Raymond James & Associates Increases Stake in Square, Inc. (SQ)

Raymond James & Associates lifted its position in Square, Inc. (NYSE:SQ) by 47.0% in the 1st quarter, HoldingsChannel reports. The fund owned 560,862 shares of the technology company’s stock after acquiring an additional 179,288 shares during the quarter. Raymond James & Associates’ holdings in Square were worth $42,020,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in SQ. Lenox Wealth Management Inc. purchased a new stake in Square during the 1st quarter valued at $25,000. Legacy Advisors LLC purchased a new stake in Square during the 1st quarter valued at $27,000. FTB Advisors Inc. purchased a new stake in Square during the 1st quarter valued at $27,000. Pearl River Capital LLC purchased a new stake in Square during the 4th quarter valued at $28,000. Finally, Johnson Financial Group Inc. purchased a new stake in Square during the 4th quarter valued at $28,000. 52.24% of the stock is owned by hedge funds and other institutional investors.

Shares of Square stock opened at $65.31 on Friday. Square, Inc. has a one year low of $49.82 and a one year high of $101.15. The firm has a market capitalization of $28.08 billion, a P/E ratio of 3,265.50, a P/E/G ratio of 17.61 and a beta of 3.49. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.91.

Square (NYSE:SQ) last announced its earnings results on Wednesday, May 1st. The technology company reported ($0.01) EPS for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.09). Square had a positive return on equity of 1.86% and a negative net margin of 1.47%. The company had revenue of $489.00 million during the quarter, compared to the consensus estimate of $479.63 million. During the same period in the prior year, the business posted $0.06 earnings per share. Square’s revenue for the quarter was up 59.3% compared to the same quarter last year. As a group, analysts forecast that Square, Inc. will post 0.15 earnings per share for the current year.

A number of research firms have recently issued reports on SQ. Wedbush restated a “neutral” rating and issued a $75.00 price target on shares of Square in a research note on Thursday, May 2nd. ValuEngine downgraded Square from a “buy” rating to a “hold” rating in a research note on Friday, May 10th. Needham & Company LLC restated a “buy” rating and issued a $90.00 price target (down from $95.00) on shares of Square in a research note on Thursday, May 2nd. Zacks Investment Research upgraded Square from a “hold” rating to a “buy” rating and set a $77.00 price target on the stock in a research note on Tuesday, May 7th. Finally, SunTrust Banks dropped their price target on Square to $65.00 and set a “hold” rating on the stock in a research note on Thursday, May 2nd. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. Square has a consensus rating of “Hold” and a consensus target price of $86.14.

In other Square news, insider Alyssa Henry sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $64.20, for a total transaction of $1,284,000.00. Following the sale, the insider now directly owns 459,793 shares of the company’s stock, valued at $29,518,710.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Ajmere Dale sold 2,048 shares of the firm’s stock in a transaction dated Thursday, February 28th. The shares were sold at an average price of $80.00, for a total value of $163,840.00. Following the sale, the chief accounting officer now directly owns 79,985 shares in the company, valued at $6,398,800. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 819,641 shares of company stock worth $62,130,073. 21.79% of the stock is owned by insiders.

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About Square

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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Want to see what other hedge funds are holding SQ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Square, Inc. (NYSE:SQ).

Institutional Ownership by Quarter for Square (NYSE:SQ)

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