William Blair Research Analysts Increase Earnings Estimates for Square, Inc. (SQ)
Square, Inc. (NYSE:SQ) – Equities researchers at William Blair boosted their FY2017 earnings per share estimates for Square in a research report issued on Thursday. William Blair analyst R. Napoli now forecasts that the technology company will earn ($0.16) per share for the year, up from their prior estimate of ($0.19). William Blair also issued estimates for Square’s Q4 2017 earnings at ($0.04) EPS and FY2018 earnings at ($0.03) EPS.
SQ has been the topic of several other reports. BTIG Research reiterated a “buy” rating and issued a $20.00 price objective on shares of Square in a report on Friday, May 5th. Zacks Investment Research raised shares of Square from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a research report on Tuesday, August 1st. Vetr cut shares of Square from a “strong-buy” rating to a “buy” rating and set a $19.66 target price for the company. in a research report on Thursday, April 20th. Mizuho began coverage on shares of Square in a research report on Wednesday, June 28th. They issued a “buy” rating and a $28.00 target price for the company. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $28.00 target price on shares of Square in a research report on Thursday, July 6th. Eleven research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $24.61.
Shares of Square (SQ) opened at 26.02 on Monday. Square has a one year low of $10.88 and a one year high of $27.97. The company’s market capitalization is $9.79 billion. The firm has a 50-day moving average of $25.13 and a 200-day moving average of $19.69. Square also was the recipient of some unusual options trading activity on Monday. Stock traders bought 11,023 put options on the stock. This represents an increase of 385% compared to the typical daily volume of 2,271 put options.
Square (NYSE:SQ) last issued its quarterly earnings results on Wednesday, August 2nd. The technology company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Square had a negative net margin of 4.13% and a negative return on equity of 12.41%. The firm had revenue of $240 million during the quarter, compared to the consensus estimate of $228.64 million. During the same period in the prior year, the firm earned ($0.08) EPS. The business’s revenue was up 40.4% on a year-over-year basis.
A number of hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC increased its stake 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 valued at $148,236,000 after buying an additional 7,422,000 shares during the last quarter. Bank of New York Mellon Corp increased its stake 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 valued at $250,229,000 after buying an additional 6,065,730 shares during the last quarter. BlackRock Inc. increased its stake 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 valued at $93,023,000 after buying an additional 5,309,197 shares during the last quarter. FMR LLC increased its stake 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 valued at $192,225,000 after buying an additional 2,183,127 shares during the last quarter. Finally, Hamilton Lane Advisors LLC increased its stake in shares of Square by 526.1% in the first quarter. Hamilton Lane Advisors LLC now owns 1,942,530 shares of the technology company’s stock valued at $33,567,000 after buying an additional 1,632,263 shares during the last quarter. Hedge funds and other institutional investors own 76.25% of the company’s stock.
In related news, CFO Sarah Friar sold 19,200 shares of the business’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $26.25, for a total value of $504,000.00. Following the completion of the sale, the chief financial officer now owns 368,791 shares in the company, valued at approximately $9,680,763.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James Morgan Jr. Mckelvey sold 90,000 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $23.36, for a total value of $2,102,400.00. Following the completion of the sale, the director now owns 186,308 shares of the company’s stock, valued at approximately $4,352,154.88. The disclosure for this sale can be found here. Insiders sold a total of 914,900 shares of company stock valued at $20,202,610 in the last 90 days. 32.68% of the stock is currently owned by corporate insiders.
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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