Owen Britton Jennings Sells 1,263 Shares of Block, Inc. (NYSE:XYZ) Stock

Block, Inc. (NYSE:XYZ) insider Owen Britton Jennings sold 1,263 shares of the company’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $56.19, for a total value of $70,967.97. Following the transaction, the insider now directly owns 181,904 shares in the company, valued at approximately $10,221,185.76. This represents a 0.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Block Stock Performance

XYZ stock traded down $3.80 on Friday, hitting $50.17. 15,186,161 shares of the company’s stock were exchanged, compared to its average volume of 8,724,690. The stock’s 50 day simple moving average is $69.53. Block, Inc. has a 12-month low of $47.69 and a 12-month high of $99.26. The firm has a market capitalization of $31.08 billion, a PE ratio of 11.03, a P/E/G ratio of 0.72 and a beta of 2.77. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.26.

Block (NYSE:XYZ) last issued its quarterly earnings results on Thursday, February 20th. The technology company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.11). Block had a return on equity of 5.80% and a net margin of 11.92%. The business had revenue of $6.03 billion during the quarter, compared to analyst estimates of $6.23 billion. Sell-side analysts expect that Block, Inc. will post 2.54 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC grew its holdings in shares of Block by 1.6% during the third quarter. Geode Capital Management LLC now owns 8,690,075 shares of the technology company’s stock valued at $581,923,000 after buying an additional 133,002 shares during the last quarter. Graypoint LLC acquired a new stake in Block during the 4th quarter worth about $32,445,000. Assenagon Asset Management S.A. grew its stake in Block by 391.0% during the 4th quarter. Assenagon Asset Management S.A. now owns 292,571 shares of the technology company’s stock valued at $24,866,000 after purchasing an additional 232,989 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in shares of Block by 6.2% in the third quarter. Nomura Asset Management Co. Ltd. now owns 253,787 shares of the technology company’s stock valued at $17,037,000 after purchasing an additional 14,822 shares during the period. Finally, Royal London Asset Management Ltd. raised its stake in shares of Block by 3.9% in the third quarter. Royal London Asset Management Ltd. now owns 227,325 shares of the technology company’s stock worth $15,260,000 after purchasing an additional 8,486 shares during the last quarter. Institutional investors and hedge funds own 70.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Raymond James cut their price objective on Block from $115.00 to $103.00 and set an “outperform” rating on the stock in a research report on Friday, February 21st. Keefe, Bruyette & Woods raised shares of Block from a “market perform” rating to an “outperform” rating and reduced their price target for the stock from $87.00 to $80.00 in a research note on Tuesday, March 18th. StockNews.com began coverage on shares of Block in a report on Saturday, February 15th. They set a “hold” rating for the company. Oppenheimer raised shares of Block from a “market perform” rating to an “outperform” rating and set a $115.00 target price on the stock in a research report on Thursday, December 19th. Finally, Piper Sandler lowered their price target on Block from $101.00 to $85.00 and set an “overweight” rating for the company in a report on Monday, February 24th. Three analysts have rated the stock with a hold rating and twenty-seven have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $94.46.

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.