Square (SQ) Coverage Initiated at BTIG Research

Equities researchers at BTIG Research began coverage on shares of Square (NYSE:SQ) in a research note issued to investors on Thursday, The Fly reports. The brokerage set a “sell” rating on the technology company’s stock.

SQ has been the topic of a number of other reports. ValuEngine upgraded Square from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, October 2nd. Wolfe Research initiated coverage on Square in a research report on Tuesday, July 17th. They issued a “market perform” rating on the stock. KeyCorp reiterated an “overweight” rating and issued a $70.00 price objective (up from $55.00) on shares of Square in a research report on Tuesday, June 19th. Deutsche Bank increased their price objective on Square from $57.00 to $78.00 and gave the company a “buy” rating in a research report on Tuesday, July 24th. Finally, SunTrust Banks increased their price objective on Square from $45.00 to $66.00 and gave the company a “hold” rating in a research report on Friday, June 29th. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. Square currently has a consensus rating of “Hold” and an average target price of $70.82.

Shares of SQ opened at $73.97 on Thursday. The firm has a market capitalization of $40.64 billion, a price-to-earnings ratio of -739.70 and a beta of 4.33. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.18 and a current ratio of 2.18. Square has a 52 week low of $31.44 and a 52 week high of $101.15.

Square (NYSE:SQ) last announced its quarterly earnings data on Wednesday, August 1st. The technology company reported $0.13 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.14. The firm had revenue of $385.00 million for the quarter, compared to analyst estimates of $367.99 million. Square had a negative return on equity of 3.18% and a negative net margin of 2.30%. The business’s quarterly revenue was up 60.4% compared to the same quarter last year. During the same period last year, the company earned $0.07 EPS. Analysts forecast that Square will post -0.04 EPS for the current year.

In related news, CEO Jack Dorsey sold 103,035 shares of the firm’s stock in a transaction on Wednesday, October 10th. The stock was sold at an average price of $80.38, for a total transaction of $8,281,953.30. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director James Morgan Jr. Mckelvey sold 400,000 shares of the firm’s stock in a transaction on Friday, August 10th. The stock was sold at an average price of $71.26, for a total value of $28,504,000.00. Following the sale, the director now directly owns 472,175 shares in the company, valued at approximately $33,647,190.50. The disclosure for this sale can be found here. In the last three months, insiders sold 1,888,510 shares of company stock worth $156,182,876. 27.99% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the stock. Boston Family Office LLC acquired a new stake in Square during the 2nd quarter worth $341,000. Cognios Capital LLC raised its stake in shares of Square by 18.2% in the 2nd quarter. Cognios Capital LLC now owns 24,549 shares of the technology company’s stock valued at $1,513,000 after purchasing an additional 3,779 shares during the period. Brighton Jones LLC raised its stake in shares of Square by 39.1% in the 2nd quarter. Brighton Jones LLC now owns 11,572 shares of the technology company’s stock valued at $713,000 after purchasing an additional 3,251 shares during the period. NumerixS Investment Technologies Inc raised its stake in shares of Square by 46.7% in the 2nd quarter. NumerixS Investment Technologies Inc now owns 39,000 shares of the technology company’s stock valued at $2,400,000 after purchasing an additional 12,420 shares during the period. Finally, ING Groep NV acquired a new stake in shares of Square in the 2nd quarter valued at about $200,000. 51.86% of the stock is currently owned by institutional investors and hedge funds.

Square Company Profile

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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Analyst Recommendations for Square (NYSE:SQ)

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