Square, Inc. (SQ) Reaches New 12-Month High After Better-Than-Expected Earnings

Square, Inc. (NYSE:SQ)’s share price reached a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $37.94 and last traded at $37.99, with a volume of 21270164 shares changing hands. The stock had previously closed at $36.71.

The technology company reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.02. Square had a negative net margin of 3.04% and a negative return on equity of 8.28%. The firm had revenue of $257.12 million for the quarter, compared to analyst estimates of $244.95 million. During the same period in the prior year, the firm posted $0.01 earnings per share. The company’s quarterly revenue was up 44.6% compared to the same quarter last year.

Several equities analysts have commented on SQ shares. Citigroup Inc. upped their price objective on shares of Square from $30.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, October 18th. Vetr downgraded shares of Square from a “strong-buy” rating to a “buy” rating and set a $30.12 price objective on the stock. in a report on Tuesday, September 12th. Zacks Investment Research upgraded shares of Square from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a report on Tuesday, August 1st. Oppenheimer Holdings, Inc. started coverage on shares of Square in a report on Thursday, October 12th. They issued an “outperform” rating and a $35.00 price objective on the stock. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $24.00 price objective on shares of Square in a report on Wednesday, July 26th. Thirteen analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $31.67.

In other news, Director James Morgan Jr. Mckelvey sold 400,000 shares of the stock in a transaction dated Tuesday, October 17th. The shares were sold at an average price of $32.72, for a total value of $13,088,000.00. Following the completion of the transaction, the director now owns 507,732 shares of the company’s stock, valued at $16,612,991.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Sarah Friar sold 19,200 shares of the stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $25.54, for a total transaction of $490,368.00. Following the completion of the transaction, the chief financial officer now directly owns 366,103 shares of the company’s stock, valued at approximately $9,350,270.62. The disclosure for this sale can be found here. Insiders have sold 1,353,600 shares of company stock worth $38,351,040 over the last quarter. Corporate insiders own 32.68% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Amalgamated Bank lifted its holdings in shares of Square by 12.2% in the third quarter. Amalgamated Bank now owns 45,983 shares of the technology company’s stock worth $1,325,000 after acquiring an additional 5,016 shares during the last quarter. Evergreen Capital Management LLC bought a new position in shares of Square in the third quarter worth about $1,917,000. Zevenbergen Capital Investments LLC bought a new position in shares of Square in the third quarter worth about $1,829,000. JPMorgan Chase & Co. lifted its holdings in shares of Square by 64.6% in the third quarter. JPMorgan Chase & Co. now owns 2,146,413 shares of the technology company’s stock worth $61,150,000 after acquiring an additional 842,014 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of Square by 25.2% in the third quarter. Legal & General Group Plc now owns 99,488 shares of the technology company’s stock worth $2,866,000 after acquiring an additional 20,036 shares during the last quarter. 53.91% of the stock is owned by hedge funds and other institutional investors.

The company has a debt-to-equity ratio of 0.50, a current ratio of 2.30 and a quick ratio of 2.30.

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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.

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