Evercore ISI Upgrades Square, Inc. (SQ) to Outperform

Square, Inc. (NYSE:SQ) was upgraded by Evercore ISI to an “outperform” rating in a research report issued to clients and investors on Friday.

A number of other research firms also recently weighed in on SQ. Vetr upgraded Square from a “buy” rating to a “strong-buy” rating and set a $39.78 price target on the stock in a research note on Wednesday, October 25th. Bank of America Corporation started coverage on Square in a research note on Tuesday, September 12th. They issued a “neutral” rating on the stock. Citigroup Inc. lifted their price target on Square from $30.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 18th. Cantor Fitzgerald started coverage on Square in a research note on Tuesday, September 12th. They issued an “overweight” rating and a $31.00 price target on the stock. Finally, CIBC started coverage on Square in a research note on Thursday, October 12th. They issued an “outperform” rating and a $35.00 price target on the stock. Fourteen investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $32.37.

Square (SQ) opened at $41.90 on Friday. Square has a 12 month low of $11.88 and a 12 month high of $41.97. 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 announced its earnings results on Wednesday, November 8th. The technology company reported $0.07 earnings per share for the quarter, beating the 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 company had revenue of $257.12 million for the quarter, compared to the consensus estimate of $244.95 million. During the same period last year, the business posted $0.01 EPS. The company’s revenue was up 44.6% on a year-over-year basis. research analysts anticipate that Square will post -0.16 EPS for the current year.

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In related news, Director James Morgan Jr. Mckelvey sold 400,000 shares of the company’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $39.15, for a total value of $15,660,000.00. Following the completion of the transaction, the director now directly owns 507,732 shares in the company, valued at $19,877,707.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sarah Friar sold 19,200 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $25.54, for a total value of $490,368.00. Following the completion of the transaction, the chief financial officer now owns 366,103 shares of the company’s stock, valued at $9,350,270.62. The disclosure for this sale can be found here. Insiders sold 1,394,791 shares of company stock valued at $45,611,401 over the last quarter. Insiders own 32.68% of the company’s stock.

A number of hedge funds have recently bought and sold shares of SQ. FMR LLC grew its position in Square by 114.7% during the second quarter. FMR LLC now owns 23,888,617 shares of the technology company’s stock valued at $560,427,000 after acquiring an additional 12,764,491 shares during the period. Vanguard Group Inc. grew its position in Square by 73.4% during the second quarter. Vanguard Group Inc. now owns 19,034,862 shares of the technology company’s stock valued at $446,558,000 after acquiring an additional 8,058,892 shares during the period. BlackRock Inc. grew its position in Square by 7,162.2% during the first quarter. BlackRock Inc. now owns 5,383,325 shares of the technology company’s stock valued at $93,023,000 after acquiring an additional 5,309,197 shares during the period. Goldman Sachs Group Inc. grew its position in Square by 556.5% during the second quarter. Goldman Sachs Group Inc. now owns 4,594,445 shares of the technology company’s stock valued at $107,786,000 after acquiring an additional 3,894,639 shares during the period. Finally, Capital World Investors grew its position in Square by 32.8% during the second quarter. Capital World Investors now owns 15,597,830 shares of the technology company’s stock valued at $365,925,000 after acquiring an additional 3,853,000 shares during the period. 53.24% of the stock is owned by hedge funds and other institutional investors.

About Square

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.

Analyst Recommendations for Square (NYSE:SQ)

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