Bank of New York Mellon Corp boosted its position in Square Inc. (NYSE:SQ) by 31.9% during the second quarter, Holdings Channel reports. The fund owned 104,675 shares of the company’s stock after buying an additional 25,304 shares during the period. Bank of New York Mellon Corp’s holdings in Square were worth $948,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Square during the first quarter valued at $206,000. Creative Planning increased its stake in shares of Square by 76.2% in the second quarter. Creative Planning now owns 14,719 shares of the company’s stock valued at $133,000 after buying an additional 6,365 shares during the last quarter. Quantitative Systematic Strategies LLC bought a new stake in shares of Square during the second quarter valued at $165,000. Essex Investment Management Co. LLC bought a new stake in shares of Square during the second quarter valued at $180,000. Finally, American Century Companies Inc. bought a new stake in shares of Square during the second quarter valued at $183,000. Institutional investors own 16.90% of the company’s stock.
Square Inc. (NYSE:SQ) traded down 0.63% on Friday, reaching $11.12. The company’s stock had a trading volume of 1,897,747 shares. The firm’s 50 day moving average price is $11.63 and its 200-day moving average price is $11.21. The company’s market capitalization is $3.80 billion. Square Inc. has a 1-year low of $8.06 and a 1-year high of $15.91.
Square (NYSE:SQ) last issued its earnings results on Wednesday, August 3rd. The company reported ($0.08) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.11) by $0.03. The business earned $439 million during the quarter, compared to analyst estimates of $406.93 million. Square had a negative return on equity of 37.14% and a negative net margin of 14.85%. The firm’s revenue for the quarter was up 54.1% on a year-over-year basis. Equities analysts forecast that Square Inc. will post ($0.60) earnings per share for the current year.
SQ has been the topic of several research analyst reports. Morgan Stanley reissued an “equal weight” rating and set a $10.00 target price (down from $12.00) on shares of Square in a research note on Thursday, June 30th. Evercore ISI boosted their target price on Square from $7.00 to $8.00 and gave the company a “hold” rating in a research note on Thursday, August 4th. Compass Point boosted their target price on Square from $13.00 to $14.00 and gave the company a “buy” rating in a research note on Thursday, August 4th. Piper Jaffray Cos. reissued a “neutral” rating and set a $11.50 target price (up from $10.00) on shares of Square in a research note on Friday, August 5th. Finally, Deutsche Bank AG reissued a “hold” rating on shares of Square in a research note on Thursday, August 4th. Fifteen investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $12.75.
In other news, insider Dana Wagner sold 6,953 shares of Square stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $9.77, for a total value of $67,930.81. Following the transaction, the insider now directly owns 271,315 shares in the company, valued at approximately $2,650,747.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Francoise Brougher sold 57,692 shares of Square stock in a transaction on Wednesday, September 28th. The shares were sold at an average price of $12.00, for a total value of $692,304.00. Following the completion of the transaction, the insider now owns 164,977 shares in the company, valued at $1,979,724. The disclosure for this sale can be found here. Company insiders own 42.60% of the company’s stock.
Square, Inc enables payment processing, and also offers financial and marketing services. The Company provides sellers various tools to start, run, manage and grow their businesses. It serves sellers of all sizes, ranging from a single vendor at a farmers’ market to multinational businesses. It serves as a payment service provider, acting as the touch point for the seller to the rest of the payment chain.
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