Square, Inc. (SQ) Shares Sold by Sumitomo Mitsui Asset Management Company LTD
Sumitomo Mitsui Asset Management Company LTD decreased its position in Square, Inc. (NYSE:SQ) by 12.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,756,709 shares of the technology company’s stock after selling 241,544 shares during the quarter. Square accounts for approximately 2.2% of Sumitomo Mitsui Asset Management Company LTD’s holdings, making the stock its 4th biggest holding. Sumitomo Mitsui Asset Management Company LTD’s holdings in Square were worth $131,612,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Lenox Wealth Management Inc. purchased a new position in shares of Square in the 1st quarter valued at approximately $25,000. Legacy Advisors LLC bought a new stake in shares of Square in the 1st quarter worth $27,000. FTB Advisors Inc. bought a new stake in shares of Square in the first quarter worth $27,000. Cullen Frost Bankers Inc. bought a new stake in shares of Square in the first quarter worth $28,000. Finally, Private Ocean LLC bought a new stake in shares of Square in the first quarter worth $28,000. 52.24% of the stock is currently owned by institutional investors and hedge funds.
In other news, CEO Jack Dorsey sold 103,035 shares of the firm’s stock in a transaction on Wednesday, February 20th. The shares were sold at an average price of $77.16, for a total value of $7,950,180.60. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jacqueline D. Reses sold 5,000 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $68.35, for a total transaction of $341,750.00. Following the completion of the transaction, the insider now directly owns 413,593 shares in the company, valued at approximately $28,269,081.55. The disclosure for this sale can be found here. Insiders sold 799,641 shares of company stock worth $60,846,073 over the last quarter. Company insiders own 21.79% of the company’s stock.
Square (NYSE:SQ) last released its quarterly earnings results on Wednesday, May 1st. The technology company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.09). The business had revenue of $489.00 million during the quarter, compared to analyst estimates of $479.63 million. Square had a negative net margin of 1.47% and a positive return on equity of 1.86%. The firm’s revenue for the quarter was up 59.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.06 earnings per share. As a group, sell-side analysts anticipate that Square, Inc. will post 0.15 earnings per share for the current year.
Several equities analysts have recently commented on SQ shares. Nomura restated a “buy” rating and issued a $110.00 price objective (up from $108.00) on shares of Square in a research report on Thursday, January 24th. KeyCorp decreased their price objective on Square from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Thursday, February 28th. Jefferies Financial Group upped their target price on Square to $73.00 and gave the company a “hold” rating in a research note on Thursday, February 28th. Cantor Fitzgerald reaffirmed a “buy” rating and set a $91.00 target price on shares of Square in a research note on Wednesday, February 27th. Finally, Sanford C. Bernstein began coverage on Square in a research note on Tuesday, April 2nd. They issued a “market perform” rating and a $80.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twenty-one have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $86.14.
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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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