Block (NYSE:SQ) Cut to Market Perform at BMO Capital Markets

BMO Capital Markets lowered shares of Block (NYSE:SQ) from an outperform rating to a market perform rating in a report issued on Monday morning, MarketBeat.com reports. They currently have $100.00 price objective on the technology company’s stock, up from their prior price objective of $94.00.

Several other brokerages also recently weighed in on SQ. UBS Group lowered their price target on Block from $100.00 to $92.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Needham & Company LLC lifted their target price on shares of Block from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Canaccord Genuity Group upped their price target on shares of Block from $95.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Piper Sandler reiterated an “overweight” rating and set a $83.00 price objective on shares of Block in a research note on Monday, November 11th. Finally, Oppenheimer initiated coverage on Block in a research report on Tuesday, October 1st. They issued a “market perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat, Block currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.46.

Block Stock Performance

Shares of SQ opened at $88.77 on Monday. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.26. The firm has a market cap of $55.02 billion, a PE ratio of 49.87, a P/E/G ratio of 1.22 and a beta of 2.48. Block has a 12 month low of $55.00 and a 12 month high of $94.12. The stock has a fifty day moving average price of $75.20 and a 200-day moving average price of $68.47.

Insider Buying and Selling

In related news, insider Brian Grassadonia sold 8,328 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $91.18, for a total value of $759,347.04. Following the completion of the sale, the insider now owns 563,894 shares of the company’s stock, valued at approximately $51,415,854.92. The trade was a 1.46 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Chrysty Esperanza sold 2,964 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $80.00, for a total transaction of $237,120.00. Following the transaction, the insider now owns 88,607 shares of the company’s stock, valued at $7,088,560. This represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,053 shares of company stock valued at $2,393,972. 10.49% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Yoder Wealth Management Inc. lifted its holdings in Block by 0.4% in the 3rd quarter. Yoder Wealth Management Inc. now owns 39,688 shares of the technology company’s stock valued at $2,664,000 after purchasing an additional 145 shares in the last quarter. Nations Financial Group Inc. IA ADV boosted its position in Block by 1.9% during the third quarter. Nations Financial Group Inc. IA ADV now owns 7,744 shares of the technology company’s stock worth $520,000 after acquiring an additional 145 shares during the last quarter. Moser Wealth Advisors LLC boosted its position in Block by 2.5% during the third quarter. Moser Wealth Advisors LLC now owns 6,265 shares of the technology company’s stock worth $421,000 after acquiring an additional 153 shares during the last quarter. Lindbrook Capital LLC grew its stake in Block by 6.3% during the 3rd quarter. Lindbrook Capital LLC now owns 2,592 shares of the technology company’s stock valued at $174,000 after acquiring an additional 154 shares in the last quarter. Finally, Larson Financial Group LLC raised its holdings in Block by 14.8% in the 3rd quarter. Larson Financial Group LLC now owns 1,192 shares of the technology company’s stock valued at $80,000 after acquiring an additional 154 shares during the last quarter. 70.44% of the stock is owned by hedge funds and other institutional investors.

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.