Square (SQ) Shares Down 11.7% on Insider Selling

Shares of Square, Inc. (NYSE:SQ) dropped 11.7% during trading on Tuesday following insider selling activity. The stock traded as low as $63.27 and last traded at $63.51. Approximately 31,065,568 shares changed hands during mid-day trading, an increase of 125% from the average daily volume of 13,783,154 shares. The stock had previously closed at $71.95.

Specifically, Director Mary G. Meeker sold 11,719 shares of the stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $71.43, for a total value of $837,088.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jack Dorsey sold 103,035 shares of the stock in a transaction on Wednesday, November 21st. The stock was sold at an average price of $62.29, for a total value of $6,418,050.15. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,482,286 shares of company stock valued at $194,762,300. 27.99% of the stock is owned by corporate insiders.

A number of research firms have issued reports on SQ. Credit Suisse Group increased their price objective on Square from $81.00 to $94.00 and gave the stock an “outperform” rating in a report on Wednesday, October 10th. Guggenheim increased their price objective on Square from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, August 29th. Mizuho increased their price objective on Square from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Thursday, November 8th. Buckingham Research increased their price objective on Square from $85.00 to $105.00 and gave the stock a “buy” rating in a report on Wednesday, September 26th. Finally, Deutsche Bank increased their price objective on Square from $78.00 to $98.00 and gave the stock a “buy” rating in a report on Friday, September 14th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nineteen have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $82.89.

The company has a market capitalization of $28.88 billion, a P/E ratio of -635.10 and a beta of 4.24. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 0.80.

Square (NYSE:SQ) last released its quarterly earnings data on Wednesday, November 7th. The technology company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. Square had a negative return on equity of 1.11% and a negative net margin of 0.87%. The company had revenue of $431.00 million for the quarter, compared to analysts’ expectations of $414.19 million. During the same period last year, the firm posted $0.07 earnings per share. Square’s revenue was up 67.7% compared to the same quarter last year. As a group, analysts anticipate that Square, Inc. will post -0.02 EPS for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in SQ. Massachusetts Financial Services Co. MA boosted its position in shares of Square by 141.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 781,760 shares of the technology company’s stock valued at $48,188,000 after buying an additional 458,147 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Square by 26.7% during the second quarter. Daiwa Securities Group Inc. now owns 10,641 shares of the technology company’s stock valued at $656,000 after buying an additional 2,241 shares during the last quarter. Aperio Group LLC boosted its position in shares of Square by 69.7% during the second quarter. Aperio Group LLC now owns 42,558 shares of the technology company’s stock valued at $2,623,000 after buying an additional 17,482 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of Square by 19.5% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 129,935 shares of the technology company’s stock valued at $8,009,000 after buying an additional 21,206 shares during the last quarter. Finally, TD Asset Management Inc. boosted its position in shares of Square by 140.9% during the second quarter. TD Asset Management Inc. now owns 10,297 shares of the technology company’s stock valued at $635,000 after buying an additional 6,022 shares during the last quarter. 48.16% of the stock is currently owned by institutional investors.

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About Square (NYSE:SQ)

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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