Needham & Company LLC Increases Square (SQ) Price Target to $95.00

Square (NYSE:SQ) had its price target lifted by equities research analysts at Needham & Company LLC from $75.00 to $95.00 in a report issued on Thursday, Marketbeat reports. The firm currently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s price target indicates a potential upside of 29.66% from the company’s previous close.

SQ has been the topic of several other reports. Credit Suisse Group lifted their price target on shares of Square from $81.00 to $94.00 and gave the stock an “outperform” rating in a report on Wednesday, October 10th. Guggenheim boosted their price objective on shares of Square from $75.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, August 29th. Mizuho boosted their price objective on shares of Square from $90.00 to $95.00 and gave the company a “buy” rating in a report on Thursday. JPMorgan Chase & Co. boosted their price objective on shares of Square to $60.00 and gave the company an “overweight” rating in a report on Thursday, August 2nd. Finally, Buckingham Research boosted their price objective on shares of Square from $85.00 to $105.00 and gave the company a “buy” rating in a report on Wednesday, September 26th. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. Square presently has a consensus rating of “Hold” and an average price target of $78.59.

NYSE SQ traded down $1.96 on Thursday, hitting $73.27. The stock had a trading volume of 17,254,739 shares, compared to its average volume of 20,881,962. 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 has a 52-week low of $34.14 and a 52-week high of $101.15. The firm has a market capitalization of $33.94 billion, a P/E ratio of -732.70 and a beta of 4.30.

Square (NYSE:SQ) last released its quarterly earnings results on Wednesday, November 7th. The technology company reported $0.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.02. Square had a negative net margin of 0.87% and a negative return on equity of 1.18%. The business had revenue of $431.00 million for the quarter, compared to analyst estimates of $414.19 million. During the same period in the previous year, the company earned $0.07 earnings per share. The business’s revenue for the quarter was up 67.7% on a year-over-year basis. As a group, sell-side analysts predict that Square will post -0.04 earnings per share for the current fiscal year.

In related news, CEO Jack Dorsey sold 103,035 shares of the business’s stock in a transaction on Wednesday, November 7th. The shares were sold at an average price of $79.61, for a total transaction of $8,202,616.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Sivan Whiteley sold 5,224 shares of the business’s stock in a transaction on Tuesday, October 2nd. The shares were sold at an average price of $99.41, for a total transaction of $519,317.84. Following the transaction, the insider now owns 490,344 shares of the company’s stock, valued at $48,745,097.04. The disclosure for this sale can be found here. Insiders have sold 2,300,650 shares of company stock valued at $187,755,700 over the last 90 days. 27.99% of the stock is currently owned by insiders.

Institutional investors have recently modified their holdings of the business. Regentatlantic Capital LLC acquired a new position in shares of Square in the third quarter worth about $249,000. Checchi Capital Advisers LLC acquired a new position in shares of Square in the third quarter worth about $284,000. Boston Family Office LLC acquired a new position in shares of Square during the 2nd quarter worth about $341,000. Cognios Capital LLC raised its position in shares of Square by 18.2% during the 2nd quarter. Cognios Capital LLC now owns 24,549 shares of the technology company’s stock worth $1,513,000 after purchasing an additional 3,779 shares during the last quarter. Finally, Brighton Jones LLC raised its position in shares of Square by 39.1% during the 2nd quarter. Brighton Jones LLC now owns 11,572 shares of the technology company’s stock worth $713,000 after purchasing an additional 3,251 shares during the last quarter. Institutional investors and hedge funds own 51.25% of the company’s stock.

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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