Edgestream Partners L.P. Reduces Stake in Block, Inc. (NYSE:SQ)

Edgestream Partners L.P. cut its holdings in shares of Block, Inc. (NYSE:SQ) by 31.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,298 shares of the technology company’s stock after selling 1,535 shares during the period. Edgestream Partners L.P.’s holdings in Block were worth $221,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Baillie Gifford & Co. boosted its position in Block by 1.5% during the 3rd quarter. Baillie Gifford & Co. now owns 10,233,102 shares of the technology company’s stock valued at $686,948,000 after acquiring an additional 147,873 shares in the last quarter. Lone Pine Capital LLC boosted its position in shares of Block by 13.9% during 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 stake in 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 worth $147,846,000 after purchasing an additional 45,472 shares during the period. Dimensional Fund Advisors LP lifted its position in Block by 17.8% during 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 buying an additional 326,444 shares during the period. Finally, D1 Capital Partners L.P. boosted its holdings 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 valued at $118,103,000 after buying an additional 795,000 shares in the last quarter. Institutional investors own 70.44% of the company’s stock.

Insider Transactions at Block

In related news, insider Brian Grassadonia sold 8,328 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $91.18, for a total transaction of $759,347.04. Following the completion of the transaction, the insider now directly owns 563,894 shares in the company, valued at approximately $51,415,854.92. The trade was a 1.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Ajmere Dale sold 500 shares of the firm’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 sale, 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 position. The disclosure for this sale can be found here. Insiders sold 31,918 shares of company stock worth $2,666,147 in the last three months. Corporate insiders own 10.49% of the company’s stock.

Block Stock Up 2.5 %

Shares of SQ stock opened at $98.26 on Friday. The company has a 50 day simple moving average of $78.93 and a two-hundred day simple moving average of $69.56. The stock has a market cap of $60.90 billion, a P/E ratio of 55.20, a P/E/G ratio of 1.26 and a beta of 2.50. Block, Inc. has a 12 month low of $55.00 and a 12 month high of $99.26. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.26.

Analyst Ratings Changes

SQ has been the subject of a number of recent research reports. The Goldman Sachs Group lifted their price target on shares of Block from $87.00 to $102.00 and gave the company a “buy” rating in a research report on Monday, December 2nd. William Blair reiterated an “outperform” rating on shares of Block in a report on Friday, November 15th. BNP Paribas downgraded Block from an “outperform” rating to a “neutral” rating and set a $88.00 price target on the stock. in a research note on Wednesday, November 20th. New Street Research assumed coverage on Block in a research report on Monday, September 9th. They set a “neutral” rating and a $70.00 price objective for the company. Finally, BMO Capital Markets downgraded Block from an “outperform” rating to a “market perform” rating and boosted their target price for the stock from $94.00 to $100.00 in a report on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $92.96.

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.