Block (NYSE:XYZ) Price Target Lowered to $90.00 at Citigroup

Block (NYSE:XYZ) had its price objective lowered by Citigroup from $108.00 to $90.00 in a research report released on Friday morning,Benzinga reports. Citigroup currently has a buy rating on the technology company’s stock.

Several other equities analysts also recently weighed in on XYZ. Barclays decreased their price target on shares of Block from $112.00 to $97.00 and set an “overweight” rating on the stock in a research note on Monday, February 24th. StockNews.com began coverage on shares of Block in a research report on Saturday, February 15th. They set a “hold” rating for the company. UBS Group cut their price objective on shares of Block from $98.00 to $97.00 and set a “buy” rating for the company in a research report on Friday, February 21st. BNP Paribas cut shares of Block from an “outperform” rating to a “neutral” rating and set a $88.00 price objective for the company. in a research report on Wednesday, November 20th. Finally, Wells Fargo & Company raised their price objective on shares of Block from $85.00 to $95.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Six research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Block has an average rating of “Moderate Buy” and an average price target of $95.00.

Block Trading Up 5.8 %

NYSE:XYZ opened at $57.18 on Friday. The stock has a 50-day simple moving average of $73.59. 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 stock has a market capitalization of $35.42 billion, a P/E ratio of 12.57, a P/E/G ratio of 0.72 and a beta of 2.78. Block has a twelve month low of $53.54 and a twelve month high of $99.26.

Block (NYSE:XYZ) last posted its quarterly earnings results on Thursday, February 20th. The technology company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.11). The business had revenue of $6.03 billion during the quarter, compared to analysts’ expectations of $6.23 billion. Block had a return on equity of 5.80% and a net margin of 11.92%. On average, analysts expect that Block will post 2.54 earnings per share for the current year.

Insider Activity

In related news, CAO Ajmere Dale sold 2,044 shares of Block stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $86.72, for a total value of $177,255.68. Following the completion of the transaction, the chief accounting officer now owns 83,966 shares in the company, valued at $7,281,531.52. The trade was a 2.38 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Owen Britton Jennings sold 2,836 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $89.38, for a total transaction of $253,481.68. Following the sale, the insider now owns 195,449 shares of the company’s stock, valued at $17,469,231.62. This represents a 1.43 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,967 shares of company stock valued at $1,649,113. 10.49% of the stock is currently owned by company insiders.

Institutional Trading of Block

Several institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC lifted its position in shares of Block by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 8,690,075 shares of the technology company’s stock worth $581,923,000 after buying an additional 133,002 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Block by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,202,388 shares of the technology company’s stock valued at $147,846,000 after acquiring an additional 45,472 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in shares of Block by 770.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,738,708 shares of the technology company’s stock valued at $116,719,000 after acquiring an additional 1,538,849 shares during the period. Southpoint Capital Advisors LP acquired a new position in shares of Block in the 3rd quarter valued at $114,121,000. Finally, Swiss National Bank increased its holdings in shares of Block by 0.5% in the 3rd quarter. Swiss National Bank now owns 1,651,886 shares of the technology company’s stock valued at $110,891,000 after acquiring an additional 8,200 shares during the period. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Block Company Profile

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.