Axxcess Wealth Management LLC Lowers Position in Block, Inc. (NYSE:SQ)

Axxcess Wealth Management LLC decreased its position in Block, Inc. (NYSE:SQ) by 13.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,806 shares of the technology company’s stock after selling 1,903 shares during the period. Axxcess Wealth Management LLC’s holdings in Block were worth $793,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in SQ. Baillie Gifford & Co. boosted its holdings in shares of Block by 45.7% in the second quarter. Baillie Gifford & Co. now owns 10,085,229 shares of the technology company’s stock valued at $650,396,000 after acquiring an additional 3,163,975 shares in the last quarter. Lone Pine Capital LLC boosted its holdings in Block by 13.9% during the second quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company’s stock worth $494,672,000 after buying an additional 934,588 shares in the last quarter. D1 Capital Partners L.P. lifted its holdings in shares of Block by 76.7% in the second quarter. D1 Capital Partners L.P. now owns 1,831,342 shares of the technology company’s stock valued at $118,103,000 after purchasing an additional 795,000 shares in the last quarter. Canada Pension Plan Investment Board lifted its holdings in shares of Block by 1,061.0% in the second quarter. Canada Pension Plan Investment Board now owns 657,667 shares of the technology company’s stock valued at $42,413,000 after purchasing an additional 601,020 shares in the last quarter. Finally, Capital World Investors lifted its holdings in shares of Block by 4.7% in the first quarter. Capital World Investors now owns 13,096,614 shares of the technology company’s stock valued at $1,107,712,000 after purchasing an additional 582,826 shares in the last quarter. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Block Price Performance

Shares of SQ stock opened at $87.20 on Wednesday. Block, Inc. has a twelve month low of $50.86 and a twelve month high of $87.52. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $53.68 billion, a PE ratio of 48.66, a price-to-earnings-growth ratio of 1.02 and a beta of 2.48. The firm has a fifty day simple moving average of $69.21 and a 200-day simple moving average of $67.00.

Insider Buying and Selling at Block

In other Block news, insider Brian Grassadonia sold 8,328 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $64.77, for a total transaction of $539,404.56. Following the transaction, the insider now directly owns 580,086 shares in the company, valued at $37,572,170.22. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Block news, CAO Ajmere Dale sold 500 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $67.00, for a total transaction of $33,500.00. Following the sale, the chief accounting officer now directly owns 90,460 shares of the company’s stock, valued at approximately $6,060,820. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brian Grassadonia sold 8,328 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $64.77, for a total transaction of $539,404.56. Following the sale, the insider now directly owns 580,086 shares in the company, valued at $37,572,170.22. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,714 shares of company stock worth $1,606,992 in the last ninety days. 10.49% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $88.00 price target on shares of Block in a report on Monday, October 21st. Oppenheimer initiated coverage on shares of Block in a report on Tuesday, October 1st. They issued a “market perform” rating on the stock. Needham & Company LLC boosted their price objective on shares of Block from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, November 8th. New Street Research initiated coverage on shares of Block in a research report on Monday, September 9th. They set a “neutral” rating and a $70.00 price target for the company. Finally, Keefe, Bruyette & Woods upped their price target on shares of Block from $71.00 to $80.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $91.30.

About Block

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.