Square (SQ) Earns Buy Rating from Canaccord Genuity

Canaccord Genuity restated their buy rating on shares of Square (NYSE:SQ) in a research report sent to investors on Thursday, MarketBeat.com reports. The firm currently has a $95.00 target price on the technology company’s stock, up from their prior target price of $90.00. The analysts noted that the move was a valuation call.

A number of other equities research analysts also recently weighed in on SQ. Guggenheim restated a buy rating and issued a $73.00 target price on shares of Square in a research report on Friday, July 13th. Wolfe Research started coverage on Square in a research report on Tuesday, July 17th. They issued a market perform rating for the company. Credit Suisse Group upgraded Square from a neutral rating to an outperform rating and upped their target price for the stock from $44.00 to $81.00 in a research report on Thursday, July 19th. Morgan Stanley upped their target price on Square from $43.00 to $75.00 and gave the stock an equal weight rating in a research report on Thursday, July 19th. Finally, JPMorgan Chase & Co. upped their target price on Square from $45.00 to $46.00 and gave the stock a $71.60 rating in a research report on Monday, July 23rd. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $78.59.

SQ traded down $1.96 during trading on Thursday, reaching $73.27. The stock had a trading volume of 17,258,235 shares, compared to its average volume of 13,558,816. The company has a market capitalization of $31.73 billion, a price-to-earnings ratio of -732.70 and a beta of 4.30. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.18 and a quick ratio of 2.18. Square has a 1-year low of $34.14 and a 1-year high of $101.15.

Square (NYSE:SQ) last released its 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 during the quarter, compared to the consensus estimate of $414.19 million. Square had a negative return on equity of 3.18% and a negative net margin of 2.30%. The firm’s revenue for the quarter was up 67.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.07 earnings per share. Equities analysts expect that Square will post -0.04 EPS for the current fiscal year.

In other news, insider Sivan Whiteley sold 1,875 shares of the stock in a transaction on Friday, November 2nd. The stock was sold at an average price of $77.70, for a total transaction of $145,687.50. Following the completion of the sale, the insider now owns 121,708 shares in the company, valued at approximately $9,456,711.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jack Dorsey sold 103,035 shares of the stock in a transaction on Wednesday, November 7th. The shares were sold at an average price of $79.61, for a total value of $8,202,616.35. The disclosure for this sale can be found here. Insiders have sold a total of 2,300,650 shares of company stock valued at $187,755,700 in the last quarter. Insiders own 27.99% of the company’s stock.

Large investors have recently made changes to their positions in the business. Columbia Asset Management acquired a new stake in Square during the 3rd quarter valued at $114,000. Girard Partners LTD. acquired a new stake in Square during the 3rd quarter valued at $138,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Square during the 3rd quarter valued at $155,000. Centaurus Financial Inc. acquired a new stake in Square during the 2nd quarter valued at $100,000. Finally, Huntington National Bank raised its stake in Square by 1,725.0% during the 2nd quarter. Huntington National Bank now owns 1,825 shares of the technology company’s stock valued at $112,000 after purchasing an additional 1,725 shares during the period. 51.25% of the stock is currently owned by 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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Analyst Recommendations for Square (NYSE:SQ)

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