A number of other hedge funds also recently made changes to their positions in the stock. Swiss National Bank boosted its stake in shares of Square by 42.2% in the first quarter. Swiss National Bank now owns 260,300 shares of the technology company’s stock valued at $4,498,000 after buying an additional 77,200 shares during the period. Accuvest Global Advisors bought a new stake in shares of Square during the first quarter valued at about $452,000. BNP Paribas Arbitrage SA boosted its stake in Square by 22,474.0% in the first quarter. BNP Paribas Arbitrage SA now owns 1,260,530 shares of the technology company’s stock worth $21,782,000 after buying an additional 1,254,946 shares during the last quarter. Suntrust Banks Inc. acquired a new stake in Square during the first quarter worth $412,000. Finally, Bank of New York Mellon Corp boosted its stake in 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 during the last quarter. 75.60% of the stock is currently owned by institutional investors and hedge funds.
UBS Asset Management Americas Inc. boosted its stake in Square, Inc. (NYSE:SQ) by 74.7% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 71,660 shares of the technology company’s stock after buying an additional 30,652 shares during the period. UBS Asset Management Americas Inc.’s holdings in Square were worth $1,238,000 as of its most recent SEC filing.
Shares of Square, Inc. (NYSE:SQ) traded down 1.31% during mid-day trading on Wednesday, reaching $26.46. The company’s stock had a trading volume of 16,149,726 shares. The firm’s 50 day moving average price is $24.96 and its 200-day moving average price is $19.56. Square, Inc. has a 1-year low of $10.01 and a 1-year high of $27.97. The company’s market capitalization is $9.90 billion.
Square (NYSE:SQ) last released its earnings results on Tuesday, August 1st. The technology company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.12. Square had a negative net margin of 5.02% and a negative return on equity of 15.81%. The business had revenue of $240 million for the quarter, compared to the consensus estimate of $228.64 million. During the same period in the previous year, the firm earned ($0.08) EPS. The business’s revenue for the quarter was up 40.4% on a year-over-year basis. On average, analysts predict that Square, Inc. will post ($0.19) EPS for the current year.
A number of brokerages recently issued reports on SQ. Credit Suisse Group lowered Square from an “outperform” rating to a “neutral” rating and lifted their price objective for the company from $20.00 to $25.00 in a research note on Friday, June 16th. Royal Bank Of Canada reduced their price objective on Square to $18.00 and set a “buy” rating for the company in a research note on Monday, April 24th. Needham & Company LLC restated a “buy” rating and set a $23.00 target price (up from $20.00) on shares of Square in a research report on Thursday, May 4th. KeyCorp restated an “overweight” rating on shares of Square in a research report on Tuesday, July 18th. Finally, Instinet raised their target price on Square from $21.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, May 4th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $21.88.
In related news, Director James Morgan Jr. Mckelvey sold 90,000 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $23.36, for a total value of $2,102,400.00. Following the sale, the director now directly owns 186,308 shares in the company, valued at approximately $4,352,154.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sarah Friar sold 19,200 shares of the business’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $26.25, for a total transaction of $504,000.00. Following the sale, the chief financial officer now owns 368,791 shares in the company, valued at approximately $9,680,763.75. The disclosure for this sale can be found here. Insiders sold a total of 914,900 shares of company stock worth $20,202,610 over the last quarter. Insiders own 32.68% of the company’s stock.
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.