IHT Wealth Management LLC Lowers Holdings in Block, Inc. (NYSE:SQ)

IHT Wealth Management LLC lowered its stake in shares of Block, Inc. (NYSE:SQ) by 36.5% in the third quarter, HoldingsChannel reports. The fund owned 5,809 shares of the technology company’s stock after selling 3,343 shares during the quarter. IHT Wealth Management LLC’s holdings in Block were worth $390,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Baillie Gifford & Co. grew its holdings in Block by 45.7% in the second quarter. Baillie Gifford & Co. now owns 10,085,229 shares of the technology company’s stock valued at $650,396,000 after purchasing an additional 3,163,975 shares during the period. Southpoint Capital Advisors LP acquired a new position in shares of Block in the 3rd quarter valued at $114,121,000. Massachusetts Financial Services Co. MA grew its stake in shares of 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 buying an additional 1,538,849 shares during the period. Lone Pine Capital LLC increased its holdings in shares of Block by 13.9% during the 2nd 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. Finally, D1 Capital Partners L.P. increased its holdings in shares of Block by 76.7% during the 2nd 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. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

Block Stock Up 2.5 %

Shares of NYSE:SQ opened at $98.25 on Monday. Block, Inc. has a 1-year low of $55.00 and a 1-year high of $99.26. The company’s fifty day moving average is $78.93 and its two-hundred day moving average is $69.56. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07. The stock has a market capitalization of $60.90 billion, a price-to-earnings ratio of 55.20, a price-to-earnings-growth ratio of 1.33 and a beta of 2.50.

Insider Buying and Selling

In other news, insider Brian Grassadonia sold 8,328 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $91.18, for a total transaction of $759,347.04. Following the completion of the transaction, the insider now directly owns 563,894 shares of the company’s stock, valued at approximately $51,415,854.92. This represents a 1.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Ajmere Dale sold 500 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $67.00, for a total value of $33,500.00. Following the sale, the chief accounting officer now owns 90,460 shares in the company, valued at $6,060,820. The trade was a 0.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 31,918 shares of company stock worth $2,666,147 over the last quarter. 10.49% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SQ. UBS Group lowered their price target on Block from $100.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. The Goldman Sachs Group boosted their target price on Block from $87.00 to $102.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. Royal Bank of Canada restated an “outperform” rating and issued a $88.00 price target on shares of Block in a report on Monday, October 21st. New Street Research initiated coverage on shares of Block in a research note on Monday, September 9th. They set a “neutral” rating and a $70.00 price objective for the company. Finally, BNP Paribas downgraded shares of Block from an “outperform” rating to a “neutral” rating and set a $88.00 target price on the stock. in a research note on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat.com, Block currently has an average rating of “Moderate Buy” and an average target price of $92.96.

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.