Square (NYSE:SQ) PT Raised to $371.00 at Evercore ISI

Square (NYSE:SQ) had its price target upped by equities research analysts at Evercore ISI from $361.00 to $371.00 in a research report issued to clients and investors on Wednesday, The Fly reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Evercore ISI’s target price indicates a potential upside of 51.31% from the stock’s previous close.

Several other research analysts have also recently issued reports on the company. Mizuho reissued a “buy” rating and issued a $380.00 target price on shares of Square in a research report on Thursday, July 15th. Canaccord Genuity raised their target price on Square from $280.00 to $310.00 and gave the stock a “buy” rating in a research report on Tuesday, August 3rd. Barclays lifted their price objective on Square from $340.00 to $345.00 and gave the company an “overweight” rating in a research report on Wednesday, August 4th. Raymond James raised Square from an “underperform” rating to a “market perform” rating in a research report on Tuesday, August 3rd. Finally, Truist lifted their price objective on Square from $325.00 to $365.00 and gave the company a “buy” rating in a research report on Tuesday, August 3rd. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-nine have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $270.58.

NYSE:SQ traded down $1.86 on Wednesday, hitting $245.19. The stock had a trading volume of 128,624 shares, compared to its average volume of 9,489,805. The stock has a market cap of $112.71 billion, a price-to-earnings ratio of 215.08, a price-to-earnings-growth ratio of 9.78 and a beta of 2.43. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 1.77. The business’s 50-day simple moving average is $259.03 and its two-hundred day simple moving average is $240.90. Square has a 52-week low of $139.31 and a 52-week high of $289.23.

Square (NYSE:SQ) last announced its earnings results on Saturday, July 31st. The technology company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.35. The business had revenue of $4.68 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Square had a return on equity of 16.94% and a net margin of 3.60%. The business’s revenue for the quarter was up 143.3% on a year-over-year basis. During the same period last year, the firm posted $0.18 earnings per share. As a group, equities research analysts anticipate that Square will post 0.81 EPS for the current year.

In other Square news, insider Brian Grassadonia sold 20,133 shares of the company’s stock in a transaction on Wednesday, July 7th. The stock was sold at an average price of $247.46, for a total value of $4,982,112.18. Following the completion of the sale, the insider now directly owns 120,838 shares in the company, valued at approximately $29,902,571.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Sivan Whiteley sold 8,119 shares of the company’s stock in a transaction on Tuesday, September 7th. The stock was sold at an average price of $266.28, for a total value of $2,161,927.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 493,992 shares of company stock valued at $124,873,619. 15.12% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Morgan Stanley raised its position in shares of Square by 0.8% in the 1st quarter. Morgan Stanley now owns 28,466,309 shares of the technology company’s stock worth $6,463,277,000 after acquiring an additional 221,370 shares in the last quarter. Vanguard Group Inc. increased its position in Square by 0.8% during the 2nd quarter. Vanguard Group Inc. now owns 24,760,800 shares of the technology company’s stock valued at $6,036,683,000 after buying an additional 195,530 shares in the last quarter. ARK Investment Management LLC increased its position in Square by 55.0% during the 1st quarter. ARK Investment Management LLC now owns 10,978,316 shares of the technology company’s stock valued at $2,492,627,000 after buying an additional 3,895,906 shares in the last quarter. Jennison Associates LLC increased its position in Square by 10.3% during the 2nd quarter. Jennison Associates LLC now owns 10,679,245 shares of the technology company’s stock valued at $2,603,600,000 after buying an additional 998,909 shares in the last quarter. Finally, Lone Pine Capital LLC increased its position in Square by 81.7% during the 2nd quarter. Lone Pine Capital LLC now owns 5,715,271 shares of the technology company’s stock valued at $1,393,383,000 after buying an additional 2,570,126 shares in the last quarter. 62.65% of the stock is owned by hedge funds and other institutional investors.

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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