Block, Inc. (NYSE:SQ) Shares Purchased by Pitti Group Wealth Management LLC

Pitti Group Wealth Management LLC grew its holdings in shares of Block, Inc. (NYSE:SQ) by 6.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,739 shares of the technology company’s stock after purchasing an additional 301 shares during the period. Pitti Group Wealth Management LLC’s holdings in Block were worth $306,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of SQ. Riverview Trust Co purchased a new stake in Block during the first quarter worth about $28,000. Tidemark LLC purchased a new stake in shares of Block during the 4th quarter worth approximately $32,000. YHB Investment Advisors Inc. acquired a new stake in shares of Block in the 1st quarter worth approximately $33,000. Vima LLC acquired a new stake in shares of Block in the 4th quarter worth approximately $34,000. Finally, LRI Investments LLC purchased a new position in Block in the 1st quarter valued at approximately $34,000. 70.44% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Block

In other Block news, insider Brian Grassadonia sold 1,889 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $64.37, for a total value of $121,594.93. Following the sale, the insider now directly owns 590,761 shares in the company, valued at $38,027,285.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Brian Grassadonia sold 1,889 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $64.37, for a total transaction of $121,594.93. Following the completion of the transaction, the insider now owns 590,761 shares in the company, valued at $38,027,285.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Ajmere Dale sold 1,406 shares of Block stock in a transaction dated 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 sale, the chief accounting officer now owns 90,960 shares in the company, valued at $5,885,112. The disclosure for this sale can be found here. Insiders sold 28,179 shares of company stock worth $1,833,962 in the last 90 days. 10.49% of the stock is currently owned by company insiders.

Block Stock Performance

Block stock opened at $65.81 on Tuesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.82 and a quick ratio of 1.82. Block, Inc. has a 12 month low of $38.85 and a 12 month high of $87.52. The company has a fifty day moving average price of $64.12 and a two-hundred day moving average price of $69.22. The company has a market cap of $40.61 billion, a PE ratio of 85.47, a P/E/G ratio of 1.11 and a beta of 2.49.

Block (NYSE:SQ) last posted its quarterly earnings results on Thursday, August 1st. The technology company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.84 by $0.09. Block had a net margin of 3.47% and a return on equity of 3.77%. The business had revenue of $6.16 billion during the quarter, compared to analyst estimates of $6.27 billion. During the same period in the previous year, the business posted $0.40 EPS. The company’s quarterly revenue was up 11.2% on a year-over-year basis. Research analysts expect that Block, Inc. will post 1.72 earnings per share for the current year.

Analyst Ratings Changes

SQ has been the topic of several research reports. Needham & Company LLC lowered their target price on Block from $105.00 to $80.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Block from $90.00 to $98.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Benchmark reaffirmed a “buy” rating and issued a $99.00 price target on shares of Block in a report on Friday, August 2nd. William Blair upgraded shares of Block to a “strong-buy” rating in a research report on Wednesday, July 31st. Finally, Keefe, Bruyette & Woods cut their price objective on Block from $82.00 to $74.00 and set a “market perform” rating for the company in a research report on Monday, July 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $87.34.

Block 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.