CNB Bank Grows Stake in Square, Inc. (NYSE:SQ)

CNB Bank lifted its stake in shares of Square, Inc. (NYSE:SQ) by 449.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,297 shares of the technology company’s stock after purchasing an additional 1,061 shares during the period. CNB Bank’s holdings in Square were worth $80,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in SQ. Enterprise Trust & Investment Co purchased a new stake in Square during the 2nd quarter valued at about $25,000. Larson Financial Group LLC grew its stake in Square by 130.7% during the 2nd quarter. Larson Financial Group LLC now owns 376 shares of the technology company’s stock valued at $27,000 after acquiring an additional 213 shares in the last quarter. Benjamin Edwards Inc. grew its stake in Square by 78.4% during the 2nd quarter. Benjamin Edwards Inc. now owns 512 shares of the technology company’s stock valued at $37,000 after acquiring an additional 225 shares in the last quarter. Atlantic Trust LLC grew its stake in Square by 38.9% during the 2nd quarter. Atlantic Trust LLC now owns 521 shares of the technology company’s stock valued at $38,000 after acquiring an additional 146 shares in the last quarter. Finally, Assetmark Inc. grew its stake in Square by 67.6% during the 2nd quarter. Assetmark Inc. now owns 523 shares of the technology company’s stock valued at $38,000 after acquiring an additional 211 shares in the last quarter. 56.54% of the stock is owned by institutional investors and hedge funds.

In related news, insider Alyssa Henry sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $61.86, for a total transaction of $1,237,200.00. Following the sale, the insider now directly owns 442,168 shares of the company’s stock, valued at approximately $27,352,512.48. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Ajmere Dale sold 2,048 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $62.47, for a total transaction of $127,938.56. Following the sale, the chief accounting officer now directly owns 64,050 shares in the company, valued at $4,001,203.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,048 shares of company stock worth $2,570,339. Company insiders own 21.79% of the company’s stock.

SQ has been the subject of several research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $91.00 price objective on shares of Square in a research note on Thursday, October 10th. Needham & Company LLC dropped their price objective on shares of Square from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday. BMO Capital Markets dropped their price objective on shares of Square to $78.00 and set a “market perform” rating for the company in a research note on Friday. Evercore ISI dropped their price objective on shares of Square from $50.00 to $37.00 and set an “underperform” rating for the company in a research note on Thursday. Finally, Nomura began coverage on shares of Square in a research note on Friday, October 11th. They set a “reduce” rating and a $49.00 price objective for the company. Four research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eighteen have assigned a buy rating to the stock. Square currently has an average rating of “Hold” and an average price target of $72.82.

Shares of SQ stock opened at $62.45 on Friday. The firm’s 50 day moving average price is $61.29 and its 200-day moving average price is $66.91. 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, Inc. has a one year low of $49.82 and a one year high of $83.20. The firm has a market cap of $26.08 billion, a P/E ratio of 3,122.50, a P/E/G ratio of 21.95 and a beta of 3.38.

Square (NYSE:SQ) last issued its quarterly earnings data on Wednesday, November 6th. The technology company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.20 by $0.05. Square had a negative net margin of 1.35% and a positive return on equity of 2.65%. The firm had revenue of $602.00 million for the quarter, compared to analyst estimates of $596.85 million. During the same period in the prior year, the business posted $0.13 EPS. The business’s revenue for the quarter was up 39.7% compared to the same quarter last year. As a group, research analysts predict that Square, Inc. will post 0.11 EPS for the current fiscal year.

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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Institutional Ownership by Quarter for Square (NYSE:SQ)

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