Old Mutual Global Investors UK Ltd. boosted its position in Square, Inc. (NYSE:SQ) by 231.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 25,200 shares of the technology company’s stock after acquiring an additional 17,600 shares during the quarter. Old Mutual Global Investors UK Ltd.’s holdings in Square were worth $591,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the stock. Hall Kathryn A. acquired a new stake in Square in the second quarter valued at approximately $912,000. State of Tennessee Treasury Department acquired a new stake in Square during the second quarter worth approximately $1,642,000. Clal Insurance Enterprises Holdings Ltd raised its holdings in Square by 2.9% during the second quarter. Clal Insurance Enterprises Holdings Ltd now owns 3,190,200 shares of the technology company’s stock worth $74,842,000 after purchasing an additional 90,200 shares in the last quarter. Swiss National Bank raised its holdings in Square by 26.6% during the second quarter. Swiss National Bank now owns 329,600 shares of the technology company’s stock worth $7,732,000 after purchasing an additional 69,300 shares in the last quarter. Finally, Eagle Asset Management Inc. acquired a new stake in Square during the second quarter worth approximately $26,607,000. 82.02% of the stock is currently owned by hedge funds and other institutional investors.
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In other news, Director James Morgan Jr. Mckelvey sold 400,000 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $25.02, for a total value of $10,008,000.00. Following the completion of the sale, the director now directly owns 507,385 shares in the company, valued at approximately $12,694,772.70. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Sarah Friar sold 38,400 shares of the firm’s stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $24.22, for a total value of $930,048.00. Following the completion of the sale, the chief financial officer now owns 375,023 shares of the company’s stock, valued at $9,083,057.06. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 553,600 shares of company stock valued at $13,928,064. 32.68% of the stock is currently owned by company insiders.
A number of brokerages have recently commented on SQ. Vetr raised shares of Square from a “buy” rating to a “strong-buy” rating and set a $26.28 target price on the stock in a report on Monday, July 10th. Zacks Investment Research raised Square from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a research report on Tuesday, August 1st. Citigroup Inc. upped their price target on Square from $23.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, July 6th. Deutsche Bank AG upped their price target on Square from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, May 15th. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $24.00 price target on shares of Square in a research report on Wednesday, July 26th. Eleven equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $24.61.
Square, Inc. (NYSE SQ) opened at 26.53 on Monday. The firm’s market capitalization is $10.18 billion. The stock’s 50 day moving average price is $25.70 and its 200 day moving average price is $21.56. Square, Inc. has a 52-week low of $10.88 and a 52-week high of $27.97.
Square (NYSE:SQ) last issued its earnings results on Wednesday, August 2nd. The technology company reported ($0.04) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. The company had revenue of $240 million during the quarter, compared to the consensus estimate of $228.64 million. Square had a negative return on equity of 12.41% and a negative net margin of 4.13%. The firm’s revenue for the quarter was up 40.4% compared to the same quarter last year. During the same period last year, the business posted ($0.08) EPS. On average, analysts predict that Square, Inc. will post $0.24 EPS for the current fiscal year.
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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