Lincoln National Corp increased its stake in Square, Inc. (NYSE:SQ) by 7.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,050 shares of the technology company’s stock after acquiring an additional 582 shares during the quarter. Lincoln National Corp’s holdings in Square were worth $1,962,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in SQ. ARK Investment Management LLC raised its position in shares of Square by 55.0% in the 1st quarter. ARK Investment Management LLC now owns 10,978,316 shares of the technology company’s stock worth $2,492,627,000 after acquiring an additional 3,895,906 shares in the last quarter. Jennison Associates LLC grew its stake in Square by 10.3% during the second quarter. Jennison Associates LLC now owns 10,679,245 shares of the technology company’s stock worth $2,603,600,000 after purchasing an additional 998,909 shares during the period. Fred Alger Management LLC increased its holdings in Square by 547.3% in the first quarter. Fred Alger Management LLC now owns 913,589 shares of the technology company’s stock worth $207,430,000 after purchasing an additional 772,446 shares in the last quarter. Steadfast Capital Management LP acquired a new position in Square in the first quarter valued at approximately $106,160,000. Finally, Deutsche Bank AG boosted its holdings in shares of Square by 51.3% during the 2nd quarter. Deutsche Bank AG now owns 1,328,943 shares of the technology company’s stock worth $323,995,000 after buying an additional 450,306 shares in the last quarter. Institutional investors and hedge funds own 62.65% of the company’s stock.
In related news, CAO Ajmere Dale sold 500 shares of the stock in a transaction dated Thursday, August 5th. The stock was sold at an average price of $266.00, for a total transaction of $133,000.00. Following the completion of the sale, the chief accounting officer now directly owns 38,324 shares in the company, valued at approximately $10,194,184. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Brian Grassadonia sold 3,667 shares of the business’s stock in a transaction that occurred on Tuesday, August 3rd. The shares were sold at an average price of $268.52, for a total value of $984,662.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 289,381 shares of company stock worth $75,140,618. 15.12% of the stock is owned by company insiders.
Square (NYSE:SQ) last released its quarterly earnings results on Saturday, July 31st. The technology company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.35. The firm had revenue of $4.68 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Square had a return on equity of 16.94% and a net margin of 3.60%. The company’s revenue was up 143.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.18 EPS. On average, sell-side analysts forecast that Square, Inc. will post 0.81 EPS for the current fiscal year.
A number of research firms recently issued reports on SQ. Canaccord Genuity boosted their target price on shares of Square from $280.00 to $310.00 and gave the company a “buy” rating in a research report on Tuesday, August 3rd. Rosenblatt Securities upped their price objective on shares of Square from $330.00 to $335.00 and gave the company a “buy” rating in a report on Tuesday, August 3rd. BMO Capital Markets raised their target price on Square from $225.00 to $259.00 and gave the company a “market perform” rating in a research note on Tuesday, August 3rd. Royal Bank of Canada boosted their target price on Square from $305.00 to $312.00 and gave the company an “outperform” rating in a research report on Tuesday, August 3rd. Finally, Raymond James upgraded Square from an “underperform” rating to a “market perform” rating in a report on Tuesday, August 3rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $288.31.
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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