Nikko Asset Management Americas Inc. Acquires 1,064,700 Shares of Square, Inc. (SQ)

Nikko Asset Management Americas Inc. raised its stake in shares of Square, Inc. (NYSE:SQ) by 1,238.0% during the second quarter, Holdings Channel reports. The firm owned 1,150,700 shares of the technology company’s stock after buying an additional 1,064,700 shares during the period. Square comprises 1.6% of Nikko Asset Management Americas Inc.’s portfolio, making the stock its 12th largest position. Nikko Asset Management Americas Inc.’s holdings in Square were worth $26,995,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of SQ. Bank of New York Mellon Corp raised its position in shares of 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 valued at $250,229,000 after buying an additional 6,065,730 shares during the period. FMR LLC raised its position in shares of Square by 24.4% in the first quarter. FMR LLC now owns 11,124,126 shares of the technology company’s stock valued at $192,225,000 after buying an additional 2,183,127 shares during the period. Vanguard Group Inc. raised its position in shares of Square by 2.3% in the first quarter. Vanguard Group Inc. now owns 10,975,970 shares of the technology company’s stock valued at $189,665,000 after buying an additional 241,563 shares during the period. Renaissance Technologies LLC raised its position in shares of Square by 641.8% in the first quarter. Renaissance Technologies LLC now owns 8,578,500 shares of the technology company’s stock valued at $148,236,000 after buying an additional 7,422,000 shares during the period. Finally, BlackRock Inc. raised its position in shares of Square by 7,162.2% in the first quarter. BlackRock Inc. now owns 5,383,325 shares of the technology company’s stock valued at $93,023,000 after buying an additional 5,309,197 shares during the period. 68.74% of the stock is currently owned by institutional investors.

Shares of Square, Inc. (SQ) opened at 24.54 on Friday. Square, Inc. has a 12-month low of $10.88 and a 12-month high of $27.97. The firm’s market capitalization is $9.42 billion. The stock has a 50 day moving average of $25.43 and a 200-day moving average of $20.37.

Square (NYSE:SQ) last issued its earnings results on Wednesday, August 2nd. The technology company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $228.64 million. During the same period in the prior year, the firm earned ($0.08) earnings per share. Square’s revenue for the quarter was up 40.4% on a year-over-year basis. On average, equities research analysts predict that Square, Inc. will post $0.24 EPS for the current fiscal year.

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Several research analysts have recently issued reports on SQ shares. Credit Suisse Group lowered shares of Square from an “outperform” rating to a “neutral” rating and raised their target price for the company from $20.00 to $25.00 in a research note on Friday, June 16th. Royal Bank Of Canada reduced their target price on shares of Square to $18.00 and set a “buy” rating on the stock in a research note on Monday, April 24th. Needham & Company LLC reaffirmed a “buy” rating and issued a $23.00 target price (up previously from $20.00) on shares of Square in a research note on Thursday, May 4th. KeyCorp reaffirmed an “overweight” rating on shares of Square in a research note on Tuesday, July 18th. Finally, Barclays PLC reaffirmed an “overweight” rating and issued a $28.00 target price (up previously from $21.00) on shares of Square in a research note on Wednesday, August 9th. Eleven investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $24.61.

In other news, Director James Morgan Jr. Mckelvey sold 400,000 shares of the company’s stock in a transaction that occurred on 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 $12,694,772.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Sarah Friar sold 38,400 shares of the company’s stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $22.09, for a total value of $848,256.00. Following the transaction, the chief financial officer now directly owns 375,023 shares in the company, valued at $8,284,258.07. The disclosure for this sale can be found here. Insiders have sold 933,400 shares of company stock worth $22,420,380 over the last ninety days. 32.68% of the stock is owned by insiders.

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.

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Institutional Ownership by Quarter for Square (NYSE:SQ)

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