State Treasurer State of Michigan boosted its position in Square, Inc. (NYSE:SQ) by 82.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,540,500 shares of the technology company’s stock after acquiring an additional 1,146,219 shares during the quarter. Square accounts for approximately 1.0% of State Treasurer State of Michigan’s portfolio, making the stock its 19th largest holding. State Treasurer State of Michigan owned about 0.64% of Square worth $124,993,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of SQ. Strs Ohio purchased a new stake in Square during the fourth quarter valued at about $110,000. Harvest Fund Management Co. Ltd purchased a new stake in Square during the fourth quarter valued at about $131,000. Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in Square during the fourth quarter valued at about $139,000. American International Group Inc. purchased a new stake in Square during the fourth quarter valued at about $200,000. Finally, Commerce Bank purchased a new stake in Square during the fourth quarter valued at about $201,000. Institutional investors and hedge funds own 53.98% of the company’s stock.
In other Square news, CFO Sarah Friar sold 38,400 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $41.43, for a total transaction of $1,590,912.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Ajmere Dale sold 5,272 shares of the firm’s stock in a transaction that occurred on Monday, March 5th. The shares were sold at an average price of $49.07, for a total transaction of $258,697.04. Following the transaction, the insider now directly owns 106,533 shares of the company’s stock, valued at approximately $5,227,574.31. The disclosure for this sale can be found here. Insiders sold 1,349,255 shares of company stock valued at $64,953,420 over the last 90 days. 32.68% of the stock is currently owned by company insiders.
Several analysts have issued reports on SQ shares. Zacks Investment Research upgraded shares of Square from a “hold” rating to a “buy” rating and set a $51.00 price target for the company in a research report on Tuesday, January 23rd. Vetr upgraded shares of Square from a “hold” rating to a “buy” rating and set a $58.39 target price for the company in a report on Monday, March 26th. Cantor Fitzgerald reiterated an “overweight” rating and set a $51.00 target price (up from $41.00) on shares of Square in a report on Wednesday, February 28th. ValuEngine upgraded shares of Square from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd. Finally, Credit Suisse Group increased their target price on shares of Square from $37.00 to $44.00 and gave the stock a “neutral” rating in a report on Wednesday, February 28th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-four have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $45.78.
Shares of SQ opened at $54.73 on Monday. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.45. Square, Inc. has a one year low of $19.45 and a one year high of $58.46. The stock has a market capitalization of $21.93 billion, a price-to-earnings ratio of -547.30 and a beta of 4.24.
Square (NYSE:SQ) last issued its quarterly earnings data on Wednesday, May 2nd. The technology company reported $0.06 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.01. Square had a negative net margin of 2.96% and a negative return on equity of 7.03%. The business had revenue of $307.00 million during the quarter, compared to analyst estimates of $293.07 million. During the same period last year, the business posted $0.05 earnings per share. Square’s quarterly revenue was up 50.5% compared to the same quarter last year. sell-side analysts predict that Square, Inc. will post 0.01 EPS for the current fiscal year.
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 Europay, MasterCard, and Visa (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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