Square (NYSE:SQ) posted its quarterly earnings results on Thursday. The technology company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.20, Bloomberg Earnings reports. The company had revenue of $563.00 million for the quarter, compared to analysts’ expectations of $557.67 million. Square had a negative net margin of 1.47% and a positive return on equity of 1.86%. Square’s revenue was up 46.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.13 EPS.
Square stock traded down $11.38 during mid-day trading on Friday, reaching $69.60. The company’s stock had a trading volume of 43,544,665 shares, compared to its average volume of 10,800,283. Square has a 12-month low of $49.82 and a 12-month high of $101.15. The firm has a market cap of $34.04 billion, a P/E ratio of 3,480.00, a P/E/G ratio of 21.57 and a beta of 3.31. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.91. The stock has a fifty day moving average of $76.34.
A number of equities research analysts recently commented on the stock. Sanford C. Bernstein assumed coverage on shares of Square in a report on Tuesday, April 16th. They issued a “market perform” rating and a $80.00 price target on the stock. Jefferies Financial Group reaffirmed a “hold” rating and issued a $78.00 price target on shares of Square in a report on Thursday, July 18th. Raymond James raised shares of Square from an “underperform” rating to a “market perform” rating and set a $74.15 price target on the stock in a report on Tuesday, July 9th. ValuEngine raised shares of Square from a “hold” rating to a “buy” rating in a report on Thursday, June 13th. Finally, Nomura lifted their price target on shares of Square from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-two have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $86.31.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jennison Associates LLC grew its position in Square by 56.6% in the first quarter. Jennison Associates LLC now owns 15,136,362 shares of the technology company’s stock worth $1,134,016,000 after acquiring an additional 5,472,640 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in Square by 28.8% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,303,968 shares of the technology company’s stock worth $457,227,000 after acquiring an additional 1,410,744 shares in the last quarter. Nikko Asset Management Americas Inc. grew its position in Square by 37.0% in the second quarter. Nikko Asset Management Americas Inc. now owns 5,034,654 shares of the technology company’s stock worth $365,163,000 after acquiring an additional 1,359,963 shares in the last quarter. Norges Bank purchased a new position in Square in the fourth quarter worth $141,059,000. Finally, ARK Investment Management LLC grew its position in Square by 17.5% in the second quarter. ARK Investment Management LLC now owns 2,506,643 shares of the technology company’s stock worth $181,807,000 after acquiring an additional 373,765 shares in the last quarter. Hedge funds and other institutional investors own 52.06% of the company’s stock.
Square Company Profile
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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