Square, Inc. (SQ) Shares Gap Down on Insider Selling

Square, Inc. (NYSE:SQ)’s share price gapped down before the market opened on Thursday following insider selling activity. The stock had previously closed at $33.54, but opened at $32.52. Square shares last traded at $32.12, with a volume of 6,676,691 shares.

Specifically, CFO Sarah Friar sold 38,400 shares of Square stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $25.58, for a total transaction of $982,272.00. Following the sale, the chief financial officer now owns 366,103 shares of the company’s stock, valued at approximately $9,364,914.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Morgan Jr. Mckelvey sold 400,000 shares of Square stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $25.02, for a total value of $10,008,000.00. Following the sale, the director now directly owns 507,385 shares in the company, valued at approximately $12,694,772.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,353,600 shares of company stock worth $38,351,040. Insiders own 32.68% of the company’s stock.

Several brokerages recently issued reports on SQ. Credit Suisse Group lifted their target price on Square from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Thursday, August 3rd. Barclays PLC reissued an “overweight” rating and set a $28.00 target price (up previously from $21.00) on shares of Square in a research note on Thursday, August 3rd. KeyCorp reissued an “overweight” rating on shares of Square in a research note on Tuesday, July 18th. Wedbush began coverage on Square in a research note on Thursday, August 3rd. They set a “neutral” rating and a $28.00 target price on the stock. Finally, Craig Hallum reissued a “hold” rating and set a $23.00 target price (up previously from $18.00) on shares of Square in a research note on Thursday, August 3rd. Eleven analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Square currently has an average rating of “Buy” and a consensus price target of $26.57.

The company’s market cap is $12.32 billion. The firm’s 50-day moving average is $29.17 and its 200-day moving average is $24.23.

Square (NYSE:SQ) last posted its quarterly earnings results on Wednesday, August 2nd. The technology company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.01. Square had a negative return on equity of 12.41% and a negative net margin of 4.13%. The firm had revenue of $240.00 million during the quarter, compared to analysts’ expectations of $228.64 million. During the same quarter last year, the firm earned ($0.08) earnings per share. The business’s revenue for the quarter was up 40.4% on a year-over-year basis. On average, analysts forecast that Square, Inc. will post $0.24 earnings per share for the current year.

Several large investors have recently bought and sold shares of the stock. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Square by 0.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 10,150 shares of the technology company’s stock valued at $175,000 after purchasing an additional 30 shares during the last quarter. Raymond James Trust N.A. increased its holdings in shares of Square by 1.3% in the second quarter. Raymond James Trust N.A. now owns 15,193 shares of the technology company’s stock valued at $357,000 after purchasing an additional 193 shares during the last quarter. Neuberger Berman Group LLC increased its holdings in shares of Square by 2.1% in the second quarter. Neuberger Berman Group LLC now owns 10,212 shares of the technology company’s stock valued at $240,000 after purchasing an additional 212 shares during the last quarter. Stifel Financial Corp increased its holdings in shares of Square by 1.8% in the first quarter. Stifel Financial Corp now owns 26,635 shares of the technology company’s stock valued at $461,000 after purchasing an additional 473 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its holdings in shares of Square by 1.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 46,166 shares of the technology company’s stock valued at $1,084,000 after purchasing an additional 513 shares during the last quarter. 53.97% of the stock is owned by hedge funds and other institutional investors.

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Square Company Profile

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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