Belpointe Asset Management LLC Increases Stock Holdings in Block, Inc. (NYSE:SQ)

Belpointe Asset Management LLC boosted its stake in Block, Inc. (NYSE:SQ) by 190.2% in the second quarter, Holdings Channel reports. The fund owned 12,375 shares of the technology company’s stock after buying an additional 8,111 shares during the quarter. Belpointe Asset Management LLC’s holdings in Block were worth $798,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of SQ. Vanguard Group Inc. increased its position in shares of Block by 0.9% during the first quarter. Vanguard Group Inc. now owns 36,511,250 shares of the technology company’s stock worth $3,088,122,000 after acquiring an additional 318,549 shares during the last quarter. Capital World Investors increased its holdings in Block by 4.7% during the 1st quarter. Capital World Investors now owns 13,096,614 shares of the technology company’s stock worth $1,107,712,000 after purchasing an additional 582,826 shares during the last quarter. Baillie Gifford & Co. raised its position in shares of Block by 45.7% in the 2nd quarter. Baillie Gifford & Co. now owns 10,085,229 shares of the technology company’s stock valued at $650,396,000 after purchasing an additional 3,163,975 shares in the last quarter. Nikko Asset Management Americas Inc. boosted its stake in shares of Block by 0.8% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 8,982,862 shares of the technology company’s stock valued at $694,735,000 after buying an additional 71,735 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Block during the fourth quarter worth approximately $528,996,000. Institutional investors and hedge funds own 70.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Needham & Company LLC reduced their price objective on shares of Block from $105.00 to $80.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Macquarie reiterated an “outperform” rating and issued a $100.00 price target on shares of Block in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft upped their price objective on Block from $90.00 to $98.00 and gave the company a “buy” rating in a research note on Friday, July 12th. UBS Group decreased their target price on Block from $100.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Finally, Susquehanna reissued a “positive” rating and set a $100.00 price target on shares of Block in a research report on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $87.52.

Block Stock Up 0.8 %

Block stock opened at $64.60 on Friday. The company’s 50-day moving average price is $64.34 and its two-hundred day moving average price is $69.73. The stock has a market cap of $39.77 billion, a price-to-earnings ratio of 83.90, a PEG ratio of 1.16 and a beta of 2.49. Block, Inc. has a 52 week low of $38.85 and a 52 week 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.

Block (NYSE:SQ) last posted its quarterly earnings data on Thursday, August 1st. The technology company reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.09. The business had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.27 billion. Block had a net margin of 3.47% and a return on equity of 3.77%. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter last year, the business earned $0.40 earnings per share. On average, analysts expect that Block, Inc. will post 1.72 EPS for the current fiscal year.

Insider Transactions at Block

In other news, Director Roelof Botha bought 434,405 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was acquired at an average price of $57.55 per share, with a total value of $25,000,007.75. Following the completion of the purchase, the director now directly owns 434,405 shares of the company’s stock, valued at approximately $25,000,007.75. The acquisition was disclosed in a filing with the SEC, which is available at this link. In other Block news, CFO Amrita Ahuja sold 6,661 shares of Block stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $64.70, for a total value of $430,966.70. Following the transaction, the chief financial officer now owns 264,697 shares in the company, valued at $17,125,895.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Roelof Botha acquired 434,405 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were bought at an average price of $57.55 per share, with a total value of $25,000,007.75. Following the transaction, the director now directly owns 434,405 shares in the company, valued at approximately $25,000,007.75. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 28,179 shares of company stock valued at $1,833,962. Corporate insiders own 10.49% of the company’s stock.

Block 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.