Zacks Investment Research upgraded shares of Square (NYSE:SQ) from a hold rating to a buy rating in a report published on Monday morning. They currently have $49.00 target price on the technology company’s stock.
According to Zacks, “Square has substantially outperformed the industry it belongs to in the past 12 months. The company is currently benifiting from strength in core payments business and operating expense leverage. The company’s comprehensive commerce ecosystem, accelerated business growth and focus on integration, automation, and platform are key catalysts. Meanwhile, automation is enabling the company to increase reach of financial system to more people, scale up its own operations and help sellers with advanced CRM tools. Moreover, the company displays consistent business growth through balancing investment and margin expansion. However, vulnerability to intense competition and changing technology, industry standards and seller and buyer needs pose significant challenges.”
A number of other research analysts have also recently issued reports on the stock. Vetr cut shares of Square from a buy rating to a hold rating and set a $45.60 price objective for the company. in a report on Monday, November 20th. Cantor Fitzgerald lifted their price objective on shares of Square to $41.00 and gave the company an overweight rating in a report on Thursday, November 9th. Oppenheimer reiterated a buy rating on shares of Square in a report on Monday, November 20th. Royal Bank of Canada reiterated a buy rating and set a $31.00 price objective on shares of Square in a report on Sunday, October 8th. Finally, Evercore ISI upgraded shares of Square from an in-line rating to an outperform rating and set a $51.00 price objective for the company in a report on Friday, November 17th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and twenty-five have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $36.96.
Square (NYSE:SQ) last posted its quarterly earnings results on Wednesday, November 8th. The technology company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.02. Square had a negative net margin of 3.04% and a negative return on equity of 7.98%. The firm had revenue of $257.12 million during the quarter, compared to the consensus estimate of $244.95 million. During the same period in the previous year, the firm posted $0.01 earnings per share. The business’s revenue was up 44.6% compared to the same quarter last year. equities research analysts predict that Square will post -0.15 EPS for the current year.
In other Square news, CAO Ajmere Dale sold 17,446 shares of Square stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $38.98, for a total value of $680,045.08. Following the sale, the chief accounting officer now owns 134,518 shares of the company’s stock, valued at $5,243,511.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Sarah Friar sold 38,400 shares of Square stock in a transaction dated Friday, January 19th. The stock was sold at an average price of $41.46, for a total transaction of $1,592,064.00. Following the completion of the sale, the chief financial officer now directly owns 349,123 shares in the company, valued at approximately $14,474,639.58. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,669,532 shares of company stock worth $65,210,218. 32.68% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the business. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. bought a new stake in Square in the fourth quarter worth about $1,271,000. Rand Wealth LLC bought a new stake in Square in the fourth quarter worth about $566,000. MUFG Securities EMEA plc bought a new stake in Square in the fourth quarter worth about $1,015,000. Public Employees Retirement Association of Colorado raised its position in Square by 108.9% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 1,398,105 shares of the technology company’s stock worth $48,472,000 after acquiring an additional 728,744 shares during the period. Finally, SeaCrest Wealth Management LLC bought a new stake in Square in the fourth quarter worth about $364,000. 54.66% of the stock is currently owned by institutional investors and hedge funds.
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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