Prime Capital Investment Advisors LLC Has $307,000 Stock Position in Block, Inc. (NYSE:SQ)

Prime Capital Investment Advisors LLC cut its holdings in shares of Block, Inc. (NYSE:SQ) by 4.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,577 shares of the technology company’s stock after selling 224 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Block were worth $307,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Baillie Gifford & Co. grew its stake in shares of Block by 45.7% during the second quarter. Baillie Gifford & Co. now owns 10,085,229 shares of the technology company’s stock worth $650,396,000 after purchasing an additional 3,163,975 shares during the period. Lone Pine Capital LLC grew its position in shares of Block by 13.9% during the 2nd 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 during the period. D1 Capital Partners L.P. increased its stake in shares of Block by 76.7% in the 2nd quarter. D1 Capital Partners L.P. now owns 1,831,342 shares of the technology company’s stock valued at $118,103,000 after acquiring an additional 795,000 shares during the last quarter. Canada Pension Plan Investment Board raised its position in shares of Block by 1,061.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 657,667 shares of the technology company’s stock valued at $42,413,000 after acquiring an additional 601,020 shares during the period. Finally, Capital World Investors boosted its stake 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 acquiring an additional 582,826 shares during the last quarter. Institutional investors own 70.44% of the company’s stock.

Wall Street Analysts Forecast Growth

SQ has been the subject of several recent analyst reports. Wells Fargo & Company lowered their target price on shares of Block from $95.00 to $85.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Morgan Stanley dropped their price objective on Block from $60.00 to $55.00 and set an “underweight” rating on the stock in a research note on Tuesday, July 30th. William Blair reissued an “outperform” rating on shares of Block in a research note on Friday. Oppenheimer began coverage on Block in a report on Tuesday, October 1st. They issued a “market perform” rating for the company. Finally, Canaccord Genuity Group lifted their price objective on Block from $95.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $91.30.

Insider Buying and Selling at Block

In other Block news, CAO Ajmere Dale sold 1,406 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $64.70, for a total value of $90,968.20. Following the transaction, the chief accounting officer now directly owns 90,960 shares of the company’s stock, valued at $5,885,112. This represents a 1.52 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Brian Grassadonia sold 8,328 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $64.77, for a total value of $539,404.56. Following the sale, the insider now owns 580,086 shares of the company’s stock, valued at approximately $37,572,170.22. This represents a 1.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,678 shares of company stock worth $1,924,112 over the last 90 days. Company insiders own 10.49% of the company’s stock.

Block Trading Up 1.1 %

Shares of NYSE:SQ opened at $84.30 on Friday. Block, Inc. has a 52-week low of $55.00 and a 52-week high of $90.00. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07. The company has a market capitalization of $51.90 billion, a P/E ratio of 47.36, a price-to-earnings-growth ratio of 1.16 and a beta of 2.48. The company has a 50-day simple moving average of $70.94 and a 200 day simple moving average of $67.39.

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.