KeyCorp Lowers Block (NYSE:XYZ) Price Target to $85.00

Block (NYSE:XYZ) had its price objective decreased by equities researchers at KeyCorp from $115.00 to $85.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. KeyCorp’s target price points to a potential upside of 43.58% from the company’s previous close.

Several other brokerages also recently issued reports on XYZ. Piper Sandler reduced their price objective on Block from $101.00 to $85.00 and set an “overweight” rating for the company in a research note on Monday, February 24th. BMO Capital Markets raised shares of Block from a “market perform” rating to an “outperform” rating and reduced their price target for the stock from $100.00 to $89.00 in a research report on Monday, February 24th. Monness Crespi & Hardt upgraded shares of Block from a “neutral” rating to a “buy” rating and set a $115.00 price target for the company in a report on Friday, December 13th. StockNews.com began coverage on shares of Block in a report on Saturday, February 15th. They set a “hold” rating on the stock. Finally, Canaccord Genuity Group cut their price objective on Block from $120.00 to $100.00 and set a “buy” rating for the company in a report on Friday, February 21st. Five analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $94.41.

Block Price Performance

Shares of NYSE:XYZ opened at $59.20 on Tuesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07. The company has a market capitalization of $36.67 billion, a PE ratio of 13.01, a price-to-earnings-growth ratio of 0.72 and a beta of 2.78. The business’s 50 day moving average price is $73.24. Block has a 12 month low of $53.54 and a 12 month high of $99.26.

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 analysts’ consensus estimates of $0.37 by ($0.11). Block had a net margin of 11.92% and a return on equity of 5.80%. The business had revenue of $6.03 billion during the quarter, compared to analyst estimates of $6.23 billion. On average, sell-side analysts expect that Block will post 2.54 EPS for the current year.

Insider Activity at Block

In other news, insider Brian Grassadonia sold 3,253 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $68.01, for a total transaction of $221,236.53. Following the completion of the sale, the insider now directly owns 548,597 shares in the company, valued at $37,310,081.97. This represents a 0.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Ajmere Dale sold 2,044 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $86.72, for a total transaction of $177,255.68. Following the completion of the transaction, the chief accounting officer now owns 83,966 shares in the company, valued at approximately $7,281,531.52. The trade was a 2.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 21,967 shares of company stock valued at $1,649,113 in the last quarter. Insiders own 10.49% of the company’s stock.

Institutional Trading of Block

Large investors have recently bought and sold shares of the business. SouthState Corp grew its stake in Block by 85.3% during the third quarter. SouthState Corp now owns 391 shares of the technology company’s stock worth $26,000 after purchasing an additional 180 shares during the period. True Wealth Design LLC boosted its holdings in shares of Block by 64.7% during the 3rd quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock worth $33,000 after buying an additional 194 shares in the last quarter. Versant Capital Management Inc grew its position in shares of Block by 67.7% during the 4th quarter. Versant Capital Management Inc now owns 394 shares of the technology company’s stock worth $33,000 after buying an additional 159 shares during the period. MassMutual Private Wealth & Trust FSB increased its stake in shares of Block by 48.2% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 418 shares of the technology company’s stock valued at $36,000 after acquiring an additional 136 shares in the last quarter. Finally, Darwin Wealth Management LLC acquired a new position in shares of Block during the 3rd quarter valued at $74,000. 70.44% of the stock is currently owned by institutional investors and hedge funds.

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.