Royal Bank Of Canada Reaffirms “Outperform” Rating for Square, Inc. (SQ)

Royal Bank Of Canada reissued their outperform rating on shares of Square, Inc. (NYSE:SQ) in a research note published on Wednesday, August 9th. Royal Bank Of Canada currently has a $31.00 price target on the technology company’s stock, up from their previous price target of $24.00.

A number of other analysts have also recently issued reports on SQ. Vetr cut Square from a strong-buy rating to a buy rating and set a $19.66 price objective for the company. in a research report on Thursday, April 20th. Deutsche Bank AG reaffirmed a buy rating and issued a $19.00 price objective on shares of Square in a research report on Monday, April 24th. Zacks Investment Research cut Square from a strong-buy rating to a hold rating in a research report on Tuesday, April 25th. Guggenheim cut Square from a buy rating to a neutral rating and raised their price objective for the company from $19.00 to $20.00 in a research report on Thursday, May 4th. They noted that the move was a valuation call. Finally, Stifel Nicolaus reaffirmed a buy rating and issued a $21.00 price objective (up from $18.00) on shares of Square in a research report on Thursday, May 4th. Eleven investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $24.61.

Shares of Square (SQ) traded up 1.18% during mid-day trading on Wednesday, reaching $24.83. 5,325,691 shares of the company’s stock traded hands. Square has a 1-year low of $10.88 and a 1-year high of $27.97. The firm has a 50-day moving average price of $25.47 and a 200-day moving average price of $20.44. The company’s market capitalization is $9.53 billion.

Square (NYSE:SQ) last released its quarterly earnings data on Wednesday, August 2nd. The technology company reported ($0.04) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.01. Square had a negative return on equity of 12.41% and a negative net margin of 4.13%. The company had revenue of $240 million during the quarter, compared to analysts’ expectations of $228.64 million. During the same period last year, the firm posted ($0.08) earnings per share. The business’s revenue was up 40.4% on a year-over-year basis. On average, equities research analysts forecast that Square will post $0.24 earnings per share for the current fiscal year.

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In other Square news, Director James Morgan Jr. Mckelvey sold 400,000 shares of Square stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $25.02, for a total transaction of $10,008,000.00. Following the transaction, the director now directly owns 507,385 shares of the company’s stock, valued at approximately $12,694,772.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Sarah Friar sold 19,200 shares of Square stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $26.25, for a total value of $504,000.00. Following the transaction, the chief financial officer now directly owns 368,791 shares in the company, valued at $9,680,763.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 933,400 shares of company stock worth $22,420,380. 32.68% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of SQ. Highbridge Capital Management LLC acquired a new position in Square during the fourth quarter valued at $314,000. Guggenheim Capital LLC raised its position in Square by 4.0% in the fourth quarter. Guggenheim Capital LLC now owns 18,680 shares of the technology company’s stock valued at $255,000 after buying an additional 727 shares during the period. Teachers Advisors LLC raised its position in Square by 168.8% in the fourth quarter. Teachers Advisors LLC now owns 229,804 shares of the technology company’s stock valued at $3,132,000 after buying an additional 144,308 shares during the period. National Asset Management Inc. acquired a new position in Square during the first quarter valued at $177,000. Finally, Bank of Nova Scotia acquired a new position in Square during the first quarter valued at $2,696,000. 68.74% of the stock is owned by hedge funds and other institutional investors.

About Square

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.

Analyst Recommendations for Square (NYSE:SQ)

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