SunTrust Banks Boosts Square (NYSE:SQ) Price Target to $75.00

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Square (NYSE:SQ) had its price objective increased by SunTrust Banks to $75.00 in a report published on Friday morning, The Fly reports. They currently have a hold rating on the technology company’s stock.

Several other research firms have also recently issued reports on SQ. Needham & Company LLC reissued a buy rating and set a $90.00 target price (down from $95.00) on shares of Square in a research note on Thursday, May 2nd. Jefferies Financial Group reissued a hold rating and set a $78.00 target price on shares of Square in a research note on Thursday, July 18th. Wedbush reissued a neutral rating on shares of Square in a research note on Monday, July 1st. Sanford C. Bernstein started coverage on Square in a research report on Tuesday, April 16th. They set a market perform rating and a $80.00 price target on the stock. Finally, Nomura lifted their price target on Square from $90.00 to $100.00 and gave the company a buy rating in a research report on Friday, June 28th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $84.80.

SQ opened at $64.85 on Friday. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.91. Square has a 52-week low of $49.82 and a 52-week high of $101.15. The stock has a market capitalization of $29.44 billion, a PE ratio of 3,242.50, a PEG ratio of 18.66 and a beta of 3.31. The company’s 50 day simple moving average is $76.12.

Square (NYSE:SQ) last posted its earnings results on Thursday, August 1st. The technology company reported $0.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.20. Square had a positive return on equity of 2.68% and a negative net margin of 1.35%. The firm had revenue of $563.00 million for the quarter, compared to analysts’ expectations of $557.67 million. During the same period in the previous year, the firm earned $0.13 earnings per share. The business’s revenue was up 46.2% compared to the same quarter last year. As a group, analysts forecast that Square will post 0.15 earnings per share for the current fiscal year.

In other news, insider Ajmere Dale sold 2,296 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $60.86, for a total transaction of $139,734.56. Following the transaction, the insider now directly owns 79,725 shares of the company’s stock, valued at $4,852,063.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jacqueline D. Reses sold 5,000 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $81.83, for a total value of $409,150.00. Following the transaction, the insider now directly owns 373,984 shares in the company, valued at $30,603,110.72. The disclosure for this sale can be found here. Insiders sold 77,249 shares of company stock worth $5,553,625 over the last three months. Corporate insiders own 21.79% of the company’s stock.

Several large investors have recently made changes to their positions in the company. Jennison Associates LLC lifted its holdings in shares of Square by 56.6% during the first quarter. Jennison Associates LLC now owns 15,136,362 shares of the technology company’s stock valued at $1,134,016,000 after purchasing an additional 5,472,640 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in Square by 28.8% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,303,968 shares of the technology company’s stock valued at $457,227,000 after acquiring an additional 1,410,744 shares during the last quarter. Nikko Asset Management Americas Inc. increased its position in Square by 37.0% during the second quarter. Nikko Asset Management Americas Inc. now owns 5,034,654 shares of the technology company’s stock valued at $365,163,000 after acquiring an additional 1,359,963 shares during the last quarter. ARK Investment Management LLC increased its position in Square by 17.5% during the second quarter. ARK Investment Management LLC now owns 2,506,643 shares of the technology company’s stock valued at $181,807,000 after acquiring an additional 373,765 shares during the last quarter. Finally, Northern Trust Corp increased its position in Square by 3.6% during the first quarter. Northern Trust Corp now owns 1,935,346 shares of the technology company’s stock valued at $144,996,000 after acquiring an additional 67,477 shares during the last quarter. 52.64% of the stock is currently owned by hedge funds and other institutional investors.

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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