Block, Inc. (NYSE:SQ) Shares Sold by Ridgewood Investments LLC

Ridgewood Investments LLC reduced its holdings in shares of Block, Inc. (NYSE:SQ) by 27.6% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,295 shares of the technology company’s stock after selling 494 shares during the quarter. Ridgewood Investments LLC’s holdings in Block were worth $110,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Southpoint Capital Advisors LP purchased a new stake in Block during the 3rd quarter valued at about $114,121,000. Massachusetts Financial Services Co. MA grew its stake in Block by 770.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,738,708 shares of the technology company’s stock valued at $116,719,000 after purchasing an additional 1,538,849 shares during the last quarter. Lone Pine Capital LLC boosted its stake in shares of Block by 13.9% in the second quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company’s stock worth $494,672,000 after buying an additional 934,588 shares during the last quarter. D1 Capital Partners L.P. boosted its stake in shares of Block by 76.7% in the second quarter. D1 Capital Partners L.P. now owns 1,831,342 shares of the technology company’s stock worth $118,103,000 after buying an additional 795,000 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in shares of Block by 1,061.0% in the second quarter. Canada Pension Plan Investment Board now owns 657,667 shares of the technology company’s stock worth $42,413,000 after buying an additional 601,020 shares during the last quarter. 70.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Ajmere Dale sold 1,000 shares of Block stock in a transaction on Monday, November 11th. The stock was sold at an average price of $80.00, for a total value of $80,000.00. Following the completion of the sale, the chief accounting officer now directly owns 88,791 shares of the company’s stock, valued at approximately $7,103,280. The trade was a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Brian Grassadonia sold 8,328 shares of Block stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $91.18, for a total value of $759,347.04. Following the completion of the sale, the insider now directly owns 563,894 shares of the company’s stock, valued at $51,415,854.92. The trade was a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,981 shares of company stock valued at $2,681,185. 10.49% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SQ. Needham & Company LLC upped their target price on Block from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Keefe, Bruyette & Woods lowered their price target on Block from $105.00 to $100.00 and set a “market perform” rating on the stock in a research report on Monday, January 6th. The Goldman Sachs Group increased their price target on Block from $87.00 to $102.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Morgan Stanley increased their price target on Block from $60.00 to $65.00 and gave the stock an “underweight” rating in a research report on Wednesday, December 18th. Finally, Oppenheimer upgraded Block from a “market perform” rating to an “outperform” rating and set a $115.00 price target on the stock in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $96.77.

Block Price Performance

NYSE:SQ opened at $82.66 on Friday. Block, Inc. has a 52 week low of $55.00 and a 52 week high of $99.26. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $51.23 billion, a P/E ratio of 46.44, a P/E/G ratio of 1.23 and a beta of 2.51. The stock’s fifty day moving average is $88.60 and its two-hundred day moving average is $73.96.

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.