Square (SQ) Shares Gap Up to $37.60

Shares of Square Inc (NYSE:SQ) gapped up prior to trading on Wednesday . The stock had previously closed at $36.73, but opened at $37.60. Square shares last traded at $37.61, with a volume of 28798000 shares changing hands.

A number of analysts have issued reports on the company. Credit Suisse Group reissued a “positive” rating and issued a $37.00 target price (up previously from $31.00) on shares of Square in a research report on Monday, November 20th. Citigroup lowered Square from a “buy” rating to a “neutral” rating and set a $38.00 target price on the stock. in a research report on Thursday, November 9th. Cantor Fitzgerald boosted their target price on Square to $41.00 and gave the company an “overweight” rating in a research report on Thursday, November 9th. Canaccord Genuity boosted their target price on Square from $26.00 to $33.00 and gave the company a “hold” rating in a research report on Thursday, November 9th. Finally, Barclays boosted their target price on Square from $28.00 to $37.00 and gave the company an “overweight” rating in a research report on Thursday, November 9th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $33.82.

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

Square (NYSE:SQ) last posted its earnings results on Wednesday, November 8th. The technology company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.05 by $0.02. The firm had revenue of $257.12 million for the quarter, compared to analyst estimates of $244.95 million. Square had a negative return on equity of 7.98% and a negative net margin of 3.04%. Square’s revenue for the quarter was up 44.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.01 earnings per share. analysts forecast that Square Inc will post -0.16 earnings per share for the current fiscal year.

In other Square news, CFO Sarah Friar sold 38,400 shares of the company’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $47.24, for a total value of $1,814,016.00. Following the completion of the transaction, the chief financial officer now owns 355,566 shares in the company, valued at $16,796,937.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Morgan Jr. Mckelvey sold 400,000 shares of the company’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $27.22, for a total transaction of $10,888,000.00. Following the completion of the transaction, the director now owns 507,385 shares of the company’s stock, valued at approximately $13,811,019.70. The disclosure for this sale can be found here. Insiders sold 1,479,827 shares of company stock worth $50,048,434 in the last three months. 32.68% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SQ. FMR LLC boosted its stake in shares of Square by 114.7% during the second quarter. FMR LLC now owns 23,888,617 shares of the technology company’s stock worth $560,427,000 after buying an additional 12,764,491 shares during the period. Vanguard Group Inc. boosted its stake in shares of Square by 73.4% during the second quarter. Vanguard Group Inc. now owns 19,034,862 shares of the technology company’s stock worth $446,558,000 after buying an additional 8,058,892 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Square by 556.5% during the second quarter. Goldman Sachs Group Inc. now owns 4,594,445 shares of the technology company’s stock worth $107,786,000 after buying an additional 3,894,639 shares during the period. Capital World Investors boosted its stake in shares of Square by 32.8% during the second quarter. Capital World Investors now owns 15,597,830 shares of the technology company’s stock worth $365,925,000 after buying an additional 3,853,000 shares during the period. Finally, Allianz Asset Management GmbH boosted its stake in shares of Square by 31.0% during the third quarter. Allianz Asset Management GmbH now owns 13,302,170 shares of the technology company’s stock worth $383,235,000 after buying an additional 3,147,558 shares during the period. Institutional investors own 54.31% of the company’s stock.

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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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