IFG Advisory LLC purchased a new stake in Square, Inc. (NYSE:SQ) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 5,440 shares of the technology company’s stock, valued at approximately $538,000.
Other hedge funds also recently bought and sold shares of the company. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Square in the third quarter valued at about $155,000. Centaurus Financial Inc. acquired a new position in Square in the second quarter valued at about $100,000. Huntington National Bank raised its stake in Square by 1,725.0% in the second quarter. Huntington National Bank now owns 1,825 shares of the technology company’s stock valued at $112,000 after purchasing an additional 1,725 shares in the last quarter. Arlington Partners LLC acquired a new position in Square in the third quarter valued at about $198,000. Finally, Good Life Advisors LLC acquired a new position in Square in the third quarter valued at about $203,000. 51.25% of the stock is owned by institutional investors and hedge funds.
SQ has been the subject of a number of analyst reports. ValuEngine raised Square from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, October 2nd. Wolfe Research started coverage on Square in a research note on Tuesday, July 17th. They issued a “market perform” rating for the company. Deutsche Bank lifted their target price on Square from $57.00 to $78.00 and gave the company a “buy” rating in a research report on Tuesday, July 24th. Stifel Nicolaus lifted their target price on Square from $66.00 to $72.00 and gave the company a “buy” rating in a research report on Tuesday, July 31st. Finally, Goldman Sachs Group lifted their target price on Square from $77.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, October 8th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $78.59.
Square (NYSE:SQ) last released its quarterly earnings results on Wednesday, November 7th. The technology company reported $0.13 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.02. The company had revenue of $431.00 million for the quarter, compared to analysts’ expectations of $414.19 million. Square had a negative return on equity of 1.18% and a negative net margin of 0.87%. The business’s quarterly revenue was up 67.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.07 earnings per share. As a group, sell-side analysts anticipate that Square, Inc. will post -0.04 earnings per share for the current year.
In other news, insider Ajmere Dale sold 4,096 shares of the business’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $89.99, for a total transaction of $368,599.04. Following the sale, the insider now directly owns 93,255 shares in the company, valued at $8,392,017.45. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Sivan Whiteley sold 5,224 shares of the business’s stock in a transaction dated Tuesday, October 2nd. The stock was sold at an average price of $99.41, for a total value of $519,317.84. Following the sale, the insider now owns 490,344 shares in the company, valued at $48,745,097.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,300,650 shares of company stock worth $187,755,700. Company insiders own 27.99% of the company’s stock.
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Square, Inc provides payment and point-of-sale solutions in the United States and internationally. The company's commerce ecosystem includes point-of-sale software and hardware that enables sellers to turn mobile and computing devices into payment and point-of-sale solutions. It offers hardware products, including Magstripe reader, which enables swiped transactions of magnetic stripe cards; Contactless and chip reader that accepts EMV® chip cards and Near Field Communication payments; Chip card reader, which accepts EMV® chip cards and enables swiped transactions of magnetic stripe cards; Square Stand, which enables an iPad to be used as a payment terminal or full point of sale solution; and Square Register that combines its hardware, point-of-sale software, and payments technology, as well as managed payments solutions.
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