Block, Inc. (NYSE:SQ) Receives $93.21 Average PT from Brokerages

Shares of Block, Inc. (NYSE:SQ) have received an average recommendation of “Moderate Buy” from the thirty-one ratings firms that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and twenty-three have issued a buy recommendation on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $92.96.

A number of equities analysts recently issued reports on the stock. Oppenheimer initiated coverage on shares of Block in a research note on Tuesday, October 1st. They issued a “market perform” rating for the company. BNP Paribas lowered Block from an “outperform” rating to a “neutral” rating and set a $88.00 target price for the company. in a research report on Wednesday, November 20th. New Street Research initiated coverage on Block in a research report on Monday, September 9th. They set a “neutral” rating and a $70.00 price target on the stock. The Goldman Sachs Group upped their price target on Block from $87.00 to $102.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Finally, BMO Capital Markets lowered Block from an “outperform” rating to a “market perform” rating and raised their price objective for the company from $94.00 to $100.00 in a research report on Monday, November 25th.

Block Trading Up 2.5 %

NYSE:SQ opened at $98.26 on Wednesday. The company has a 50-day moving average price of $78.93 and a 200-day moving average price of $69.56. The stock has a market cap of $60.90 billion, a price-to-earnings ratio of 55.20, a P/E/G ratio of 1.26 and a beta of 2.50. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.26. Block has a 12 month low of $55.00 and a 12 month high of $99.26.

Insider Activity at Block

In other Block news, insider Brian Grassadonia sold 8,328 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $91.18, for a total value of $759,347.04. Following the transaction, the insider now owns 563,894 shares of the company’s stock, valued at approximately $51,415,854.92. This represents a 1.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Ajmere Dale sold 500 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $67.00, for a total value of $33,500.00. Following the sale, the chief accounting officer now owns 90,460 shares of the company’s stock, valued at approximately $6,060,820. This represents a 0.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 31,918 shares of company stock valued at $2,666,147 over the last ninety days. Insiders own 10.49% of the company’s stock.

Hedge Funds Weigh In On Block

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Synovus Financial Corp boosted its position in shares of Block by 18.6% in the third quarter. Synovus Financial Corp now owns 10,174 shares of the technology company’s stock worth $683,000 after purchasing an additional 1,593 shares during the period. Wilmington Savings Fund Society FSB boosted its holdings in Block by 38.1% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 9,893 shares of the technology company’s stock worth $664,000 after buying an additional 2,728 shares during the period. Sanctuary Advisors LLC increased its stake in Block by 7.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 52,412 shares of the technology company’s stock worth $3,518,000 after buying an additional 3,639 shares in the last quarter. Hohimer Wealth Management LLC lifted its position in shares of Block by 3.8% in the third quarter. Hohimer Wealth Management LLC now owns 15,833 shares of the technology company’s stock valued at $1,063,000 after acquiring an additional 580 shares in the last quarter. Finally, TD Private Client Wealth LLC lifted its position in shares of Block by 15.8% in the third quarter. TD Private Client Wealth LLC now owns 2,066 shares of the technology company’s stock valued at $139,000 after acquiring an additional 282 shares in the last quarter. 70.44% of the stock is currently owned by hedge funds and other 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.