Intech Investment Management LLC Sells 38,494 Shares of Block, Inc. (NYSE:SQ)

Intech Investment Management LLC trimmed its holdings in shares of Block, Inc. (NYSE:SQ) by 57.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,822 shares of the technology company’s stock after selling 38,494 shares during the quarter. Intech Investment Management LLC’s holdings in Block were worth $1,935,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Gamco Investors INC. ET AL bought a new stake in shares of Block during the first quarter valued at approximately $248,000. LRI Investments LLC bought a new position in shares of Block during the 1st quarter worth $63,000. SVB Wealth LLC raised its holdings in shares of Block by 5.6% in the first quarter. SVB Wealth LLC now owns 4,960 shares of the technology company’s stock valued at $420,000 after acquiring an additional 261 shares in the last quarter. Interval Partners LP lifted its stake in Block by 2,957.1% in the first quarter. Interval Partners LP now owns 10,000 shares of the technology company’s stock worth $846,000 after acquiring an additional 10,350 shares during the period. Finally, B. Riley Wealth Advisors Inc. raised its holdings in shares of Block by 8.9% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 13,827 shares of the technology company’s stock valued at $1,169,000 after purchasing an additional 1,132 shares in the last quarter. 70.44% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Block news, CAO Ajmere Dale sold 1,000 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $80.00, for a total transaction of $80,000.00. Following the sale, the chief accounting officer now directly owns 88,791 shares in the company, valued at $7,103,280. This represents a 1.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Chrysty Esperanza sold 2,964 shares of the business’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 completion of the transaction, the insider now owns 88,607 shares of the company’s stock, valued at approximately $7,088,560. This trade represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,283 shares of company stock worth $862,773 over the last ninety days. Corporate insiders own 10.49% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Royal Bank of Canada restated an “outperform” rating and set a $88.00 target price on shares of Block in a report on Monday, October 21st. BNP Paribas lowered Block from an “outperform” rating to a “neutral” rating and set a $88.00 target price on the stock. in a research note on Wednesday, November 20th. Morgan Stanley decreased their price target on shares of Block from $60.00 to $55.00 and set an “underweight” rating for the company in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods raised their target price on shares of Block from $71.00 to $80.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. Finally, Oppenheimer initiated coverage on Block in a research report on Tuesday, October 1st. They set a “market perform” rating on the stock. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $91.18.

Block Stock Performance

Shares of SQ stock opened at $92.26 on Monday. 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 firm has a market cap of $57.18 billion, a P/E ratio of 51.83, a P/E/G ratio of 1.25 and a beta of 2.48. The firm’s 50 day moving average price is $73.83 and its 200-day moving average price is $68.07. Block, Inc. has a one year low of $55.00 and a one year high of $94.12.

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.