Sanford C. Bernstein Forecasts Strong Price Appreciation for Block (NYSE:SQ) Stock

Block (NYSE:SQ) had its price target upped by analysts at Sanford C. Bernstein from $90.00 to $120.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Sanford C. Bernstein’s target price indicates a potential upside of 28.75% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $88.00 price objective on shares of Block in a research report on Monday, October 21st. Keefe, Bruyette & Woods increased 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. New Street Research started coverage on shares of Block in a research report on Monday, September 9th. They set a “neutral” rating and a $70.00 price objective for the company. BMO Capital Markets cut Block from an “outperform” rating to a “market perform” rating and upped their target price for the stock from $94.00 to $100.00 in a research note on Monday, November 25th. Finally, Needham & Company LLC lifted their price target on Block from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $93.21.

Block Price Performance

Shares of NYSE SQ opened at $93.21 on Monday. The business has a fifty day moving average price of $77.04 and a two-hundred day moving average price of $69.00. The stock has a market capitalization of $57.77 billion, a PE ratio of 52.36, a P/E/G ratio of 1.25 and a beta of 2.50. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07. Block has a fifty-two week low of $55.00 and a fifty-two week high of $95.95.

Insider Transactions at Block

In other Block news, insider Brian Grassadonia sold 8,328 shares of Block stock in a transaction that occurred on Thursday, November 21st. The stock was 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 directly owns 563,894 shares in the company, valued at approximately $51,415,854.92. The trade was a 1.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Ajmere Dale sold 500 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $67.00, for a total value of $33,500.00. Following the transaction, the chief accounting officer now owns 90,460 shares in the company, valued at $6,060,820. The trade was a 0.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,053 shares of company stock worth $2,393,972 over the last three months. 10.49% of the stock is owned by company insiders.

Institutional Investors Weigh In On Block

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. SouthState Corp grew its stake in shares of Block by 85.3% in the 3rd quarter. SouthState Corp now owns 391 shares of the technology company’s stock valued at $26,000 after buying an additional 180 shares during the period. True Wealth Design LLC raised its stake in Block by 64.7% during the 3rd quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock worth $33,000 after buying an additional 194 shares during the period. Unique Wealth Strategies LLC bought a new position in Block in the second quarter worth approximately $34,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Block in the second quarter valued at approximately $44,000. Finally, V Square Quantitative Management LLC bought a new stake in shares of Block during the third quarter valued at approximately $46,000. 70.44% of the stock is owned by 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.