Scotia Capital Inc. decreased its stake in Square, Inc. (NYSE:SQ) by 34.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,420 shares of the technology company’s stock after selling 7,475 shares during the period. Scotia Capital Inc.’s holdings in Square were worth $2,344,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fir Tree Capital Management LP bought a new stake in shares of Square during the 2nd quarter worth $9,078,000. Softbank Group Corp bought a new stake in shares of Square during the 2nd quarter worth $108,668,000. Coatue Management LLC boosted its stake in shares of Square by 31.0% during the 2nd quarter. Coatue Management LLC now owns 4,326,261 shares of the technology company’s stock worth $453,998,000 after acquiring an additional 1,022,563 shares in the last quarter. Third Point LLC bought a new stake in shares of Square during the 2nd quarter worth $83,952,000. Finally, Holocene Advisors LP boosted its stake in shares of Square by 387.5% during the 2nd quarter. Holocene Advisors LP now owns 658,108 shares of the technology company’s stock worth $69,062,000 after acquiring an additional 523,105 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have recently weighed in on the company. Credit Suisse Group raised their price objective on Square from $200.00 to $210.00 and gave the stock an “outperform” rating in a research note on Wednesday. ValuEngine raised Square from a “hold” rating to a “buy” rating in a research report on Tuesday, October 6th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised Square from a “neutral” rating to a “buy” rating and raised their target price for the stock from $185.00 to $215.00 in a research report on Friday, November 6th. Deutsche Bank Aktiengesellschaft boosted their price target on Square from $180.00 to $215.00 in a research note on Tuesday, October 27th. Finally, Jefferies Financial Group boosted their price objective on shares of Square from $145.00 to $170.00 and gave the stock a “hold” rating in a research report on Tuesday, October 20th. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and twenty-three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $154.85.
Square stock opened at $212.92 on Friday. The firm has a 50-day moving average of $181.90 and a 200-day moving average of $138.10. Square, Inc. has a one year low of $32.33 and a one year high of $214.52. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.70 and a quick ratio of 1.70. The company has a market cap of $94.44 billion, a price-to-earnings ratio of 343.42 and a beta of 2.68.
Square (NYSE:SQ) last posted its quarterly earnings data on Thursday, November 5th. The technology company reported $0.34 EPS for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.18. Square had a net margin of 5.15% and a negative return on equity of 1.20%. The company had revenue of $3.03 billion during the quarter, compared to the consensus estimate of $2.08 billion. During the same period in the prior year, the business posted $0.25 EPS. The company’s quarterly revenue was up 139.6% on a year-over-year basis. As a group, sell-side analysts expect that Square, Inc. will post -0.23 earnings per share for the current year.
In related news, CFO Amrita Ahuja sold 2,035 shares of the firm’s stock in a transaction dated Monday, November 23rd. The shares were sold at an average price of $200.07, for a total value of $407,142.45. Following the completion of the sale, the chief financial officer now directly owns 160,887 shares in the company, valued at approximately $32,188,662.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sivan Whiteley sold 2,662 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $167.81, for a total transaction of $446,710.22. Following the completion of the sale, the insider now owns 138,268 shares of the company’s stock, valued at $23,202,753.08. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 883,854 shares of company stock valued at $156,691,117. Company insiders own 21.79% of the company’s stock.
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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