equities analysts anticipate that Square will post $0.19 EPS for the current year.
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In other news, CEO Jack Dorsey sold 381,500 shares of the stock in a transaction dated Tuesday, May 16th. The stock was 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 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 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 914,900 shares of company stock worth $20,202,610 over the last three months. Corporate insiders own 32.68% of the company’s stock.
A number of hedge funds have recently bought and sold shares of SQ. State Board of Administration of Florida Retirement System raised its stake in Square by 5.7% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 19,810 shares of the technology company’s stock valued at $270,000 after buying an additional 1,070 shares during the period. Guggenheim Capital LLC raised its stake in Square by 4.0% in the fourth quarter. Guggenheim Capital LLC now owns 18,680 shares of the technology company’s stock valued at $255,000 after buying an additional 727 shares during the period. UBS Asset Management Americas Inc. raised its stake in Square by 59.9% in the fourth quarter. UBS Asset Management Americas Inc. now owns 41,008 shares of the technology company’s stock valued at $559,000 after buying an additional 15,354 shares during the period. Teachers Advisors LLC raised its stake in Square by 168.8% in the fourth quarter. Teachers Advisors LLC now owns 229,804 shares of the technology company’s stock valued at $3,132,000 after buying an additional 144,308 shares during the period. Finally, Highbridge Capital Management LLC bought a new stake in Square during the fourth quarter valued at approximately $314,000. 76.25% 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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