Pictet Asset Management Ltd. Grows Stake in Square, Inc. (SQ)
Pictet Asset Management Ltd. lifted its stake in shares of Square, Inc. (NYSE:SQ) by 1.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 102,887 shares of the technology company’s stock after purchasing an additional 1,100 shares during the period. Pictet Asset Management Ltd.’s holdings in Square were worth $10,187,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in the company. FIL Ltd grew its stake in Square by 75.2% during the 3rd quarter. FIL Ltd now owns 2,965,450 shares of the technology company’s stock valued at $293,609,000 after acquiring an additional 1,272,790 shares in the last quarter. American Century Companies Inc. grew its stake in Square by 2,070.5% during the 2nd quarter. American Century Companies Inc. now owns 827,790 shares of the technology company’s stock valued at $51,025,000 after acquiring an additional 789,651 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in Square by 85.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,450,154 shares of the technology company’s stock valued at $143,579,000 after acquiring an additional 668,394 shares in the last quarter. Korea Investment CORP purchased a new stake in Square during the 2nd quarter valued at about $36,435,000. Finally, Nan Shan Life Insurance Co. Ltd. purchased a new stake in Square during the 3rd quarter valued at about $37,977,000. 48.16% of the stock is owned by institutional investors and hedge funds.
Several analysts recently issued reports on SQ shares. Nomura upped their price objective on shares of Square from $82.00 to $86.00 and gave the company a “buy” rating in a research note on Tuesday, August 14th. Guggenheim upped their price objective on shares of Square from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, August 29th. Deutsche Bank boosted their target price on shares of Square from $78.00 to $98.00 and gave the company a “buy” rating in a report on Friday, September 14th. Stifel Nicolaus reiterated a “buy” rating and issued a $100.00 target price (up from $76.00) on shares of Square in a report on Wednesday, September 19th. Finally, Evercore ISI set a $101.00 target price on shares of Square and gave the company an “outperform” rating in a report on Friday, September 21st. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nineteen have assigned a buy rating to the company’s stock. Square currently has an average rating of “Hold” and an average target price of $82.89.
Shares of SQ stock opened at $60.78 on Friday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.54 and a current ratio of 1.54. Square, Inc. has a one year low of $34.14 and a one year high of $101.15.
Square (NYSE:SQ) last issued its quarterly earnings data on Wednesday, November 7th. The technology company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.11 by $0.02. Square had a negative net margin of 0.87% and a negative return on equity of 1.11%. The firm had revenue of $431.00 million for the quarter, compared to analyst estimates of $414.19 million. During the same period in the prior year, the business posted $0.07 EPS. The business’s revenue for the quarter was up 67.7% compared to the same quarter last year. As a group, equities analysts predict that Square, Inc. will post -0.02 earnings per share for the current year.
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Square Company Profile
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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