Trade Report: The Square Inc. (SQ) Upgrade at Credit Suisse Group AG

The Square Inc. (SQ) Upgrade at Credit Suisse Group AG

Square Inc. (NYSE:SQ) was upgraded by stock analysts at Credit Suisse Group AG from a “neutral” rating to an “outperform” rating in a note issued to investors on Wednesday. The brokerage currently has a $15.00 price target on the stock, up from their previous price target of $12.00. Credit Suisse Group AG’s price target suggests a potential upside of 17.65% from the company’s previous close.

A number of other research analysts have also commented on SQ. Vetr raised Square from a “hold” rating to a “buy” rating and set a $11.55 price target for the company in a research report on Wednesday, November 2nd. BTIG Research reaffirmed a “neutral” rating on shares of Square in a research report on Sunday, October 23rd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $13.00 price target on shares of Square in a research report on Friday, October 7th. Pacific Crest reaffirmed a “hold” rating on shares of Square in a research report on Thursday, October 6th. Finally, Zacks Investment Research raised Square from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a research report on Thursday, October 6th. Fifteen research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $13.01.

Shares of Square (NYSE:SQ) traded up 2.57% during midday trading on Wednesday, reaching $12.75. The company had a trading volume of 2,312,701 shares. The company’s market capitalization is $4.49 billion. The company has a 50 day moving average of $11.68 and a 200 day moving average of $10.71. Square has a one year low of $8.06 and a one year high of $15.91.

Square (NYSE:SQ) last released its earnings results on Tuesday, November 1st. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.02. Square had a negative return on equity of 31.99% and a negative net margin of 12.55%. The company earned $439 million during the quarter, compared to analyst estimates of $374.36 million. The company’s revenue for the quarter was up 50.9% on a year-over-year basis. Analysts predict that Square will post ($0.55) EPS for the current fiscal year.

In related news, Director James Morgan Jr. Mckelvey sold 400,000 shares of the firm’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $12.27, for a total value of $4,908,000.00. Following the transaction, the director now directly owns 494,997 shares of the company’s stock, valued at approximately $6,073,613.19. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Sarah Friar sold 2,704 shares of the firm’s stock in a transaction on Wednesday, October 26th. The stock was sold at an average price of $11.05, for a total value of $29,879.20. Following the completion of the transaction, the chief financial officer now directly owns 111,698 shares in the company, valued at $1,234,262.90. The disclosure for this sale can be found here. 42.60% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in the company. State Treasurer State of Michigan bought a new position in shares of Square during the second quarter worth approximately $102,710,000. Capital World Investors boosted its stake in Square by 131.4% in the third quarter. Capital World Investors now owns 10,813,575 shares of the company’s stock worth $126,086,000 after buying an additional 6,140,745 shares in the last quarter. JPMorgan Chase & Co. acquired a new stake in Square during the third quarter worth approximately $62,843,000. BlackRock Advisors LLC boosted its stake in Square by 139.3% in the third quarter. BlackRock Advisors LLC now owns 4,051,436 shares of the company’s stock worth $47,240,000 after buying an additional 2,358,483 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Square by 3,618.0% in the third quarter. Bank of New York Mellon Corp now owns 3,891,838 shares of the company’s stock worth $45,379,000 after buying an additional 3,787,163 shares in the last quarter. 20.48% of the stock is currently owned by institutional investors.

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