State Board of Administration of Florida Retirement System grew its stake in Block, Inc. (NYSE:SQ – Free Report) by 0.5% during the third quarter, Holdings Channel.com reports. The fund owned 580,340 shares of the technology company’s stock after acquiring an additional 2,650 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Block were worth $25,686,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Capital World Investors increased its stake in Block by 0.5% during the 2nd quarter. Capital World Investors now owns 11,368,613 shares of the technology company’s stock worth $756,809,000 after buying an additional 55,250 shares during the period. ARK Investment Management LLC grew its holdings in Block by 1.5% during the 3rd quarter. ARK Investment Management LLC now owns 10,887,114 shares of the technology company’s stock worth $481,864,000 after acquiring an additional 160,179 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Block by 6.6% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,377,309 shares of the technology company’s stock worth $690,817,000 after acquiring an additional 643,825 shares in the last quarter. Geode Capital Management LLC grew its holdings in Block by 30.4% during the 2nd quarter. Geode Capital Management LLC now owns 7,411,331 shares of the technology company’s stock worth $492,513,000 after acquiring an additional 1,725,656 shares in the last quarter. Finally, Norges Bank acquired a new position in Block during the 4th quarter worth approximately $353,954,000. 61.17% of the stock is owned by hedge funds and other institutional investors.
Block Stock Down 2.8 %
Block stock opened at $66.87 on Friday. Block, Inc. has a 12-month low of $38.85 and a 12-month high of $83.08. The firm’s 50-day moving average is $69.66 and its two-hundred day moving average is $59.58. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.23.
Insiders Place Their Bets
Analyst Ratings Changes
Several research analysts have commented on SQ shares. CLSA upgraded shares of Block from a “sell” rating to an “outperform” rating and set a $57.00 price target for the company in a report on Monday, November 6th. Royal Bank of Canada lowered their target price on shares of Block from $90.00 to $77.00 and set an “outperform” rating for the company in a report on Friday, November 3rd. BTIG Research upgraded shares of Block from a “neutral” rating to a “buy” rating and set a $85.00 target price for the company in a report on Tuesday, January 30th. Mizuho upped their target price on shares of Block from $90.00 to $99.00 and gave the company a “buy” rating in a report on Tuesday, December 12th. Finally, Wedbush upgraded shares of Block from a “neutral” rating to an “outperform” rating and upped their target price for the company from $70.00 to $90.00 in a report on Tuesday, January 30th. Seven analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $76.87.
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.
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