Owen Britton Jennings Sells 1,263 Shares of Block, Inc. (NYSE:XYZ) Stock

Block, Inc. (NYSE:XYZ) insider Owen Britton Jennings sold 1,263 shares of Block stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $56.19, for a total value of $70,967.97. Following the completion of the transaction, the insider now directly owns 181,904 shares in the company, valued at approximately $10,221,185.76. This represents a 0.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Block Trading Down 7.0 %

Shares of NYSE XYZ opened at $50.17 on Friday. Block, Inc. has a 1-year low of $47.69 and a 1-year high of $99.26. The business has a 50-day moving average of $69.53. The company has a market capitalization of $31.08 billion, a P/E ratio of 11.03, a PEG ratio of 0.72 and a beta of 2.77. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07.

Block (NYSE:XYZ) last posted its quarterly earnings data on Thursday, February 20th. The technology company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.11). The company had revenue of $6.03 billion during the quarter, compared to the consensus estimate of $6.23 billion. Block had a return on equity of 5.80% and a net margin of 11.92%. As a group, equities research analysts forecast that Block, Inc. will post 2.54 earnings per share for the current year.

Hedge Funds Weigh In On Block

Large investors have recently made changes to their positions in the company. Diversify Advisory Services LLC bought a new stake in Block during the 4th quarter worth about $1,315,000. Perpetual Ltd bought a new stake in shares of Block during the fourth quarter worth approximately $10,779,000. Nomura Asset Management Co. Ltd. lifted its holdings in Block by 6.2% in the third quarter. Nomura Asset Management Co. Ltd. now owns 253,787 shares of the technology company’s stock valued at $17,037,000 after buying an additional 14,822 shares during the period. Wealthcare Advisory Partners LLC grew its holdings in Block by 9.8% during the 4th quarter. Wealthcare Advisory Partners LLC now owns 8,065 shares of the technology company’s stock worth $685,000 after acquiring an additional 717 shares during the period. Finally, TB Alternative Assets Ltd. acquired a new position in shares of Block in the 4th quarter valued at $3,530,000. Institutional investors and hedge funds own 70.44% of the company’s stock.

Analysts Set New Price Targets

XYZ has been the topic of a number of research reports. Piper Sandler dropped their target price on shares of Block from $101.00 to $85.00 and set an “overweight” rating on the stock in a research report on Monday, February 24th. Oppenheimer upgraded shares of Block from a “market perform” rating to an “outperform” rating and set a $115.00 price objective on the stock in a report on Thursday, December 19th. Needham & Company LLC reiterated a “buy” rating and issued a $90.00 target price on shares of Block in a research note on Friday, February 21st. Canaccord Genuity Group lowered their price target on Block from $120.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Finally, The Goldman Sachs Group reduced their price objective on Block from $94.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday. Three analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $94.46.

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.