Private Trust Co. NA purchased a new stake in shares of Block, Inc. (NYSE:XYZ – Free Report) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 1,387 shares of the technology company’s stock, valued at approximately $94,000.
Other hedge funds have also modified their holdings of the company. Nordea Investment Management AB bought a new stake in Block in the second quarter worth $3,105,000. Praxis Investment Management Inc. purchased a new position in shares of Block in the 2nd quarter worth $508,000. SilverOak Wealth Management LLC bought a new stake in shares of Block in the 2nd quarter worth about $218,000. Finally, S Bank Fund Management Ltd purchased a new stake in shares of Block during the 2nd quarter valued at about $92,000. 70.44% of the stock is owned by hedge funds and other institutional investors.
Insider Transactions at Block
In other Block news, CAO Ajmere Dale sold 750 shares of the firm’s stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $80.00, for a total value of $60,000.00. Following the completion of the sale, the chief accounting officer owned 102,308 shares of the company’s stock, valued at approximately $8,184,640. This trade represents a 0.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Brian Grassadonia sold 35,145 shares of Block stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $80.00, for a total transaction of $2,811,600.00. Following the completion of the sale, the insider owned 535,896 shares of the company’s stock, valued at $42,871,680. This trade represents a 6.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 123,041 shares of company stock worth $9,355,075. 10.85% of the stock is currently owned by corporate insiders.
Block Stock Performance
Block (NYSE:XYZ – Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The technology company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.41. The company had revenue of $6.05 billion during the quarter, compared to the consensus estimate of $6.32 billion. Block had a net margin of 12.32% and a return on equity of 7.85%. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. On average, equities research analysts expect that Block, Inc. will post 2.54 earnings per share for the current fiscal year.
Analysts Set New Price Targets
Several equities research analysts have weighed in on the company. Wells Fargo & Company began coverage on Block in a research note on Tuesday. They set an “overweight” rating and a $91.00 price objective on the stock. Evercore ISI lifted their target price on Block from $75.00 to $85.00 and gave the stock an “outperform” rating in a report on Thursday, July 17th. BTIG Research set a $80.00 price target on Block and gave the stock a “buy” rating in a research report on Tuesday, August 5th. Sanford C. Bernstein boosted their price objective on shares of Block from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Tuesday, July 22nd. Finally, Wall Street Zen raised shares of Block from a “sell” rating to a “hold” rating in a research note on Saturday, July 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $82.30.
Check Out Our Latest Stock Report on XYZ
Block 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.
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