Aries Wealth Management Purchases New Shares in Block, Inc. (NYSE:SQ)

Aries Wealth Management acquired a new stake in shares of Block, Inc. (NYSE:SQFree Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 2,600 shares of the technology company’s stock, valued at approximately $201,000.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Block by 1.7% during the third quarter. Vanguard Group Inc. now owns 34,915,658 shares of the technology company’s stock worth $1,545,367,000 after purchasing an additional 585,801 shares during the last quarter. Capital World Investors increased its position in shares of Block by 0.5% during the second quarter. Capital World Investors now owns 11,368,613 shares of the technology company’s stock worth $756,809,000 after purchasing an additional 55,250 shares in the last quarter. ARK Investment Management LLC grew its holdings in Block by 1.5% in the 3rd quarter. ARK Investment Management LLC now owns 10,887,114 shares of the technology company’s stock valued at $481,864,000 after buying an additional 160,179 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Block by 30.4% in the 2nd quarter. Geode Capital Management LLC now owns 7,411,331 shares of the technology company’s stock valued at $492,513,000 after purchasing an additional 1,725,656 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Block in the 4th quarter valued at $353,954,000. Institutional investors own 61.17% of the company’s stock.

Block Price Performance

Shares of Block stock traded down $2.47 during trading on Tuesday, hitting $78.39. 2,032,931 shares of the stock traded hands, compared to its average volume of 11,226,144. The firm’s fifty day moving average is $70.78 and its 200-day moving average is $61.50. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.22. Block, Inc. has a 52 week low of $38.85 and a 52 week high of $87.52. The stock has a market cap of $48.26 billion, a price-to-earnings ratio of 471.59, a PEG ratio of 2.24 and a beta of 2.55.

Block (NYSE:SQGet Free Report) last released its quarterly earnings results on Thursday, February 22nd. The technology company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.01. Block had a return on equity of 0.63% and a net margin of 0.04%. The business had revenue of $5.77 billion during the quarter, compared to analyst estimates of $5.69 billion. Research analysts expect that Block, Inc. will post 1.09 EPS for the current fiscal year.

Insider Activity

In related news, insider Brian Grassadonia sold 111,914 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $78.17, for a total transaction of $8,748,317.38. Following the completion of the transaction, the insider now owns 443,979 shares in the company, valued at $34,705,838.43. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Block news, CFO Amrita Ahuja sold 2,581 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $64.30, for a total value of $165,958.30. Following the transaction, the chief financial officer now owns 201,754 shares in the company, valued at approximately $12,972,782.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Brian Grassadonia sold 111,914 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $78.17, for a total transaction of $8,748,317.38. Following the completion of the transaction, the insider now owns 443,979 shares of the company’s stock, valued at approximately $34,705,838.43. The disclosure for this sale can be found here. Insiders have sold 261,843 shares of company stock worth $18,701,730 in the last ninety days. Company insiders own 10.79% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on SQ shares. Royal Bank of Canada boosted their target price on Block from $77.00 to $88.00 and gave the stock an “outperform” rating in a research report on Friday, February 23rd. Mizuho upped their target price on Block from $90.00 to $99.00 and gave the stock a “buy” rating in a research report on Tuesday, December 12th. Piper Sandler reissued an “overweight” rating and issued a $88.00 price target (up previously from $86.00) on shares of Block in a report on Friday, February 23rd. Wells Fargo & Company upgraded Block from an “equal weight” rating to an “overweight” rating and set a $95.00 price objective on the stock in a research note on Friday, February 23rd. Finally, Benchmark started coverage on shares of Block in a report on Tuesday, February 13th. They issued a “buy” rating and a $89.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $82.44.

Check Out Our Latest Stock Report on SQ

Block 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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