90,101 Shares in Block, Inc. $XYZ Purchased by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Block, Inc. (NYSE:XYZ) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 90,101 shares of the technology company’s stock, valued at approximately $6,094,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. ARK Investment Management LLC acquired a new stake in Block in the 2nd quarter valued at about $210,016,000. Sumitomo Mitsui Trust Group Inc. acquired a new stake in Block in the 2nd quarter valued at about $204,223,000. DekaBank Deutsche Girozentrale acquired a new stake in Block in the 2nd quarter valued at about $36,353,000. Envestnet Asset Management Inc. acquired a new stake in Block in the 2nd quarter valued at about $17,156,000. Finally, Asset Management One Co. Ltd. acquired a new stake in Block in the 2nd quarter valued at about $14,850,000. Institutional investors and hedge funds own 70.44% of the company’s stock.

Block Stock Performance

Shares of NYSE:XYZ opened at $79.56 on Monday. The company has a market capitalization of $48.50 billion, a price-to-earnings ratio of 17.04, a P/E/G ratio of 3.24 and a beta of 2.71. The firm’s 50 day simple moving average is $76.45 and its 200 day simple moving average is $68.47. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.96 and a quick ratio of 1.96. Block, Inc. has a fifty-two week low of $44.27 and a fifty-two week high of $99.26.

Block (NYSE:XYZ) last announced its quarterly earnings results on Thursday, August 7th. The technology company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.41. The business had revenue of $6.05 billion for 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 firm’s quarterly revenue was down 1.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Block, Inc. will post 2.54 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on XYZ. JPMorgan Chase & Co. raised their price objective on shares of Block from $60.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday, July 21st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Block in a research report on Friday. Wells Fargo & Company upgraded shares of Block to a “strong-buy” rating in a research report on Wednesday, October 22nd. BTIG Research set a $80.00 price target on shares of Block and gave the stock a “buy” rating in a research report on Tuesday, August 5th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $80.00 target price on shares of Block in a report on Tuesday, September 23rd. Four research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $82.42.

Insiders Place Their Bets

In other Block news, CFO Amrita Ahuja sold 1,276 shares of the business’s stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $76.69, for a total value of $97,856.44. Following the completion of the transaction, the chief financial officer directly owned 282,924 shares of the company’s stock, valued at approximately $21,697,441.56. The trade was a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Owen Britton Jennings sold 1,050 shares of the business’s stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $74.77, for a total value of $78,508.50. Following the completion of the transaction, the insider directly owned 253,956 shares of the company’s stock, valued at approximately $18,988,290.12. The trade was a 0.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 123,041 shares of company stock worth $9,355,075 over the last ninety days. Company insiders own 10.49% of the company’s stock.

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.