CIBC Asset Management Inc increased its stake in shares of Square, Inc. (NYSE:SQ) by 5.3% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 14,784 shares of the technology company’s stock after acquiring an additional 738 shares during the quarter. CIBC Asset Management Inc’s holdings in Square were worth $1,464,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in SQ. American Century Companies Inc. grew its stake in Square by 2,070.5% in the 2nd quarter. American Century Companies Inc. now owns 827,790 shares of the technology company’s stock valued at $51,025,000 after purchasing an additional 789,651 shares during the period. Massachusetts Financial Services Co. MA grew its stake in Square by 85.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,450,154 shares of the technology company’s stock valued at $143,579,000 after purchasing an additional 668,394 shares during the period. Korea Investment CORP bought a new position in Square in the 2nd quarter valued at $36,435,000. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Square by 8.1% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,700,722 shares of the technology company’s stock valued at $289,753,000 after purchasing an additional 353,037 shares during the period. Finally, Scout Investments Inc. bought a new position in Square in the 3rd quarter valued at $34,577,000. Institutional investors and hedge funds own 51.25% of the company’s stock.
A number of research analysts have issued reports on the company. Credit Suisse Group upped their price objective on Square from $81.00 to $94.00 and gave the company an “outperform” rating in a research note on Wednesday, October 10th. Guggenheim upped their price objective on Square from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, August 29th. Mizuho upped their price objective on Square from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Thursday. JPMorgan Chase & Co. upped their price objective on Square to $60.00 and gave the company an “overweight” rating in a research note on Thursday, August 2nd. Finally, Buckingham Research upped their price objective on Square from $85.00 to $105.00 and gave the company a “buy” rating in a research note on Wednesday, September 26th. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $79.76.
Square (NYSE:SQ) last issued its quarterly earnings results on Wednesday, November 7th. The technology company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The firm had revenue of $431.00 million for the quarter, compared to analysts’ expectations of $414.19 million. Square had a negative return on equity of 1.18% and a negative net margin of 0.87%. The business’s revenue for the quarter was up 67.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.07 EPS. As a group, research analysts expect that Square, Inc. will post -0.04 EPS for the current fiscal year.
In related news, CEO Jack Dorsey sold 103,035 shares of the stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $79.61, for a total transaction of $8,202,616.35. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Sivan Whiteley sold 1,875 shares of the stock in a transaction dated Friday, November 2nd. The stock was sold at an average price of $77.70, for a total value of $145,687.50. Following the sale, the insider now directly owns 121,708 shares in the company, valued at approximately $9,456,711.60. The disclosure for this sale can be found here. Insiders have sold a total of 2,300,650 shares of company stock worth $187,755,700 in the last three months. 27.99% of the stock is currently owned by insiders.
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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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