Block (NYSE:XYZ) Upgraded by Cantor Fitzgerald to Strong-Buy Rating

Cantor Fitzgerald upgraded shares of Block (NYSE:XYZ) to a strong-buy rating in a research note released on Tuesday,Zacks.com reports.

A number of other analysts also recently weighed in on the stock. Citigroup raised shares of Block to a “strong-buy” rating in a research report on Thursday, October 23rd. Bank of America raised their target price on shares of Block from $86.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, November 21st. Piper Sandler cut their price target on Block from $55.00 to $51.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 14th. Needham & Company LLC reiterated a “buy” rating and set a $80.00 price objective on shares of Block in a research note on Monday, November 24th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $90.00 target price on shares of Block in a research note on Thursday, November 20th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.09.

Block Stock Up 0.6%

Shares of XYZ stock traded up $0.37 during midday trading on Tuesday, reaching $64.96. 1,945,872 shares of the stock were exchanged, compared to its average volume of 6,026,871. Block has a 1 year low of $44.27 and a 1 year high of $94.25. The firm has a market cap of $39.47 billion, a PE ratio of 13.08, a price-to-earnings-growth ratio of 1.38 and a beta of 2.66. The company’s 50 day moving average is $64.94 and its two-hundred day moving average is $71.39. The company has a current ratio of 2.18, a quick ratio of 2.18 and a debt-to-equity ratio of 0.25.

Block (NYSE:XYZ) last released its earnings results on Thursday, November 6th. The technology company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.29. The company had revenue of $6.11 billion during the quarter. Block had a return on equity of 5.54% and a net margin of 12.99%.The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.53 EPS. On average, equities research analysts predict that Block will post 2.54 EPS for the current year.

Insider Transactions at Block

In other news, insider Owen Britton Jennings sold 10,417 shares of the company’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $61.40, for a total transaction of $639,603.80. Following the transaction, the insider directly owned 243,540 shares of the company’s stock, valued at $14,953,356. This represents a 4.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Arnaud Weber sold 7,095 shares of Block stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $61.40, for a total value of $435,633.00. Following the completion of the sale, the insider owned 259,136 shares of the company’s stock, valued at $15,910,950.40. The trade was a 2.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 54,796 shares of company stock valued at $3,395,943. Insiders own 10.49% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Howard Capital Management Inc. lifted its holdings in shares of Block by 3.2% during the 3rd quarter. Howard Capital Management Inc. now owns 4,439 shares of the technology company’s stock valued at $321,000 after buying an additional 138 shares during the period. Whittier Trust Co. of Nevada Inc. increased its position in Block by 23.1% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 853 shares of the technology company’s stock valued at $66,000 after acquiring an additional 160 shares during the last quarter. Sound Income Strategies LLC lifted its holdings in Block by 57.1% in the fourth quarter. Sound Income Strategies LLC now owns 443 shares of the technology company’s stock valued at $29,000 after acquiring an additional 161 shares during the period. Jones Financial Companies Lllp boosted its position in Block by 0.8% in the third quarter. Jones Financial Companies Lllp now owns 21,183 shares of the technology company’s stock worth $1,561,000 after purchasing an additional 167 shares during the last quarter. Finally, Vista Investment Partners II LLC grew its stake in shares of Block by 3.6% during the 3rd quarter. Vista Investment Partners II LLC now owns 5,334 shares of the technology company’s stock valued at $385,000 after purchasing an additional 184 shares during the period. Institutional investors own 70.44% of the company’s stock.

About Block

Block (NYSE:XYZ) is a financial technology company that builds products and services to facilitate electronic payments, commerce, and consumer finance. Its principal business lines include a seller-focused ecosystem that provides point-of-sale hardware and software, payment processing, invoicing, payroll and lending services, and a consumer-facing platform that offers peer-to-peer payments, banking-like features, and investing. Block’s portfolio also encompasses music streaming and buy-now-pay-later capabilities through businesses acquired to broaden its reach beyond core payments.

The company was founded as Square in 2009 by Jack Dorsey and Jim McKelvey and later rebranded to Block to reflect a diversified set of businesses across payments, consumer finance, and emerging technologies.