Square (SQ) Stock Price Down 1.5% on Insider Selling
Square, Inc. (NYSE:SQ)’s share price traded down 1.5% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $62.70 and last traded at $62.05. 995,262 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 17,626,718 shares. The stock had previously closed at $62.97.
Specifically, CEO Jack Dorsey sold 103,035 shares of the business’s stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $83.85, for a total value of $8,639,484.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Morgan Jr. Mckelvey sold 400,000 shares of the business’s stock in a transaction that occurred on Friday, November 16th. The stock was sold at an average price of $71.38, for a total value of $28,552,000.00. Following the completion of the sale, the director now owns 472,275 shares of the company’s stock, valued at $33,710,989.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,522,615 shares of company stock valued at $202,794,134. Corporate insiders own 27.99% of the company’s stock.
Several equities research analysts recently weighed in on the company. Buckingham Research upgraded Square from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $65.00 to $85.00 in a report on Monday, August 6th. Guggenheim lifted their price target on Square from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, August 29th. Canaccord Genuity raised Square from a “hold” rating to a “buy” rating and lifted their price target for the stock from $60.00 to $90.00 in a research report on Friday, October 12th. SunTrust Banks lifted their price target on Square to $74.00 and gave the stock a “buy” rating in a research report on Wednesday, October 17th. They noted that the move was a valuation call. Finally, Needham & Company LLC lifted their price target on Square from $65.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, August 2nd. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nineteen have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $81.82.
Square (NYSE:SQ) last released its quarterly earnings data on Wednesday, November 7th. The technology company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The business had revenue of $431.00 million for the quarter, compared to analysts’ expectations of $414.19 million. Square had a negative return on equity of 1.11% and a negative net margin of 0.87%. Square’s quarterly revenue was up 67.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.07 earnings per share. Equities analysts forecast that Square, Inc. will post -0.02 EPS for the current fiscal year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Columbia Asset Management bought a new stake in Square in the third quarter valued at $114,000. Panagora Asset Management Inc. bought a new stake in Square in the third quarter valued at $119,000. Girard Partners LTD. bought a new stake in Square in the third quarter valued at $138,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Square in the third quarter valued at $155,000. Finally, Centaurus Financial Inc. bought a new stake in Square in the second quarter valued at $100,000. Institutional investors and hedge funds own 51.04% of the company’s stock.
Square Company Profile (NYSE:SQ)
Square, Inc provides payment and point-of-sale solutions in the United States and internationally. The company's commerce ecosystem includes point-of-sale software and hardware that enables sellers to turn mobile and computing devices into payment and point-of-sale solutions. It offers hardware products, including Magstripe reader, which enables swiped transactions of magnetic stripe cards; Contactless and chip reader that accepts EMV® chip cards and Near Field Communication payments; Chip card reader, which accepts EMV® chip cards and enables swiped transactions of magnetic stripe cards; Square Stand, which enables an iPad to be used as a payment terminal or full point of sale solution; and Square Register that combines its hardware, point-of-sale software, and payments technology, as well as managed payments solutions.
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