Square (NYSE:SQ) PT Raised to $75.00 at SunTrust Banks

Square (NYSE:SQ) had its price objective hoisted by SunTrust Banks to $75.00 in a report issued on Friday morning, The Fly reports. They currently have a hold rating on the technology company’s stock.

Several other research firms have also commented on SQ. Citigroup set a $95.00 price target on Square and gave the stock a buy rating in a report on Friday, July 19th. Evercore ISI lowered Square from an outperform rating to an underperform rating and reduced their price target for the stock from $101.00 to $64.00 in a report on Thursday. 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 report on Tuesday, May 7th. Sanford C. Bernstein began coverage on Square in a report on Tuesday, April 16th. They set a market perform rating and a $80.00 price target on the stock. Finally, Wedbush reiterated a neutral rating on shares of Square in a report on Monday, July 1st. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty have issued a buy rating to the stock. Square currently has an average rating of Buy and an average target price of $87.40.

Shares of NYSE SQ traded down $11.38 during trading on Friday, hitting $69.60. 43,696,160 shares of the company were exchanged, compared to its average volume of 6,864,466. Square has a 12-month low of $49.82 and a 12-month high of $101.15. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.50 and a quick ratio of 1.50. The company’s fifty day moving average is $76.34. The stock has a market cap of $34.01 billion, a price-to-earnings ratio of 3,480.00, a PEG ratio of 21.55 and a beta of 3.31.

Square (NYSE:SQ) last posted its quarterly earnings results on Thursday, August 1st. The technology company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.01 by $0.20. Square had a positive return on equity of 1.86% and a negative net margin of 1.47%. The business had revenue of $563.00 million for the quarter, compared to analyst estimates of $557.67 million. During the same quarter in the previous year, the firm earned $0.13 EPS. The company’s quarterly revenue was up 46.2% compared to the same quarter last year. On average, analysts anticipate that Square will post 0.15 EPS for the current year.

In other Square news, insider Ajmere Dale sold 2,296 shares of Square stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $60.86, for a total value of $139,734.56. Following the completion of the transaction, the insider now directly owns 79,725 shares of the company’s stock, valued at approximately $4,852,063.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jacqueline D. Reses sold 5,000 shares of Square stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $73.26, for a total value of $366,300.00. Following the completion of the transaction, the insider now directly owns 399,914 shares of the company’s stock, valued at $29,297,699.64. The disclosure for this sale can be found here. Insiders have sold a total of 72,249 shares of company stock valued at $5,144,475 over the last three months. Corporate insiders own 21.79% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SQ. Jennison Associates LLC grew its position in Square by 56.6% in the 1st quarter. Jennison Associates LLC now owns 15,136,362 shares of the technology company’s stock valued at $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 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,303,968 shares of the technology company’s stock valued at $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 2nd quarter. Nikko Asset Management Americas Inc. now owns 5,034,654 shares of the technology company’s stock valued at $365,163,000 after acquiring an additional 1,359,963 shares in the last quarter. Victory Capital Management Inc. acquired a new position in Square in the 1st quarter valued at about $34,164,000. Finally, Ardevora Asset Management LLP acquired a new position in Square in the 1st quarter valued at about $28,275,000. 52.06% of the stock is owned by institutional investors.

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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