SP Asset Management raised its stake in Block, Inc. (NYSE:SQ – Get Rating) by 8.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 60,257 shares of the technology company's stock after buying an additional 4,680 shares during the period. SP Asset Management's holdings in Block were worth $3,314,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors also recently added to or reduced their stakes in SQ. Householder Group Estate & Retirement Specialist LLC purchased a new stake in Block in the 3rd quarter valued at about $28,000. Heritage Wealth Management LLC purchased a new stake in shares of Block in the 2nd quarter worth approximately $36,000. Twin Lakes Capital Management LLC purchased a new stake in shares of Block in the 3rd quarter worth approximately $37,000. Ronald Blue Trust Inc. purchased a new stake in shares of Block in the 2nd quarter worth approximately $43,000. Finally, CoreCap Advisors LLC purchased a new stake in shares of Block in the 2nd quarter worth approximately $44,000. 59.49% of the stock is owned by hedge funds and other institutional investors.
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Block Stock Performance
NYSE SQ traded down $3.70 during mid-day trading on Friday, reaching $84.71. 12,679,111 shares of the stock were exchanged, compared to its average volume of 11,882,267. The business's 50 day moving average is $69.30 and its 200-day moving average is $67.82. Block, Inc. has a 1 year low of $51.34 and a 1 year high of $149.00. The company has a market capitalization of $50.66 billion, a P/E ratio of -91.09, a P/E/G ratio of 72.25 and a beta of 2.33. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.86 and a current ratio of 1.86.
Block (NYSE:SQ – Get Rating) last announced its quarterly earnings results on Thursday, November 3rd. The technology company reported $0.01 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.15) by $0.16. Block had a negative net
margin of 2.97% and a negative return on equity of 2.10%. The firm had revenue of $4.52 billion for the quarter, compared to the consensus estimate of $4.48 billion. On average, equities research analysts forecast that Block, Inc. will post -0.67 EPS for the current fiscal year.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on SQ shares. Barclays upped their price target on shares of Block from $100.00 to $103.00 and gave the stock an "overweight" rating in a research report on Monday, January 23rd. Needham & Company LLC lowered their price target on shares of Block from $120.00 to $80.00 and set a "buy" rating for the company in a research report on Friday, November 4th. BTIG Research lowered their price target on shares of Block from $175.00 to $100.00 in a research report on Friday, November 4th. Credit Suisse Group reduced their price objective on shares of Block to $105.00 in a research note on Thursday, October 13th. Finally, StockNews.com initiated coverage on shares of Block in a research note on Wednesday, October 12th. They set a "sell" rating for the company. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and thirty-one have given a buy rating to the company's stock. According to data from MarketBeat.com, Block presently has a consensus rating of "Moderate Buy" and a consensus price target of $113.08.
Insider Buying and Selling
In related news, CAO Ajmere Dale sold 1,032 shares of the stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $64.28, for a total transaction of $66,336.96. Following the sale, the chief accounting officer now directly owns 46,892 shares of the company's stock, valued at $3,014,217.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Block news, CAO Ajmere Dale sold 1,032 shares of the stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $64.28, for a total transaction of $66,336.96. Following the transaction, the chief accounting officer now directly owns 46,892 shares of the company's stock, valued at $3,014,217.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Alyssa Henry sold 30,769 shares of the stock in a transaction on Wednesday, January 25th. The shares were sold at an average price of $77.29, for a total transaction of $2,378,136.01. Following the transaction, the insider now directly owns 418,667 shares in the company, valued at $32,358,772.43. The disclosure for this sale can be found here. Over the last three months, insiders have sold 283,717 shares of company stock valued at $18,883,181. Corporate insiders own 11.52% of the company's stock.
About Block
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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.
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