Block (NYSE:SQ) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Block (NYSE:SQ) had its target price hoisted by Canaccord Genuity Group from $95.00 to $120.00 in a research note issued to investors on Tuesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the technology company’s stock.

Several other equities analysts have also recently issued reports on the stock. Oppenheimer initiated coverage on shares of Block in a research note on Tuesday, October 1st. They issued a “market perform” rating on the stock. Benchmark reaffirmed a “buy” rating and set a $99.00 price objective on shares of Block in a report on Friday, August 2nd. BMO Capital Markets reduced their price target on shares of Block from $93.00 to $92.00 and set an “outperform” rating for the company in a research report on Thursday, October 3rd. Macquarie reiterated an “outperform” rating and issued a $100.00 price objective on shares of Block in a research report on Friday, July 26th. Finally, New Street Research began coverage on shares of Block in a research report on Monday, September 9th. They issued a “neutral” rating and a $70.00 price target on the stock. One research 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 data from MarketBeat, Block presently has a consensus rating of “Moderate Buy” and an average price target of $91.30.

Block Stock Performance

NYSE:SQ opened at $87.20 on Tuesday. The firm has a market capitalization of $53.68 billion, a PE ratio of 48.99, a price-to-earnings-growth ratio of 1.11 and a beta of 2.48. Block has a 12 month low of $50.86 and a 12 month high of $87.52. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07. The business’s fifty day moving average price is $69.21 and its 200 day moving average price is $67.00.

Insider Activity

In related news, CAO Ajmere Dale sold 1,406 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $64.70, for a total transaction of $90,968.20. Following the completion of the transaction, the chief accounting officer now directly owns 90,960 shares in the company, valued at $5,885,112. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Block news, CFO Amrita Ahuja sold 6,661 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $64.70, for a total value of $430,966.70. Following the transaction, the chief financial officer now directly owns 264,697 shares of the company’s stock, valued at approximately $17,125,895.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Ajmere Dale sold 1,406 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief accounting officer now owns 90,960 shares in the company, valued at $5,885,112. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 24,714 shares of company stock valued at $1,606,992. 10.49% of the stock is owned by insiders.

Hedge Funds Weigh In On Block

Several institutional investors have recently modified their holdings of SQ. Vanguard Group Inc. grew its holdings in Block by 0.9% during the first quarter. Vanguard Group Inc. now owns 36,511,250 shares of the technology company’s stock valued at $3,088,122,000 after purchasing an additional 318,549 shares during the period. Capital World Investors grew its position in shares of Block by 4.7% in the 1st quarter. Capital World Investors now owns 13,096,614 shares of the technology company’s stock valued at $1,107,712,000 after purchasing an additional 582,826 shares during the period. Baillie Gifford & Co. boosted its holdings in shares of Block by 1.5% in the third quarter. Baillie Gifford & Co. now owns 10,233,102 shares of the technology company’s stock valued at $686,948,000 after buying an additional 147,873 shares during the period. Lone Pine Capital LLC raised its holdings in shares of Block by 13.9% during the second quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company’s stock worth $494,672,000 after acquiring an additional 934,588 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Block by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,202,388 shares of the technology company’s stock worth $147,846,000 after acquiring an additional 45,472 shares in the last quarter. 70.44% of the stock is currently owned by institutional investors and hedge funds.

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.