Arizona State Retirement System Lowers Position in Block, Inc. (NYSE:SQ)

Arizona State Retirement System reduced its position in shares of Block, Inc. (NYSE:SQFree Report) by 0.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 154,054 shares of the technology company’s stock after selling 700 shares during the period. Arizona State Retirement System’s holdings in Block were worth $6,818,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Decatur Capital Management Inc. lifted its holdings in shares of Block by 11.1% in the 1st quarter. Decatur Capital Management Inc. now owns 3,783 shares of the technology company’s stock valued at $513,000 after buying an additional 378 shares during the period. Eudaimonia Partners LLC acquired a new stake in Block in the first quarter valued at $387,000. NewEdge Advisors LLC acquired a new stake in Block in the second quarter valued at $228,000. Prudential Financial Inc. boosted its position in shares of Block by 31.3% during the 2nd quarter. Prudential Financial Inc. now owns 25,320 shares of the technology company’s stock worth $1,616,000 after purchasing an additional 6,038 shares in the last quarter. Finally, Kingsview Wealth Management LLC acquired a new position in shares of Block during the 2nd quarter worth $516,000. Institutional investors and hedge funds own 61.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Truist Financial decreased their price objective on shares of Block from $85.00 to $70.00 and set a “buy” rating on the stock in a report on Tuesday, October 17th. Citigroup decreased their price target on Block from $90.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, October 4th. BTIG Research raised Block from a “neutral” rating to a “buy” rating and set a $85.00 price objective for the company in a research note on Tuesday. TD Cowen started coverage on Block in a research report on Friday, October 6th. They set an “outperform” rating and a $59.00 target price on the stock. Finally, Monness Crespi & Hardt raised their price target on Block from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Monday. Seven research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.87.

Get Our Latest Report on SQ

Block Trading Down 1.1 %

NYSE SQ opened at $68.24 on Wednesday. The company has a market cap of $41.91 billion, a P/E ratio of -145.19, a P/E/G ratio of 2.21 and a beta of 2.57. Block, Inc. has a 12 month low of $38.85 and a 12 month high of $89.97. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.91 and a quick ratio of 1.91. The company has a 50-day moving average of $68.81 and a 200-day moving average of $59.92.

Block (NYSE:SQGet Free Report) last issued its quarterly earnings results on Thursday, November 2nd. The technology company reported $0.08 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.15. The firm had revenue of $5.62 billion during the quarter, compared to analyst estimates of $5.41 billion. Block had a negative net margin of 1.38% and a negative return on equity of 0.30%. As a group, equities analysts predict that Block, Inc. will post -0.11 earnings per share for the current year.

Insider Buying and Selling at Block

In other Block news, Director Roelof Botha bought 15,262 shares of the company’s stock in a transaction that occurred on Friday, November 10th. The stock was purchased at an average price of $50.99 per share, with a total value of $778,209.38. Following the transaction, the director now owns 517,213 shares in the company, valued at $26,372,690.87. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Block news, insider Brian Grassadonia sold 5,652 shares of the firm’s stock in a transaction dated Thursday, January 4th. The stock was sold at an average price of $68.00, for a total value of $384,336.00. Following the transaction, the insider now directly owns 280,208 shares of the company’s stock, valued at $19,054,144. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Roelof Botha acquired 15,262 shares of Block stock in a transaction on Friday, November 10th. The shares were bought at an average price of $50.99 per share, for a total transaction of $778,209.38. Following the purchase, the director now owns 517,213 shares of the company’s stock, valued at $26,372,690.87. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 534,234 shares of company stock valued at $27,185,614 and sold 33,302 shares valued at $2,258,303. 10.79% of the stock is owned by company insiders.

Block Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Block (NYSE:SQ)

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