Traders Buy Square (SQ) on Weakness Following Insider Selling
Traders purchased shares of Square Inc (NYSE:SQ) on weakness during trading hours on Friday after an insider sold shares in the company. $205.18 million flowed into the stock on the tick-up and $187.49 million flowed out of the stock on the tick-down, for a money net flow of $17.69 million into the stock. Of all companies tracked, Square had the 26th highest net in-flow for the day. Square traded down ($0.64) for the day and closed at $38.09Specifically, CEO Jack Dorsey sold 50,000 shares of Square stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $38.42, for a total value of $1,921,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ajmere Dale sold 2,814 shares of Square stock in a transaction on Monday, December 4th. The shares were sold at an average price of $37.23, for a total value of $104,765.22. The disclosure for this sale can be found here. Insiders sold 1,529,827 shares of company stock valued at $51,969,434 over the last three months. Company insiders own 32.68% of the company’s stock.
SQ has been the subject of several recent research reports. Zacks Investment Research upgraded Square from a “hold” rating to a “buy” rating and set a $32.00 price target for the company in a research report on Tuesday, October 3rd. Tigress Financial reiterated a “buy” rating on shares of Square in a research report on Monday, September 25th. Vetr cut Square from a “strong-buy” rating to a “buy” rating and set a $30.12 price target for the company. in a research report on Tuesday, September 12th. Royal Bank Of Canada reiterated a “buy” rating and issued a $31.00 price target on shares of Square in a research report on Sunday, October 8th. Finally, Citigroup boosted their target price on Square from $30.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, October 18th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and twenty-four have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $33.82.
The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.81 and a current ratio of 1.81.
Square (NYSE:SQ) last issued its quarterly earnings results on Wednesday, November 8th. The technology company reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.02. Square had a negative return on equity of 7.98% and a negative net margin of 3.04%. The firm had revenue of $257.12 million during the quarter, compared to analyst estimates of $244.95 million. During the same quarter in the previous year, the company posted $0.01 earnings per share. The company’s revenue was up 44.6% compared to the same quarter last year. research analysts expect that Square Inc will post -0.16 EPS for the current fiscal year.
A number of hedge funds have recently modified their holdings of SQ. Neuberger Berman Group LLC lifted its stake in shares of Square by 5,187.9% in the 3rd quarter. Neuberger Berman Group LLC now owns 540,000 shares of the technology company’s stock valued at $15,557,000 after acquiring an additional 529,788 shares during the last quarter. California Public Employees Retirement System lifted its stake in shares of Square by 4.1% in the 3rd quarter. California Public Employees Retirement System now owns 368,151 shares of the technology company’s stock valued at $10,606,000 after acquiring an additional 14,451 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its stake in shares of Square by 256.0% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 59,112 shares of the technology company’s stock valued at $1,701,000 after acquiring an additional 42,506 shares during the last quarter. Whale Rock Capital Management LLC bought a new stake in shares of Square in the 3rd quarter valued at about $44,337,000. Finally, Janus Henderson Group PLC bought a new stake in shares of Square in the 3rd quarter valued at about $5,039,000. 54.31% of the stock is owned by hedge funds and other institutional investors.
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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.
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