State of Michigan Retirement System Takes $23.09 Million Position in Square, Inc. (NYSE:SQ)

State of Michigan Retirement System bought a new stake in Square, Inc. (NYSE:SQ) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 220,000 shares of the technology company’s stock, valued at approximately $23,087,000. State of Michigan Retirement System owned 0.05% of Square as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SQ. Koshinski Asset Management Inc. increased its holdings in shares of Square by 17.7% during the second quarter. Koshinski Asset Management Inc. now owns 5,413 shares of the technology company’s stock worth $568,000 after buying an additional 813 shares in the last quarter. Hoylecohen LLC boosted its position in shares of Square by 17.4% during the second quarter. Hoylecohen LLC now owns 7,920 shares of the technology company’s stock worth $831,000 after purchasing an additional 1,175 shares in the last quarter. Malaga Cove Capital LLC boosted its position in shares of Square by 50.2% during the second quarter. Malaga Cove Capital LLC now owns 11,996 shares of the technology company’s stock worth $1,259,000 after purchasing an additional 4,008 shares in the last quarter. SlateStone Wealth LLC bought a new position in shares of Square during the second quarter worth $2,559,000. Finally, GWM Advisors LLC boosted its position in shares of Square by 67.9% during the second quarter. GWM Advisors LLC now owns 10,050 shares of the technology company’s stock worth $1,055,000 after purchasing an additional 4,065 shares in the last quarter. Institutional investors and hedge funds own 62.65% of the company’s stock.

In related news, insider Sivan Whiteley sold 3,983 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $81.64, for a total transaction of $325,172.12. Following the completion of the sale, the insider now directly owns 151,533 shares in the company, valued at approximately $12,371,154.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Ajmere Dale sold 2,000 shares of the company’s stock in a transaction on Friday, June 19th. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the sale, the chief accounting officer now owns 49,315 shares of the company’s stock, valued at $4,931,500. The disclosure for this sale can be found here. Insiders have sold a total of 38,357 shares of company stock valued at $2,827,782 over the last quarter. 21.79% of the stock is currently owned by company insiders.

NYSE SQ traded up $0.72 on Friday, hitting $129.85. The company’s stock had a trading volume of 8,606,777 shares, compared to its average volume of 13,616,357. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 1.17. Square, Inc. has a 1-year low of $32.33 and a 1-year high of $133.81. The company’s 50-day moving average is $112.87 and its 200 day moving average is $80.52. The firm has a market cap of $57.05 billion, a PE ratio of 206.11 and a beta of 2.69.

Square (NYSE:SQ) last posted its quarterly earnings data on Wednesday, May 6th. The technology company reported ($0.02) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by ($0.15). The firm had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.30 billion. Square had a return on equity of 0.44% and a net margin of 5.99%. The company’s quarterly revenue was up 44.0% compared to the same quarter last year. During the same quarter last year, the company earned ($0.06) earnings per share. On average, equities analysts expect that Square, Inc. will post -0.53 EPS for the current year.

SQ has been the topic of several research reports. Needham & Company LLC boosted their price objective on shares of Square from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Susquehanna Bancshares boosted their price objective on shares of Square from $70.00 to $85.00 in a research note on Thursday, May 7th. Zacks Investment Research lowered shares of Square from a “hold” rating to a “strong sell” rating and set a $132.00 price objective on the stock. in a research note on Wednesday, July 8th. BTIG Research restated a “hold” rating on shares of Square in a research note on Wednesday, May 6th. Finally, Citigroup boosted their price objective on shares of Square from $66.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 16th. Six equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and seventeen have given a buy rating to the company’s stock. Square has an average rating of “Hold” and an average price target of $83.37.

About Square

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.

See Also: What is the CAC 40 Index

Institutional Ownership by Quarter for Square (NYSE:SQ)

Receive News & Ratings for Square Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Square and related companies with MarketBeat.com's FREE daily email newsletter.