Optimal Asset Management Inc. bought a new position in shares of Square, Inc. (NYSE:SQ) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,157 shares of the technology company’s stock, valued at approximately $717,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SQ. ARK Investment Management LLC lifted its stake in Square by 55.0% during the first quarter. ARK Investment Management LLC now owns 10,978,316 shares of the technology company’s stock worth $2,492,627,000 after purchasing an additional 3,895,906 shares during the last quarter. Norges Bank bought a new stake in Square during the fourth quarter worth $597,618,000. Nikko Asset Management Americas Inc. lifted its stake in Square by 32.9% during the first quarter. Nikko Asset Management Americas Inc. now owns 5,662,354 shares of the technology company’s stock worth $1,285,637,000 after purchasing an additional 1,402,341 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Square by 24.6% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,929,857 shares of the technology company’s stock worth $1,573,424,000 after purchasing an additional 1,368,995 shares during the last quarter. Finally, Jennison Associates LLC lifted its stake in Square by 12.6% during the first quarter. Jennison Associates LLC now owns 9,680,336 shares of the technology company’s stock worth $2,197,920,000 after purchasing an additional 1,085,690 shares during the last quarter. Hedge funds and other institutional investors own 62.66% of the company’s stock.
A number of brokerages have recently commented on SQ. Barclays increased their price target on Square from $330.00 to $340.00 and gave the company an “overweight” rating in a research note on Tuesday, April 20th. Mizuho reiterated a “buy” rating and issued a $380.00 price target on shares of Square in a research note on Thursday, July 15th. Keefe, Bruyette & Woods raised Square from a “market perform” rating to an “outperform” rating and set a $250.00 target price for the company in a research report on Wednesday, March 31st. Needham & Company LLC raised their target price on Square from $300.00 to $310.00 and gave the stock a “buy” rating in a research report on Tuesday, April 13th. Finally, Zacks Investment Research lowered Square from a “hold” rating to a “sell” rating and set a $254.00 target price for the company. in a research report on Tuesday, July 13th. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-four have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $252.74.
Square (NYSE:SQ) last announced its earnings results on Thursday, May 6th. The technology company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.45. Square had a net margin of 2.72% and a return on equity of 9.32%. The company had revenue of $5.06 billion during the quarter, compared to analyst estimates of $3.28 billion. During the same period in the previous year, the business earned ($0.02) earnings per share. The firm’s quarterly revenue was up 266.4% compared to the same quarter last year. Research analysts forecast that Square, Inc. will post 0.49 earnings per share for the current year.
In other Square news, Director James Morgan Jr. Mckelvey sold 200,000 shares of the business’s stock in a transaction on Tuesday, May 18th. The shares were sold at an average price of $205.56, for a total value of $41,112,000.00. Following the completion of the sale, the director now directly owns 202,727 shares of the company’s stock, valued at $41,672,562.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Ajmere Dale sold 1,000 shares of the business’s stock in a transaction on Tuesday, June 29th. The stock was sold at an average price of $250.00, for a total transaction of $250,000.00. Following the completion of the sale, the chief accounting officer now directly owns 41,293 shares of the company’s stock, valued at $10,323,250. The disclosure for this sale can be found here. Insiders sold 973,985 shares of company stock valued at $222,515,001 over the last three months. 15.12% of the stock is currently owned by insiders.
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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