Block (NYSE:SQ) Stock Rating Lowered by BMO Capital Markets

BMO Capital Markets lowered shares of Block (NYSE:SQ) from an outperform rating to a market perform rating in a report published on Monday, MarketBeat reports. They currently have $100.00 price target on the technology company’s stock, up from their prior price target of $94.00.

Several other equities research analysts have also issued reports on SQ. Needham & Company LLC raised their target price on shares of Block from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, November 8th. UBS Group dropped their target price on shares of Block from $100.00 to $92.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Piper Sandler reaffirmed an “overweight” rating and set a $83.00 price target on shares of Block in a research note on Monday, November 11th. Canaccord Genuity Group increased their price objective on Block from $95.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Finally, Oppenheimer assumed coverage on Block in a report on Tuesday, October 1st. They issued a “market perform” rating for the company. One 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. According to MarketBeat.com, Block currently has an average rating of “Moderate Buy” and an average price target of $91.46.

Block Stock Performance

Block stock opened at $90.79 on Monday. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.26. Block has a twelve month low of $55.00 and a twelve month high of $94.12. The company’s 50-day moving average price is $74.33 and its 200-day moving average price is $68.20. The company has a market cap of $56.27 billion, a PE ratio of 51.01, a price-to-earnings-growth ratio of 1.24 and a beta of 2.48.

Insider Buying and Selling

In related news, insider Brian Grassadonia sold 1,884 shares of the business’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $65.41, for a total value of $123,232.44. Following the sale, the insider now owns 574,914 shares in the company, valued at approximately $37,605,124.74. The trade was a 0.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 owns 90,460 shares of the company’s stock, valued at $6,060,820. This trade represents a 0.55 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,053 shares of company stock worth $2,393,972. 10.49% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Block

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SQ. Baillie Gifford & Co. lifted its position in Block by 1.5% in the third 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 during the last quarter. Geode Capital Management LLC grew its stake in shares of Block by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 8,690,075 shares of the technology company’s stock valued at $581,923,000 after purchasing an additional 133,002 shares during the last quarter. Lone Pine Capital LLC raised its stake 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 worth $494,672,000 after purchasing an additional 934,588 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Block by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,202,388 shares of the technology company’s stock valued at $147,846,000 after buying an additional 45,472 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Block by 17.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,733 shares of the technology company’s stock worth $139,143,000 after buying an additional 326,444 shares during the last quarter. 70.44% of the stock is owned by institutional investors and hedge funds.

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.