Cypress Wealth Advisors LLC grew its position in shares of Square, Inc. (NYSE:SQ) by 71.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 107,747 shares of the technology company’s stock after buying an additional 44,750 shares during the quarter. Square makes up about 3.3% of Cypress Wealth Advisors LLC’s investment portfolio, making the stock its 6th biggest position. Cypress Wealth Advisors LLC’s holdings in Square were worth $2,802,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of SQ. FMR LLC grew its stake in shares of Square by 114.7% during the second quarter. FMR LLC now owns 23,888,617 shares of the technology company’s stock valued at $560,427,000 after purchasing an additional 12,764,491 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Square by 73.4% in the second quarter. Vanguard Group Inc. now owns 19,034,862 shares of the technology company’s stock valued at $446,558,000 after buying an additional 8,058,892 shares during the period. BlackRock Inc. lifted its holdings in Square by 7,162.2% in the first quarter. BlackRock Inc. now owns 5,383,325 shares of the technology company’s stock valued at $93,023,000 after buying an additional 5,309,197 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Square by 556.5% in the second quarter. Goldman Sachs Group Inc. now owns 4,594,445 shares of the technology company’s stock valued at $107,786,000 after buying an additional 3,894,639 shares during the period. Finally, Capital World Investors lifted its holdings in Square by 32.8% in the second quarter. Capital World Investors now owns 15,597,830 shares of the technology company’s stock valued at $365,925,000 after buying an additional 3,853,000 shares during the period. 53.83% of the stock is currently owned by hedge funds and other institutional investors.
Square (NYSE:SQ) last announced its earnings results on Wednesday, August 2nd. The technology company reported ($0.04) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. The company had revenue of $240.00 million during the quarter, compared to the consensus estimate of $228.64 million. Square had a negative net margin of 4.13% and a negative return on equity of 12.41%. The firm’s revenue for the quarter was up 40.4% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.08) earnings per share.
In related news, Director James Morgan Jr. Mckelvey sold 400,000 shares of the stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $25.02, for a total transaction of $10,008,000.00. Following the completion of the transaction, the director now owns 507,385 shares in the company, valued at $12,694,772.70. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Sarah Friar sold 38,400 shares of the stock in a transaction dated Tuesday, July 18th. The shares were sold at an average price of $26.39, for a total transaction of $1,013,376.00. Following the transaction, the chief financial officer now owns 368,791 shares of the company’s stock, valued at approximately $9,732,394.49. The disclosure for this sale can be found here. In the last quarter, insiders sold 972,800 shares of company stock valued at $25,520,512. 32.68% of the stock is currently owned by corporate insiders.
SQ has been the topic of several analyst reports. Zacks Investment Research upgraded shares of Square from a “hold” rating to a “buy” rating and set a $32.00 price objective on the stock in a report on Tuesday, October 3rd. Credit Suisse Group lowered shares of Square from an “outperform” rating to a “neutral” rating and increased their target price for the stock from $20.00 to $25.00 in a report on Friday, June 16th. KeyCorp reiterated an “overweight” rating on shares of Square in a report on Tuesday, July 18th. Barclays PLC reiterated an “overweight” rating and issued a $28.00 target price (up from $21.00) on shares of Square in a report on Wednesday, August 9th. Finally, Canaccord Genuity reiterated a “hold” rating and issued a $26.00 target price (up from $18.00) on shares of Square in a report on Wednesday, August 9th. Thirteen research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. Square has an average rating of “Buy” and a consensus price target of $26.11.
Square Company Profile
Square, Inc (Square) is a commerce ecosystem. The Company enables its sellers start, run and grow their businesses. It combines software with hardware to enable sellers to turn mobile devices and computing devices into payments and point-of-sale solutions. Once a seller downloads the Square Point of Sale mobile application, they can take their first payment.
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