Malaga Cove Capital LLC Purchases 200 Shares of Block, Inc. (NYSE:SQ)

Malaga Cove Capital LLC increased its position in shares of Block, Inc. (NYSE:SQ) by 3.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,893 shares of the technology company’s stock after acquiring an additional 200 shares during the quarter. Malaga Cove Capital LLC’s holdings in Block were worth $463,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SQ. Baillie Gifford & Co. lifted its holdings in shares of Block by 45.7% during the 2nd 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 last quarter. Lone Pine Capital LLC raised its stake in Block by 13.9% in the second quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company’s stock valued at $494,672,000 after buying an additional 934,588 shares during the last quarter. D1 Capital Partners L.P. boosted its holdings in Block by 76.7% in the second quarter. D1 Capital Partners L.P. now owns 1,831,342 shares of the technology company’s stock worth $118,103,000 after acquiring an additional 795,000 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in shares of Block by 1,061.0% during the second quarter. Canada Pension Plan Investment Board now owns 657,667 shares of the technology company’s stock worth $42,413,000 after acquiring an additional 601,020 shares during the last quarter. Finally, Capital World Investors increased its holdings in shares of Block by 4.7% during the first quarter. Capital World Investors now owns 13,096,614 shares of the technology company’s stock valued at $1,107,712,000 after acquiring an additional 582,826 shares in the last quarter. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. UBS Group lowered their target price on shares of Block from $100.00 to $92.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. William Blair upgraded shares of Block to a “strong-buy” rating in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft upped their target price on Block from $90.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, July 12th. BMO Capital Markets lowered their price target on Block from $93.00 to $92.00 and set an “outperform” rating for the company in a research report on Thursday, October 3rd. Finally, New Street Research initiated coverage on Block in a report on Monday, September 9th. They issued a “neutral” rating and a $70.00 price objective on the stock. One 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. Based on data from MarketBeat.com, Block has a consensus rating of “Moderate Buy” and an average target price of $89.96.

Insiders Place Their Bets

In other news, CAO Ajmere Dale sold 500 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $61.88, for a total transaction of $30,940.00. Following the transaction, the chief accounting officer now owns 92,366 shares of the company’s stock, valued at approximately $5,715,608.08. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Block news, insider Brian Grassadonia sold 8,328 shares of Block stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $64.77, for a total value of $539,404.56. Following the sale, the insider now owns 580,086 shares in the company, valued at $37,572,170.22. The trade was a 0.00 % decrease in their ownership of the stock. 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 500 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $61.88, for a total value of $30,940.00. Following the completion of the transaction, the chief accounting officer now directly owns 92,366 shares in the company, valued at approximately $5,715,608.08. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,214 shares of company stock valued at $1,637,932 in the last three months. 10.49% of the stock is currently owned by insiders.

Block Stock Performance

Shares of Block stock opened at $77.62 on Thursday. The business’s 50 day moving average price is $68.52 and its 200 day moving average price is $66.95. The company has a market cap of $47.79 billion, a price-to-earnings ratio of 60.64, a PEG ratio of 0.99 and a beta of 2.48. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.82 and a current ratio of 1.82. Block, Inc. has a one year low of $49.71 and a one year high of $87.52.

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.