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Square Inc. (SQ): Billionaire Steve Cohen’s Point72 Asset Management Significantly Raises Stake

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Billionaire Steve Cohen‘s Point72 Asset Management recently filed a Form 13G with the Securities and Exchange Commission, in which it reported the acquisition of 5.84 million Class A common shares of Square Inc. (NYSE:SQ). As a result of the acquisition, the fund now holds 6.66 million Class A shares of the company, which amass 5.4% of its outstanding stock.

Square is a company that provides professional financial and marketing services, as well as payment processing. Since the beginning of the year, the company’s stock has lost 8.63%. For the second quarter of 2016, the company reported a loss per share of $0.08 and total net revenue of $438.53 million, compared to a loss per share of $0.20 and revenue of $310.01 million for the same quarter a year earlier. Recently, Piper Jaffray Cos. reiterated its ‘Neutral’ rating on Square’s stock and raised its price target on it to $11.50 from $10.00, while RBC Capital Markets reiterated its ‘Buy’ rating, Goldman Sachs Group Inc. reiterated its ‘Buy’ rating, with a price target of $15.00, and Wedbush lowered its price target to $8.00 from $10.00 and has a ‘Neutral’ rating on it.



Aside from Point72 Asset Management, many other hedge funds that we track were bullish on Square (NYSE:SQ) at the end of June, including Dmitry Balyasny’s Balyasny Asset Management, which held a position worth $19.43 million, Chase Coleman’s Tiger Global Management, with a $10.7 million position, and John Overdeck and David Siegel’s Two Sigma Advisors. Some of the investors that dumped Square (NYSE:SQ) during the quarter were Edmond M. Safra’s EMS Capital, which sold off its position valued at $7.64 million at the end of March, and Tim David’s Guardian Point Capital, which said goodbye to $764,000 worth of Square shares.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Point7 0 4,849,400 0 4,849,400 4,849,400 3.9%
Point7 0 4,849,400 0 4,849,400 4,849,400 3.9%
Cubist Systematic Strategies 0 40,680 0 40,680 40,680 Less than 0.1%
EverPoint Asset Management 0 1,765,000 0 1,765,000 1,765,000 1.4%
Steven A. Cohen 0 6,655,080 0 6,655,080 6,655,080 5.4%

Steve Cohen
Steve Cohen
Point72 Asset Management

Page 1 of 11 – SEC Filing

Washington, D.C. 20549
Under the Securities Exchange Act of 1934
(Amendment No. )*


(Name of Issuer)

Class A Common Stock, Par Value $0.0000001 Per Share

(Title of Class of Securities)
(CUSIP Number)
August 17, 2016
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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