Block (NYSE:SQ) Cut to “Neutral” at BNP Paribas

Block (NYSE:SQ) was downgraded by research analysts at BNP Paribas from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, Marketbeat reports. They currently have a $88.00 price target on the technology company’s stock. BNP Paribas’ price objective would suggest a potential downside of 4.79% from the company’s previous close.

SQ has been the topic of several other research reports. Wells Fargo & Company dropped their price target on shares of Block from $95.00 to $85.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Canaccord Genuity Group raised their target price on Block from $95.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Macquarie reaffirmed an “outperform” rating and issued a $100.00 price target on shares of Block in a report on Friday, July 26th. William Blair reissued an “outperform” rating on shares of Block in a report on Friday, November 15th. Finally, BMO Capital Markets decreased their price objective on shares of Block from $93.00 to $92.00 and set an “outperform” rating on the stock in a research report on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, Block currently has an average rating of “Moderate Buy” and a consensus target price of $91.18.

Block Stock Performance

NYSE SQ opened at $92.43 on Wednesday. The stock has a market cap of $57.29 billion, a PE ratio of 51.93, a P/E/G ratio of 1.14 and a beta of 2.48. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07. Block has a 52-week low of $55.00 and a 52-week high of $93.00. The firm has a 50-day moving average of $72.16 and a 200-day moving average of $67.66.

Insider Transactions at Block

In related news, CAO Ajmere Dale sold 500 shares of Block stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now owns 90,460 shares in the company, valued at approximately $6,060,820. The trade was a 0.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Brian Grassadonia sold 1,884 shares of Block stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $65.41, for a total value of $123,232.44. Following the completion of the transaction, the insider now owns 574,914 shares of the company’s stock, valued at $37,605,124.74. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,283 shares of company stock worth $862,773 in the last ninety days. Insiders own 10.49% of the company’s stock.

Institutional Investors Weigh In On Block

Several institutional investors have recently modified their holdings of SQ. Yoder Wealth Management Inc. grew its position in Block by 0.4% during the 3rd quarter. Yoder Wealth Management Inc. now owns 39,688 shares of the technology company’s stock worth $2,664,000 after purchasing an additional 145 shares during the last quarter. Nations Financial Group Inc. IA ADV raised its stake in shares of Block by 1.9% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 7,744 shares of the technology company’s stock worth $520,000 after buying an additional 145 shares during the last quarter. Moser Wealth Advisors LLC raised its position in shares of Block by 2.5% during the 3rd quarter. Moser Wealth Advisors LLC now owns 6,265 shares of the technology company’s stock worth $421,000 after purchasing an additional 153 shares during the last quarter. Lindbrook Capital LLC lifted its position in shares of Block by 6.3% in the third quarter. Lindbrook Capital LLC now owns 2,592 shares of the technology company’s stock valued at $174,000 after acquiring an additional 154 shares in the last quarter. Finally, Larson Financial Group LLC boosted its stake in shares of Block by 14.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,192 shares of the technology company’s stock worth $80,000 after purchasing an additional 154 shares during the last quarter. 70.44% of the stock is owned by hedge funds and other institutional investors.

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.