Avidian Wealth Enterprises LLC Buys Shares of 4,448 Block, Inc. $XYZ

Avidian Wealth Enterprises LLC bought a new stake in Block, Inc. (NYSE:XYZ) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 4,448 shares of the technology company’s stock, valued at approximately $302,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Crewe Advisors LLC acquired a new stake in shares of Block in the second quarter worth about $46,000. S Bank Fund Management Ltd acquired a new stake in shares of Block in the second quarter worth about $92,000. Private Trust Co. NA acquired a new stake in shares of Block in the second quarter worth about $94,000. Financial Perspectives Inc acquired a new stake in shares of Block in the second quarter worth about $156,000. Finally, SilverOak Wealth Management LLC acquired a new stake in shares of Block in the second quarter worth about $218,000. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Insider Activity

In related news, insider Owen Britton Jennings sold 10,424 shares of the business’s stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $73.20, for a total transaction of $763,036.80. Following the transaction, the insider directly owned 263,507 shares in the company, valued at $19,288,712.40. The trade was a 3.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Brian Grassadonia sold 35,145 shares of the business’s stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $80.00, for a total value of $2,811,600.00. Following the transaction, the insider owned 535,896 shares in the company, valued at $42,871,680. This represents a 6.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 123,041 shares of company stock valued at $9,355,075. Corporate insiders own 10.85% of the company’s stock.

Block Trading Down 2.4%

Shares of XYZ opened at $75.85 on Thursday. Block, Inc. has a 12-month low of $44.27 and a 12-month high of $99.26. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $46.24 billion, a price-to-earnings ratio of 16.24, a P/E/G ratio of 3.17 and a beta of 2.71. The stock’s 50-day moving average price is $76.32 and its 200 day moving average price is $67.85.

Block (NYSE:XYZ) last issued its quarterly earnings results on Thursday, August 7th. The technology company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.41. Block had a return on equity of 7.85% and a net margin of 12.32%.The firm had revenue of $6.05 billion for the quarter, compared to analyst estimates of $6.32 billion. Block’s quarterly revenue was down 1.6% compared to the same quarter last year. As a group, research analysts predict that Block, Inc. will post 2.54 earnings per share for the current year.

Analyst Upgrades and Downgrades

XYZ has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Block in a research report on Wednesday, October 8th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $97.00 price target (up previously from $63.00) on shares of Block in a research report on Friday, August 8th. Cowen reissued a “buy” rating on shares of Block in a research report on Friday, August 8th. Bank of America boosted their price objective on Block from $88.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, August 8th. Finally, Morgan Stanley boosted their price objective on Block from $73.00 to $77.00 and gave the stock an “equal weight” rating in a research report on Monday, August 11th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, Block presently has an average rating of “Moderate Buy” and an average target price of $82.30.

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.