Square, Inc. (SQ) Shares Gap Up on Analyst Upgrade

Square, Inc. (NYSE:SQ) shares gapped up prior to trading on Thursday after Evercore ISI upgraded the stock from an in-line rating to an outperform rating. The stock had previously closed at $40.75, but opened at $40.95. Square shares last traded at $41.88, with a volume of 12430000 shares changing hands.

SQ has been the subject of a number of other reports. Citigroup Inc. increased their price target on Square from $30.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, October 18th. Vetr downgraded Square from a “strong-buy” rating to a “buy” rating and set a $30.12 target price for the company. in a research report on Tuesday, September 12th. Zacks Investment Research raised 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. Oppenheimer Holdings, Inc. started coverage on Square in a research report on Thursday, October 12th. They issued an “outperform” rating and a $35.00 target price for the company. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $24.00 target price on shares of Square in a research report on Wednesday, July 26th. Fourteen analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $32.37.

In other Square news, CFO Sarah Friar sold 19,200 shares of Square stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $25.54, for a total transaction of $490,368.00. Following the completion of the sale, the chief financial officer now owns 366,103 shares of the company’s stock, valued at $9,350,270.62. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Ajmere Dale sold 20,286 shares of Square stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $39.12, for a total value of $793,588.32. Following the sale, the insider now directly owns 134,518 shares of the company’s stock, valued at approximately $5,262,344.16. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,394,791 shares of company stock valued at $45,611,401. Corporate insiders own 32.68% of the company’s stock.

A number of hedge funds have recently modified their holdings of SQ. Almanack Investment Partners LLC. bought a new stake in Square during the second quarter worth about $117,000. Riverhead Capital Management LLC bought a new stake in Square during the second quarter worth about $149,000. Hudock Capital Group LLC purchased a new position in shares of Square in the third quarter worth about $157,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Square by 19.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,752 shares of the technology company’s stock worth $158,000 after buying an additional 1,099 shares during the period. Finally, Pacer Advisors Inc. increased its holdings in shares of Square by 42.2% in the second quarter. Pacer Advisors Inc. now owns 8,368 shares of the technology company’s stock worth $196,000 after buying an additional 2,485 shares during the period. 53.24% of the stock is owned by hedge funds and other institutional investors.

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.81 and a quick ratio of 1.81.

Square (NYSE:SQ) last released its quarterly earnings data on Wednesday, November 8th. The technology company reported $0.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.02. The firm had revenue of $257.12 million for the quarter, compared to the consensus estimate of $244.95 million. Square had a negative return on equity of 7.98% and a negative net margin of 3.04%. The company’s quarterly revenue was up 44.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.01 earnings per share. research analysts expect that Square, Inc. will post -0.16 EPS for the current fiscal year.

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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.

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