Vetr upgraded shares of Square Inc (NYSE:SQ) from a hold rating to a buy rating in a research note released on Wednesday morning. Vetr currently has $23.97 price target on the technology company’s stock.
Other research analysts have also recently issued reports about the company. Royal Bank of Canada reduced their price target on Square to $18.00 and set a buy rating for the company in a research report on Monday, April 24th. Zacks Investment Research cut Square from a strong-buy rating to a hold rating in a research report on Tuesday, April 25th. Guggenheim cut Square from a buy rating to a neutral rating and increased their price target for the company from $19.00 to $20.00 in a research report on Thursday, May 4th. They noted that the move was a valuation call. Instinet increased their price target on Square from $21.00 to $22.00 and gave the company a buy rating in a research report on Thursday, May 4th. Finally, BTIG Research reissued a neutral rating and set a $20.00 price target (down from $21.00) on shares of Square in a research report on Monday, May 15th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twenty have issued a buy rating to the company’s stock. Square has an average rating of Buy and an average target price of $18.57.
Shares of Square (NYSE:SQ) opened at 23.39 on Wednesday. The stock’s 50 day moving average price is $19.89 and its 200-day moving average price is $16.37. The stock’s market capitalization is $8.75 billion. Square has a 1-year low of $8.42 and a 1-year high of $23.73.
Square (NYSE:SQ) last issued its quarterly earnings results on Wednesday, May 3rd. The technology company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.05. Square had a negative return on equity of 10.05% and a negative net margin of 3.27%. The firm had revenue of $461.55 million during the quarter, compared to analysts’ expectations of $450.66 million. Equities research analysts anticipate that Square will post ($0.19) EPS for the current fiscal year.
In related news, Director James Morgan Jr. Mckelvey sold 90,000 shares of the stock in a transaction that occurred on Tuesday, April 11th. The stock was sold at an average price of $16.78, for a total transaction of $1,510,200.00. Following the sale, the director now owns 186,308 shares of the company’s stock, valued at $3,126,248.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jack Dorsey sold 381,500 shares of the stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $16.80, for a total value of $6,409,200.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,530,738 shares of company stock worth $46,862,516. 42.60% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of the company. FMR LLC increased its stake in shares of Square by 848.3% in the fourth quarter. FMR LLC now owns 8,940,999 shares of the technology company’s stock worth $121,866,000 after buying an additional 7,998,199 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Square by 641.8% in the first quarter. Renaissance Technologies LLC now owns 8,578,500 shares of the technology company’s stock worth $148,236,000 after buying an additional 7,422,000 shares in the last quarter. Capital World Investors increased its stake in shares of Square by 131.4% in the third quarter. Capital World Investors now owns 10,813,575 shares of the technology company’s stock worth $126,086,000 after buying an additional 6,140,745 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Square by 72.1% in the first quarter. Bank of New York Mellon Corp now owns 14,480,815 shares of the technology company’s stock worth $250,229,000 after buying an additional 6,065,730 shares in the last quarter. Finally, BlackRock Inc. increased its stake in shares of Square by 7,162.2% in the first quarter. BlackRock Inc. now owns 5,383,325 shares of the technology company’s stock worth $93,023,000 after buying an additional 5,309,197 shares in the last quarter. 24.28% of the stock is currently owned by institutional investors and hedge funds.
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.
To view Vetr’s full report, visit Vetr’s official website.
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