Block, Inc. (NYSE:SQ) Stake Boosted by Ribbit Management Company LLC

Ribbit Management Company LLC boosted its position in shares of Block, Inc. (NYSE:SQ) by 9.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,001,500 shares of the technology company’s stock after acquiring an additional 88,000 shares during the quarter. Block accounts for 4.5% of Ribbit Management Company LLC’s portfolio, making the stock its 5th biggest holding. Ribbit Management Company LLC’s holdings in Block were worth $67,231,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. B. Riley Wealth Advisors Inc. increased its holdings in Block by 8.9% during the first quarter. B. Riley Wealth Advisors Inc. now owns 13,827 shares of the technology company’s stock valued at $1,169,000 after buying an additional 1,132 shares during the last quarter. iA Global Asset Management Inc. increased its stake in shares of Block by 28.3% in the 1st quarter. iA Global Asset Management Inc. now owns 10,330 shares of the technology company’s stock worth $874,000 after purchasing an additional 2,277 shares in the last quarter. LRI Investments LLC bought a new position in Block in the 1st quarter worth $34,000. Swedbank AB purchased a new position in Block during the first quarter valued at $2,842,000. Finally, Atria Investments Inc grew its holdings in Block by 17.8% during the first quarter. Atria Investments Inc now owns 58,991 shares of the technology company’s stock valued at $4,989,000 after purchasing an additional 8,926 shares during the period. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Insider Activity at Block

In related news, insider Brian Grassadonia sold 1,884 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $65.41, for a total transaction of $123,232.44. Following the completion of the sale, the insider now owns 574,914 shares of the company’s stock, valued at $37,605,124.74. This represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Ajmere Dale sold 500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $67.00, for a total transaction of $33,500.00. Following the completion of the sale, the chief accounting officer now owns 90,460 shares of the company’s stock, valued at approximately $6,060,820. This trade represents 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 29,053 shares of company stock valued at $2,393,972 over the last ninety days. 10.49% of the stock is owned by company insiders.

Block Trading Down 0.3 %

Shares of NYSE SQ opened at $88.77 on Thursday. Block, Inc. has a twelve month low of $55.00 and a twelve month high of $94.12. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.26. The business has a fifty day simple moving average of $75.20 and a two-hundred day simple moving average of $68.47. The firm has a market cap of $55.02 billion, a PE ratio of 49.87, a price-to-earnings-growth ratio of 1.22 and a beta of 2.48.

Analyst Ratings Changes

Several research analysts have recently commented on SQ shares. Canaccord Genuity Group raised their price objective on Block from $95.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Piper Sandler reissued an “overweight” rating and issued a $83.00 price objective on shares of Block in a research note on Monday, November 11th. BMO Capital Markets lowered Block from an “outperform” rating to a “market perform” rating and increased their price target for the stock from $94.00 to $100.00 in a research note on Monday. Royal Bank of Canada restated an “outperform” rating and issued a $88.00 price objective on shares of Block in a research report on Monday, October 21st. Finally, New Street Research began coverage on Block in a research note on Monday, September 9th. They issued a “neutral” rating and a $70.00 price target for the company. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $91.46.

About Block

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.