Canaccord Genuity Group Issues Positive Forecast for Block (NYSE:SQ) Stock Price

Block (NYSE:SQ) had its target price upped by research analysts at Canaccord Genuity Group from $95.00 to $120.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Canaccord Genuity Group’s price target would indicate a potential upside of 39.37% from the company’s previous close.

A number of other analysts have also recently commented on SQ. Needham & Company LLC boosted their price target on Block from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday. BMO Capital Markets dropped their target price on Block from $93.00 to $92.00 and set an “outperform” rating on the stock in a report on Thursday, October 3rd. Wells Fargo & Company reduced their price target on Block from $95.00 to $85.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Benchmark reiterated a “buy” rating and issued a $99.00 price target on shares of Block in a research note on Friday, August 2nd. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Block from $71.00 to $80.00 and gave the company a “market perform” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $91.30.

Block Stock Up 3.2 %

Shares of Block stock traded up $2.70 during trading on Tuesday, hitting $86.10. The company’s stock had a trading volume of 4,800,745 shares, compared to its average volume of 8,076,133. Block has a 52 week low of $50.86 and a 52 week high of $87.52. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.82 and a current ratio of 1.82. The company has a fifty day simple moving average of $69.21 and a two-hundred day simple moving average of $67.00. The company has a market capitalization of $53.01 billion, a PE ratio of 48.66, a P/E/G ratio of 1.02 and a beta of 2.48.

Insiders Place Their Bets

In other Block news, CFO Amrita Ahuja sold 5,935 shares of Block stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $65.53, for a total value of $388,920.55. Following the sale, the chief financial officer now directly owns 255,496 shares in the company, valued at approximately $16,742,652.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Block news, CFO Amrita Ahuja sold 5,935 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $65.53, for a total transaction of $388,920.55. Following the completion of the transaction, the chief financial officer now owns 255,496 shares in the company, valued at $16,742,652.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Ajmere Dale sold 1,406 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $64.70, for a total value of $90,968.20. Following the sale, the chief accounting officer now directly owns 90,960 shares in the company, valued at $5,885,112. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,714 shares of company stock worth $1,606,992 in the last three months. 10.49% of the stock is owned by company insiders.

Institutional Investors Weigh In On Block

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SouthState Corp raised its position in Block by 85.3% in the 3rd quarter. SouthState Corp now owns 391 shares of the technology company’s stock worth $26,000 after purchasing an additional 180 shares during the period. LRI Investments LLC bought a new position in shares of Block during the first quarter valued at approximately $34,000. Unique Wealth Strategies LLC purchased a new stake in shares of Block in the second quarter worth approximately $34,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Block during the 2nd quarter worth approximately $44,000. Finally, V Square Quantitative Management LLC purchased a new position in Block during the 3rd quarter valued at $46,000. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

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.