Bank of America Corporation Raises Square, Inc. (SQ) Price Target to $31.00

Square, Inc. (NYSE:SQ) had its price target increased by Bank of America Corporation from $29.00 to $31.00 in a report published on Monday. The firm currently has a neutral rating on the technology company’s stock.

A number of other analysts also recently issued reports on SQ. Credit Suisse Group reaffirmed a neutral rating and set a $26.00 price objective (up from $25.00) on shares of Square in a report on Wednesday, August 9th. Vetr downgraded shares of Square from a buy rating to a hold rating and set a $31.08 price objective for the company. in a report on Wednesday, October 4th. Royal Bank Of Canada reissued an outperform rating and issued a $31.00 price target (up from $24.00) on shares of Square in a research note on Wednesday, August 9th. Zacks Investment Research downgraded shares of Square from a buy rating to a hold rating in a research note on Wednesday, October 4th. Finally, Canaccord Genuity boosted their price target on shares of Square from $18.00 to $26.00 and gave the stock a hold rating in a research note on Thursday, August 3rd. Thirteen research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Square has a consensus rating of Buy and an average target price of $25.50.

Square (NYSE:SQ) opened at 32.00 on Monday. The stock has a 50 day moving average price of $27.91 and a 200-day moving average price of $23.62. The company’s market capitalization is $12.28 billion. Square has a 52 week low of $10.88 and a 52 week high of $32.00.

Square (NYSE:SQ) last posted its quarterly earnings data on Wednesday, August 2nd. The technology company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. Square had a negative net margin of 4.13% and a negative return on equity of 12.41%. The company had revenue of $240.00 million during the quarter, compared to the consensus estimate of $228.64 million. During the same period in the previous year, the firm posted ($0.08) EPS. The firm’s revenue was up 40.4% compared to the same quarter last year. On average, equities analysts predict that Square will post $0.24 earnings per share for the current fiscal year.

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In related news, CFO Sarah Friar sold 19,200 shares of the business’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $26.25, for a total transaction of $504,000.00. Following the transaction, the chief financial officer now owns 368,791 shares in the company, valued at $9,680,763.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James Morgan Jr. Mckelvey sold 400,000 shares of the business’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $27.22, for a total transaction of $10,888,000.00. Following the transaction, the director now owns 507,385 shares in the company, valued at approximately $13,811,019.70. The disclosure for this sale can be found here. Insiders have sold 972,800 shares of company stock worth $25,520,512 in the last quarter. 32.68% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in SQ. FMR LLC grew its holdings in Square by 114.7% in the second quarter. FMR LLC now owns 23,888,617 shares of the technology company’s stock worth $560,427,000 after purchasing an additional 12,764,491 shares during the period. Vanguard Group Inc. grew its holdings in Square by 73.4% in the second quarter. Vanguard Group Inc. now owns 19,034,862 shares of the technology company’s stock worth $446,558,000 after purchasing an additional 8,058,892 shares during the period. Renaissance Technologies LLC grew its holdings in Square by 641.8% in the first quarter. Renaissance Technologies LLC now owns 8,578,500 shares of the technology company’s stock worth $148,236,000 after purchasing an additional 7,422,000 shares during the period. BlackRock Inc. grew its holdings in Square by 7,162.2% in the first quarter. BlackRock Inc. now owns 5,383,325 shares of the technology company’s stock worth $93,023,000 after purchasing an additional 5,309,197 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in Square by 556.5% in the second quarter. Goldman Sachs Group Inc. now owns 4,594,445 shares of the technology company’s stock worth $107,786,000 after purchasing an additional 3,894,639 shares during the period. Institutional investors and hedge funds own 53.83% of the company’s stock.

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.

Analyst Recommendations for Square (NYSE:SQ)

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