Block (NYSE:SQ) Downgraded by BNP Paribas to “Neutral”

BNP Paribas lowered shares of Block (NYSE:SQ) from an outperform rating to a neutral rating in a research report released on Wednesday, Marketbeat.com reports. They currently have $88.00 price target on the technology company’s stock.

A number of other analysts have also recently commented on SQ. Piper Sandler reaffirmed an “overweight” rating and set a $83.00 target price on shares of Block in a report on Monday, November 11th. Oppenheimer initiated coverage on shares of Block in a research report on Tuesday, October 1st. They issued a “market perform” rating on the stock. Morgan Stanley reduced their target price on shares of Block from $60.00 to $55.00 and set an “underweight” rating on the stock in a report on Tuesday, July 30th. Needham & Company LLC lifted their price target on Block from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, William Blair reiterated an “outperform” rating on shares of Block in a report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $91.18.

Block Price Performance

Block stock opened at $89.69 on Wednesday. Block has a one year low of $55.00 and a one year high of $93.00. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07. The firm has a market capitalization of $55.59 billion, a P/E ratio of 50.39, a PEG ratio of 1.25 and a beta of 2.48. The business has a fifty day moving average price of $72.68 and a 200-day moving average price of $67.82.

Insider Buying and Selling at Block

In other Block news, insider Brian Grassadonia sold 1,884 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $65.41, for a total value of $123,232.44. Following the transaction, the insider now directly owns 574,914 shares in the company, valued at $37,605,124.74. This represents a 0.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Ajmere Dale sold 1,000 shares of the business’s stock in a transaction 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 transaction, the chief accounting officer now owns 88,791 shares of the company’s stock, valued at $7,103,280. This represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,283 shares of company stock valued at $862,773. 10.49% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Block

Several hedge funds have recently added to or reduced their stakes in SQ. SouthState Corp increased its position in shares of Block by 85.3% in the 3rd quarter. SouthState Corp now owns 391 shares of the technology company’s stock worth $26,000 after purchasing an additional 180 shares during the last quarter. True Wealth Design LLC raised its position in Block by 64.7% during the third quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock valued at $33,000 after acquiring an additional 194 shares in the last quarter. LRI Investments LLC acquired a new stake in Block in the 1st quarter valued at approximately $34,000. Unique Wealth Strategies LLC bought a new stake in shares of Block in the 2nd quarter worth about $34,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Block during the second quarter valued at $44,000. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

Block Company 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.