SunTrust Banks Raises Square (SQ) Price Target to $66.00

Square (NYSE:SQ) had its price target upped by stock analysts at SunTrust Banks from $45.00 to $66.00 in a note issued to investors on Friday, The Fly reports. The brokerage presently has a “hold” rating on the technology company’s stock. SunTrust Banks’ price objective suggests a potential upside of 7.23% from the company’s previous close.

SQ has been the topic of several other reports. Stephens downgraded shares of Square from an “overweight” rating to an “equal weight” rating in a report on Tuesday. Royal Bank of Canada raised their target price on shares of Square from $53.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, May 23rd. Nomura lifted their price objective on shares of Square from $65.00 to $82.00 and gave the company a “buy” rating in a report on Thursday, June 21st. Vetr downgraded shares of Square from a “buy” rating to a “hold” rating and set a $58.05 price objective on the stock. in a report on Tuesday, March 20th. Finally, Citigroup reiterated an “outperform” rating and issued a $52.00 price objective (up from $41.00) on shares of Square in a report on Thursday, March 1st. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twenty-one have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $51.43.

Shares of NYSE:SQ opened at $61.55 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.76 and a current ratio of 1.76. The company has a market capitalization of $24.08 billion, a P/E ratio of -615.50 and a beta of 4.32. Square has a fifty-two week low of $22.66 and a fifty-two week high of $69.40.

Square (NYSE:SQ) last announced its earnings results on Wednesday, May 2nd. The technology company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.05 by $0.01. The firm had revenue of $307.00 million for the quarter, compared to the consensus estimate of $293.07 million. Square had a negative net margin of 2.96% and a negative return on equity of 7.03%. The business’s quarterly revenue was up 50.5% on a year-over-year basis. During the same period last year, the company posted $0.05 EPS. analysts forecast that Square will post 0.01 EPS for the current fiscal year.

In other Square news, Director James Morgan Jr. Mckelvey sold 400,000 shares of Square stock in a transaction on Monday, June 11th. The shares were sold at an average price of $61.56, for a total transaction of $24,624,000.00. Following the completion of the transaction, the director now directly owns 468,223 shares of the company’s stock, valued at $28,823,807.88. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Ajmere Dale sold 5,315 shares of Square stock in a transaction on Monday, June 4th. The stock was sold at an average price of $61.13, for a total transaction of $324,905.95. Following the transaction, the insider now directly owns 126,745 shares of the company’s stock, valued at $7,747,921.85. The disclosure for this sale can be found here. Insiders sold 1,250,315 shares of company stock valued at $68,079,756 over the last three months. 27.99% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its position in shares of Square by 18.4% in the fourth quarter. BlackRock Inc. now owns 13,005,859 shares of the technology company’s stock valued at $450,913,000 after acquiring an additional 2,024,019 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Square by 20.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,347,685 shares of the technology company’s stock valued at $213,906,000 after acquiring an additional 752,364 shares during the period. Whale Rock Capital Management LLC bought a new stake in shares of Square in the first quarter valued at about $180,818,000. State Treasurer State of Michigan boosted its position in shares of Square by 82.2% in the first quarter. State Treasurer State of Michigan now owns 2,540,500 shares of the technology company’s stock valued at $124,993,000 after acquiring an additional 1,146,219 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Square by 9.1% in the fourth quarter. Geode Capital Management LLC now owns 2,147,173 shares of the technology company’s stock valued at $74,398,000 after acquiring an additional 179,830 shares during the period. 52.14% of the stock is owned by hedge funds and other institutional investors.

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.

The Fly

Analyst Recommendations for Square (NYSE:SQ)

Receive News & Ratings for Square Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Square and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply