Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Square, Inc. (NYSE:SQ) by 95.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,795 shares of the technology company’s stock after purchasing an additional 9,645 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Square were worth $464,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Pacer Advisors Inc. lifted its position in shares of Square by 22.7% in the first quarter. Pacer Advisors Inc. now owns 5,883 shares of the technology company’s stock valued at $102,000 after acquiring an additional 1,090 shares in the last quarter. Glassman Wealth Services lifted its position in shares of Square by 1,987.3% in the first quarter. Glassman Wealth Services now owns 6,575 shares of the technology company’s stock valued at $114,000 after acquiring an additional 6,260 shares in the last quarter. Concert Wealth Management Inc. purchased a new position in shares of Square in the first quarter valued at approximately $144,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Square by 19.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,752 shares of the technology company’s stock valued at $158,000 after acquiring an additional 1,099 shares in the last quarter. Finally, FNY Partners Fund LP lifted its position in shares of Square by 55.4% in the first quarter. FNY Partners Fund LP now owns 10,100 shares of the technology company’s stock valued at $174,000 after acquiring an additional 3,600 shares in the last quarter. Institutional investors own 82.02% of the company’s stock.
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In other news, CFO Sarah Friar sold 38,400 shares of the company’s stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $24.22, for a total transaction of $930,048.00. Following the completion of the sale, the chief financial officer now directly owns 375,023 shares in the company, valued at approximately $9,083,057.06. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director James Morgan Jr. Mckelvey sold 400,000 shares of the company’s stock in a transaction on 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 sale, the director now owns 507,385 shares of the company’s stock, valued at $12,694,772.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 553,600 shares of company stock worth $13,928,064. Corporate insiders own 32.68% of the company’s stock.
Shares of Square, Inc. (NYSE:SQ) opened at 27.27 on Wednesday. The firm’s 50-day moving average price is $25.72 and its 200 day moving average price is $21.73. Square, Inc. has a 1-year low of $10.88 and a 1-year high of $27.97. The firm’s market cap is $10.46 billion.
Square (NYSE:SQ) last issued its quarterly 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 $240.00 million for the quarter, compared to analyst estimates of $228.64 million. During the same quarter in the prior year, the company posted ($0.08) EPS. The business’s revenue for the quarter was up 40.4% compared to the same quarter last year. On average, equities research analysts forecast that Square, Inc. will post $0.24 EPS for the current fiscal year.
SQ has been the topic of several research reports. Credit Suisse Group downgraded 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 report on Friday, June 16th. KeyCorp restated an “overweight” rating on shares of Square in a research report on Tuesday, July 18th. Barclays PLC restated an “overweight” rating and issued a $28.00 target price (up previously from $21.00) on shares of Square in a research report on Wednesday, August 9th. Canaccord Genuity restated a “hold” rating and issued a $26.00 target price (up previously from $18.00) on shares of Square in a research report on Wednesday, August 9th. Finally, Citigroup Inc. raised their target price on Square from $23.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, July 6th. Twelve investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $24.87.
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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