Needham & Company LLC Reiterates $90.00 Price Target for Square (NYSE:SQ)

Square (NYSE:SQ) received a $90.00 price objective from Needham & Company LLC in a research note issued to investors on Thursday, TipRanks reports. The brokerage presently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s target price indicates a potential upside of 54.40% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. Raymond James upgraded Square from an “underperform” rating to a “market perform” rating and set a $74.15 target price for the company in a report on Tuesday, July 9th. Jefferies Financial Group set a $78.00 target price on Square and gave the company a “hold” rating in a report on Friday, August 2nd. Atlantic Securities started coverage on Square in a report on Tuesday, September 3rd. They set an “underweight” rating and a $55.00 target price for the company. KeyCorp set a $100.00 target price on Square and gave the company a “buy” rating in a report on Friday, September 6th. Finally, BMO Capital Markets increased their price objective on Square from $91.00 to $92.00 and gave the stock a “market perform” rating in a report on Monday, August 5th. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating and nineteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $81.07.

SQ stock traded up $0.50 during trading on Thursday, hitting $58.29. 11,526,541 shares of the company traded hands, compared to its average volume of 7,184,849. The firm has a market capitalization of $24.68 billion, a PE ratio of 2,914.50, a P/E/G ratio of 19.64 and a beta of 3.41. Square has a 1 year low of $49.82 and a 1 year high of $101.15. The company has a 50-day moving average of $66.03 and a 200-day moving average of $70.94. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.49 and a current ratio of 1.49.

Square (NYSE:SQ) last issued its earnings results on Thursday, August 1st. The technology company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.20. The company had revenue of $563.00 million during the quarter, compared to analysts’ expectations of $557.67 million. Square had a positive return on equity of 2.65% and a negative net margin of 1.35%. Square’s quarterly revenue was up 46.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.13 EPS. Sell-side analysts expect that Square will post 0.12 EPS for the current year.

In other news, insider Alyssa Henry sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $60.26, for a total value of $1,205,200.00. Following the completion of the transaction, the insider now owns 442,168 shares in the company, valued at approximately $26,645,043.68. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jacqueline D. Reses sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $81.83, for a total value of $409,150.00. Following the completion of the transaction, the insider now owns 373,984 shares of the company’s stock, valued at approximately $30,603,110.72. The disclosure for this sale can be found here. In the last 90 days, insiders sold 77,001 shares of company stock valued at $5,295,829. 21.79% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SQ. Vanguard Group Inc. increased its position in Square by 8.3% during the 2nd quarter. Vanguard Group Inc. now owns 24,838,878 shares of the technology company’s stock valued at $1,801,564,000 after buying an additional 1,910,823 shares in the last quarter. Jennison Associates LLC increased its position in Square by 56.6% during the 1st quarter. Jennison Associates LLC now owns 15,136,362 shares of the technology company’s stock valued at $1,134,016,000 after buying an additional 5,472,640 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in Square by 28.8% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,303,968 shares of the technology company’s stock valued at $457,227,000 after buying an additional 1,410,744 shares in the last quarter. Nikko Asset Management Americas Inc. increased its position in Square by 37.0% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 5,034,654 shares of the technology company’s stock valued at $365,163,000 after buying an additional 1,359,963 shares in the last quarter. Finally, Coatue Management LLC bought a new position in Square during the 2nd quarter valued at approximately $319,388,000. Institutional investors own 55.74% 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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