Square (SQ) Given New $84.00 Price Target at SunTrust Banks

Square (NYSE:SQ) had its target price lifted by analysts at SunTrust Banks to $84.00 in a research note issued on Thursday, The Fly reports. The firm currently has a “hold” rating on the technology company’s stock. SunTrust Banks’ target price would indicate a potential upside of 12.00% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Mizuho boosted their price target on shares of Square from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday. Needham & Company LLC boosted their price target on shares of Square from $75.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday. Canaccord Genuity reaffirmed a “buy” rating and set a $95.00 target price (up from $90.00) on shares of Square in a research note on Thursday. They noted that the move was a valuation call. Wells Fargo & Co lifted their target price on shares of Square from $60.00 to $80.00 and gave the stock a “market perform” rating in a research note on Thursday. Finally, UBS Group downgraded shares of Square from a “positive” rating to a “neutral” rating in a research note on Thursday. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. Square currently has an average rating of “Hold” and an average target price of $78.59.

SQ traded down $7.69 on Thursday, reaching $75.00. 22,163,289 shares of the company’s stock were exchanged, compared to its average volume of 21,308,960. The firm has a market capitalization of $31.73 billion, a PE ratio of -750.00 and a beta of 4.30. Square has a twelve month low of $34.14 and a twelve month high of $101.15. The company has a current ratio of 2.18, a quick ratio of 2.18 and a debt-to-equity ratio of 0.99.

Square (NYSE:SQ) last posted its quarterly earnings results on Wednesday, November 7th. The technology company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The firm had revenue of $431.00 million for the quarter, compared to analyst estimates of $414.19 million. Square had a negative net margin of 2.30% and a negative return on equity of 3.18%. Square’s quarterly revenue was up 67.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.07 earnings per share. As a group, analysts predict that Square will post -0.04 earnings per share for the current fiscal year.

In related news, Director James Morgan Jr. Mckelvey sold 400,000 shares of the company’s stock in a transaction that occurred on Friday, August 10th. The shares were sold at an average price of $71.26, for a total transaction of $28,504,000.00. Following the sale, the director now directly owns 472,175 shares of the company’s stock, valued at approximately $33,647,190.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jack Dorsey sold 103,035 shares of the company’s stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $73.93, for a total transaction of $7,617,377.55. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,597,615 shares of company stock worth $208,057,083. 27.99% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. CIBC Asset Management Inc increased its stake in Square by 5.3% during the 3rd quarter. CIBC Asset Management Inc now owns 14,784 shares of the technology company’s stock worth $1,464,000 after buying an additional 738 shares during the period. Oregon Public Employees Retirement Fund grew its holdings in Square by 1.0% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 75,472 shares of the technology company’s stock worth $7,472,000 after acquiring an additional 754 shares in the last quarter. Lincoln National Corp grew its holdings in Square by 13.7% during the 2nd quarter. Lincoln National Corp now owns 6,327 shares of the technology company’s stock worth $390,000 after acquiring an additional 764 shares in the last quarter. Alpha Cubed Investments LLC grew its holdings in Square by 23.1% during the 3rd quarter. Alpha Cubed Investments LLC now owns 4,208 shares of the technology company’s stock worth $312,000 after acquiring an additional 791 shares in the last quarter. Finally, IFP Advisors Inc grew its holdings in Square by 5.7% during the 3rd quarter. IFP Advisors Inc now owns 15,264 shares of the technology company’s stock worth $1,511,000 after acquiring an additional 818 shares in the last quarter. 51.25% of the stock is currently owned by hedge funds and other institutional investors.

About Square

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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