Penserra Capital Management LLC Grows Stake in Block, Inc. (NYSE:SQ)

Penserra Capital Management LLC boosted its position in shares of Block, Inc. (NYSE:SQ) by 2.8% during the third quarter, Holdings Channel reports. The firm owned 221,083 shares of the technology company’s stock after buying an additional 5,995 shares during the quarter. Penserra Capital Management LLC’s holdings in Block were worth $14,840,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Baillie Gifford & Co. boosted its position in shares of Block by 1.5% in the 3rd quarter. Baillie Gifford & Co. now owns 10,233,102 shares of the technology company’s stock worth $686,948,000 after buying an additional 147,873 shares in the last quarter. Lone Pine Capital LLC lifted its holdings in shares of 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 purchasing an additional 934,588 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Block by 2.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,202,388 shares of the technology company’s stock valued at $147,846,000 after purchasing an additional 45,472 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Block by 17.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,157,733 shares of the technology company’s stock valued at $139,143,000 after purchasing an additional 326,444 shares during the last quarter. Finally, D1 Capital Partners L.P. increased its stake in shares of Block by 76.7% during the 2nd quarter. D1 Capital Partners L.P. now owns 1,831,342 shares of the technology company’s stock worth $118,103,000 after purchasing an additional 795,000 shares in the last quarter. Institutional investors and hedge funds own 70.44% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. New Street Research initiated coverage on Block in a report on Monday, September 9th. They set a “neutral” rating and a $70.00 target price on the stock. Morgan Stanley dropped their price objective on Block from $60.00 to $55.00 and set an “underweight” rating for the company in a research report on Tuesday, July 30th. Oppenheimer started coverage on shares of Block in a research note on Tuesday, October 1st. They issued a “market perform” rating for the company. 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 report on Tuesday, November 12th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Block from $71.00 to $80.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $91.18.

Block Trading Down 0.5 %

Shares of SQ stock opened at $92.26 on Friday. Block, Inc. has a fifty-two week low of $55.00 and a fifty-two week high of $94.12. The firm’s 50 day moving average price is $73.83 and its two-hundred day moving average price is $68.10. The stock has a market cap of $57.18 billion, a price-to-earnings ratio of 51.83, a price-to-earnings-growth ratio of 1.25 and a beta of 2.48. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.26.

Insider Activity at Block

In related news, CAO Ajmere Dale sold 500 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $67.00, for a total transaction of $33,500.00. Following the transaction, the chief accounting officer now directly owns 90,460 shares of the company’s stock, valued at approximately $6,060,820. The trade was a 0.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Chrysty Esperanza sold 2,964 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $80.00, for a total value of $237,120.00. Following the transaction, the insider now directly owns 88,607 shares in the company, valued at $7,088,560. This trade represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,283 shares of company stock worth $862,773. 10.49% of the stock is currently owned by corporate insiders.

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.