Block (NYSE:SQ) PT Lowered to $130.00

Block (NYSE:SQGet Rating) had its price objective decreased by DA Davidson to $130.00 in a report issued on Monday morning, Stock Target Advisor reports. DA Davidson also issued estimates for Block’s Q4 2022 earnings at ($0.18) EPS, FY2022 earnings at ($0.70) EPS and FY2023 earnings at $0.36 EPS.

A number of other research analysts have also recently issued reports on the company. Keefe, Bruyette & Woods reduced their price objective on Block from $100.00 to $78.00 in a research note on Monday, October 10th. Royal Bank of Canada reduced their price objective on Block from $95.00 to $93.00 and set an outperform rating on the stock in a research note on Friday, November 4th. BTIG Research reduced their price objective on Block from $175.00 to $100.00 in a research note on Friday, November 4th. Morgan Stanley reduced their price objective on Block from $85.00 to $67.00 and set an equal weight rating on the stock in a research note on Friday, November 4th. Finally, Jefferies Financial Group reaffirmed a buy rating and set a $85.00 price objective on shares of Block in a research note on Friday, November 18th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and thirty-one have assigned a buy rating to the company. According to MarketBeat.com, Block currently has a consensus rating of Moderate Buy and a consensus price target of $114.70.

Block Trading Up 1.9 %

NYSE SQ opened at $63.92 on Monday. The stock’s 50-day simple moving average is $59.98 and its two-hundred day simple moving average is $69.16. Block has a twelve month low of $51.34 and a twelve month high of $220.60. The company has a quick ratio of 1.86, a current ratio of 1.86 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $38.23 billion, a price-to-earnings ratio of -68.73 and a beta of 2.37.

Block (NYSE:SQGet Rating) last released its quarterly earnings results on Thursday, November 3rd. The technology company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.16. Block had a negative return on equity of 2.10% and a negative net margin of 2.97%. The business had revenue of $4.52 billion for the quarter, compared to the consensus estimate of $4.48 billion. Research analysts forecast that Block will post -0.68 EPS for the current fiscal year.

Insider Activity

In other news, insider Alyssa Henry sold 30,769 shares of Block stock in a transaction that occurred on Wednesday, November 16th. The shares were sold at an average price of $71.71, for a total transaction of $2,206,444.99. Following the completion of the transaction, the insider now directly owns 422,617 shares in the company, valued at $30,305,865.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Alyssa Henry sold 30,769 shares of Block stock in a transaction that occurred on Wednesday, November 16th. The shares were sold at an average price of $71.71, for a total transaction of $2,206,444.99. Following the completion of the transaction, the insider now directly owns 422,617 shares in the company, valued at $30,305,865.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Ajmere Dale sold 875 shares of the business’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $54.61, for a total transaction of $47,783.75. Following the completion of the transaction, the chief accounting officer now owns 47,922 shares of the company’s stock, valued at $2,617,020.42. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 351,198 shares of company stock worth $21,260,988. Insiders own 11.52% of the company’s stock.

Hedge Funds Weigh In On Block

Hedge funds have recently added to or reduced their stakes in the company. Truepoint Inc. purchased a new position in Block in the 2nd quarter worth approximately $313,000. abrdn plc raised its holdings in Block by 7.9% in the 2nd quarter. abrdn plc now owns 66,003 shares of the technology company’s stock worth $4,069,000 after acquiring an additional 4,808 shares during the last quarter. AlphaCrest Capital Management LLC raised its holdings in Block by 816.4% in the 2nd quarter. AlphaCrest Capital Management LLC now owns 29,956 shares of the technology company’s stock worth $1,841,000 after acquiring an additional 26,687 shares during the last quarter. Glassman Wealth Services raised its holdings in Block by 42.3% in the 2nd quarter. Glassman Wealth Services now owns 1,264 shares of the technology company’s stock worth $78,000 after acquiring an additional 376 shares during the last quarter. Finally, Johnson Financial Group LLC raised its holdings in Block by 41.6% in the 1st quarter. Johnson Financial Group LLC now owns 40,421 shares of the technology company’s stock worth $5,481,000 after acquiring an additional 11,875 shares during the last quarter. 62.26% of the stock is currently owned by hedge funds and other institutional investors.

About Block

(Get Rating)

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.

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