Sompo Asset Management Co. Ltd. Buys 5,260 Shares of Block, Inc. (NYSE:SQ)

Sompo Asset Management Co. Ltd. raised its stake in shares of Block, Inc. (NYSE:SQ) by 142.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 8,940 shares of the technology company’s stock after purchasing an additional 5,260 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Block were worth $600,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Swedbank AB grew its stake in shares of Block by 11.0% during the 3rd quarter. Swedbank AB now owns 42,040 shares of the technology company’s stock valued at $2,822,000 after acquiring an additional 4,155 shares during the period. Penserra Capital Management LLC lifted its holdings in Block by 2.8% during the third quarter. Penserra Capital Management LLC now owns 221,083 shares of the technology company’s stock valued at $14,840,000 after purchasing an additional 5,995 shares in the last quarter. Cerity Partners LLC boosted its position in shares of Block by 24.4% in the third quarter. Cerity Partners LLC now owns 37,375 shares of the technology company’s stock worth $2,509,000 after purchasing an additional 7,338 shares during the period. Eagle Asset Management Inc. increased its stake in shares of Block by 12.1% in the third quarter. Eagle Asset Management Inc. now owns 56,848 shares of the technology company’s stock worth $4,239,000 after purchasing an additional 6,128 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Block by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,202,388 shares of the technology company’s stock valued at $147,846,000 after purchasing an additional 45,472 shares during the period. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Block Stock Down 0.5 %

Shares of NYSE:SQ opened at $92.26 on Monday. The firm has a market capitalization of $57.18 billion, a PE ratio of 51.83, a price-to-earnings-growth ratio of 1.24 and a beta of 2.48. The business has a 50 day simple moving average of $73.83 and a two-hundred day simple moving average of $68.07. Block, Inc. has a 1 year low of $55.00 and a 1 year high of $94.12. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. New Street Research assumed coverage on Block in a research note on Monday, September 9th. They issued a “neutral” rating and a $70.00 price target for the company. William Blair reiterated an “outperform” rating on shares of Block in a research report on Friday, November 15th. Benchmark reissued a “buy” rating and issued a $99.00 price target on shares of Block in a report on Friday, August 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $88.00 price objective on shares of Block in a report on Monday, October 21st. Finally, BMO Capital Markets lowered their target price on shares of Block from $93.00 to $92.00 and set an “outperform” rating on the stock in a report on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Block has an average rating of “Moderate Buy” and an average price target of $91.18.

Insider Buying and Selling

In other news, insider Chrysty Esperanza sold 2,964 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $80.00, for a total transaction of $237,120.00. Following the transaction, the insider now directly owns 88,607 shares of the company’s stock, valued at approximately $7,088,560. This trade represents a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Ajmere Dale sold 500 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $67.00, for a total value of $33,500.00. Following the completion of the sale, the chief accounting officer now owns 90,460 shares of the company’s stock, valued at $6,060,820. The trade was a 0.55 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 12,283 shares of company stock valued at $862,773. Insiders own 10.49% of the company’s stock.

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.