Block (NYSE:XYZ) Sets New 52-Week Low After Insider Selling

Shares of Block, Inc. (NYSE:XYZ) reached a new 52-week low on Monday following insider selling activity. The company traded as low as $47.60 and last traded at $47.60, with a volume of 137332 shares changing hands. The stock had previously closed at $50.26.

Specifically, CFO Amrita Ahuja sold 1,976 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 $111,031.44. Following the completion of the transaction, the chief financial officer now owns 233,878 shares in the company, valued at approximately $13,141,604.82. This trade represents a 0.84 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Owen Britton Jennings sold 1,263 shares of Block stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $56.19, for a total transaction of $70,967.97. Following the completion of the transaction, the insider now directly owns 181,904 shares of the company’s stock, valued at approximately $10,221,185.76. This represents a 0.69 % decrease in their position. The disclosure for this sale can be found here. In related news, CAO Ajmere Dale sold 500 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $54.48, for a total transaction of $27,240.00. Following the sale, the chief accounting officer now owns 81,999 shares in the company, valued at $4,467,305.52. This represents a 0.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Wells Fargo & Company increased their price objective on shares of Block from $85.00 to $95.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. KeyCorp reduced their price target on Block from $115.00 to $85.00 and set an “overweight” rating for the company in a research report on Tuesday, March 18th. Keefe, Bruyette & Woods raised shares of Block from a “market perform” rating to an “outperform” rating and lowered their target price for the company from $87.00 to $80.00 in a research note on Tuesday, March 18th. Piper Sandler cut their price target on shares of Block from $101.00 to $85.00 and set an “overweight” rating for the company in a report on Monday, February 24th. Finally, UBS Group lowered their price target on Block from $98.00 to $97.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Three research analysts have rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $94.46.

Block Stock Down 4.7 %

The firm has a 50-day moving average of $69.53. 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 company has a market cap of $29.68 billion, a P/E ratio of 10.53, a price-to-earnings-growth ratio of 0.72 and a beta of 2.77.

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

Institutional Investors Weigh In On Block

Several large investors have recently made changes to their positions in XYZ. Versant Capital Management Inc boosted its position in shares of Block by 67.7% during the fourth quarter. Versant Capital Management Inc now owns 394 shares of the technology company’s stock worth $33,000 after buying an additional 159 shares during the period. MassMutual Private Wealth & Trust FSB raised its stake in shares of Block by 48.2% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 418 shares of the technology company’s stock worth $36,000 after purchasing an additional 136 shares in the last quarter. Rosenberg Matthew Hamilton boosted its holdings in shares of Block by 18.3% in the 4th quarter. Rosenberg Matthew Hamilton now owns 982 shares of the technology company’s stock valued at $83,000 after buying an additional 152 shares during the last quarter. TD Private Client Wealth LLC grew its stake 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 buying an additional 282 shares in the last quarter. Finally, Ulland Investment Advisors LLC increased its holdings in Block by 92.3% during the fourth quarter. Ulland Investment Advisors LLC now owns 2,135 shares of the technology company’s stock worth $181,000 after buying an additional 1,025 shares during the last quarter. Institutional investors own 70.44% of the company’s stock.

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.