Synovus Financial Corp cut its holdings in Square, Inc. (NYSE:SQ) by 2.8% in the 1st quarter, HoldingsChannel.com reports. The fund owned 3,777 shares of the technology company’s stock after selling 107 shares during the period. Synovus Financial Corp’s holdings in Square were worth $858,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Jennison Associates LLC raised its stake in Square by 12.6% in the 1st quarter. Jennison Associates LLC now owns 9,680,336 shares of the technology company’s stock valued at $2,197,920,000 after acquiring an additional 1,085,690 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Square by 24.6% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,929,857 shares of the technology company’s stock valued at $1,573,424,000 after acquiring an additional 1,368,995 shares during the period. Nikko Asset Management Americas Inc. raised its stake in Square by 32.9% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 5,662,354 shares of the technology company’s stock valued at $1,285,637,000 after acquiring an additional 1,402,341 shares during the period. Norges Bank bought a new stake in Square in the 4th quarter valued at about $597,618,000. Finally, Northern Trust Corp raised its stake in Square by 4.8% in the 4th quarter. Northern Trust Corp now owns 2,482,612 shares of the technology company’s stock valued at $540,316,000 after acquiring an additional 112,857 shares during the period. 62.78% of the stock is owned by institutional investors and hedge funds.
Shares of SQ opened at $217.14 on Friday. The stock has a market capitalization of $98.88 billion, a price-to-earnings ratio of 305.84, a P/E/G ratio of 10.41 and a beta of 2.40. Square, Inc. has a 1 year low of $84.06 and a 1 year high of $283.19. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.68 and a current ratio of 1.68. The stock has a 50 day moving average price of $230.53.
A number of brokerages recently issued reports on SQ. Needham & Company LLC boosted their price objective on Square from $300.00 to $310.00 and gave the company a “buy” rating in a research note on Tuesday, April 13th. Wells Fargo & Company cut Square from an “overweight” rating to an “equal weight” rating and set a $255.00 price target on the stock. in a research report on Wednesday, February 24th. They noted that the move was a valuation call. Credit Suisse Group upped their price target on Square from $290.00 to $300.00 and gave the company an “outperform” rating in a research report on Friday, May 7th. Morgan Stanley upped their price target on Square from $245.00 to $254.00 and gave the company an “equal weight” rating in a research report on Friday, May 7th. Finally, Redburn Partners began coverage on Square in a research report on Friday, March 12th. They set a “sell” rating on the stock. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $238.43.
In other news, Director James Morgan Jr. Mckelvey sold 200,000 shares of the stock in a transaction that occurred on Tuesday, March 16th. The stock was sold at an average price of $247.70, for a total transaction of $49,540,000.00. Following the completion of the sale, the director now owns 202,683 shares of the company’s stock, valued at $50,204,579.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Jack Dorsey sold 100,000 shares of the stock in a transaction that occurred on Monday, March 29th. The shares were sold at an average price of $210.26, for a total value of $21,026,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,445,314 shares of company stock valued at $337,843,402. Insiders own 15.12% of the company’s stock.
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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