D1 Capital Partners L.P. Reduces Holdings in Block, Inc. (NYSE:SQ)

D1 Capital Partners L.P. trimmed its stake in Block, Inc. (NYSE:SQ) by 10.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,632,342 shares of the technology company’s stock after selling 199,000 shares during the quarter. Block accounts for 2.1% of D1 Capital Partners L.P.’s portfolio, making the stock its 16th biggest position. D1 Capital Partners L.P.’s holdings in Block were worth $109,579,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Woodson Capital Management LP purchased a new position in Block during the 3rd quarter valued at about $27,255,000. Vinva Investment Management Ltd lifted its position in Block by 4.8% during the 3rd quarter. Vinva Investment Management Ltd now owns 21,947 shares of the technology company’s stock valued at $1,470,000 after acquiring an additional 1,012 shares during the period. Financial Counselors Inc. purchased a new position in Block during the 3rd quarter valued at about $206,000. Ribbit Management Company LLC lifted its position in Block by 9.6% during the 3rd quarter. Ribbit Management Company LLC now owns 1,001,500 shares of the technology company’s stock valued at $67,231,000 after acquiring an additional 88,000 shares during the period. Finally, Caz Investments LP lifted its position in Block by 100.0% during the 3rd quarter. Caz Investments LP now owns 3,000 shares of the technology company’s stock valued at $198,000 after acquiring an additional 1,500 shares during the period. 70.44% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Block

In other news, CAO Ajmere Dale sold 500 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $67.00, for a total value of $33,500.00. Following the transaction, the chief accounting officer now owns 90,460 shares of the company’s stock, valued at approximately $6,060,820. The trade was a 0.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Amrita Ahuja sold 5,935 shares of the business’s stock in a transaction 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 directly owns 255,496 shares in the company, valued at $16,742,652.88. This trade represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,053 shares of company stock valued at $2,393,972 over the last 90 days. 10.49% of the stock is currently owned by corporate insiders.

Block Price Performance

Shares of NYSE:SQ opened at $88.78 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07. Block, Inc. has a 1-year low of $55.00 and a 1-year high of $94.12. The company has a market capitalization of $55.03 billion, a P/E ratio of 49.88, a P/E/G ratio of 1.20 and a beta of 2.48. The firm’s 50 day simple moving average is $75.61 and its two-hundred day simple moving average is $68.61.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SQ. William Blair reissued an “outperform” rating on shares of Block in a research report on Friday, November 15th. BMO Capital Markets cut shares of Block from an “outperform” rating to a “market perform” rating and lifted their target price for the stock from $94.00 to $100.00 in a report on Monday. Needham & Company LLC lifted their target price on shares of Block from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Canaccord Genuity Group lifted their price target on shares of Block from $95.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Finally, Oppenheimer started coverage on shares of Block in a research note on Tuesday, October 1st. They issued a “market perform” rating for the company. One equities research 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 stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $91.46.

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.