Block (NYSE:SQ) Price Target Raised to $92.00 at TD Cowen

Block (NYSE:SQ) had its target price hoisted by TD Cowen from $90.00 to $92.00 in a research report released on Friday, Benzinga reports. They currently have a buy rating on the technology company’s stock.

Several other equities research analysts have also weighed in on the company. Wolfe Research increased their target price on Block from $95.00 to $100.00 and gave the stock an outperform rating in a research report on Thursday, April 11th. Seaport Res Ptn upgraded shares of Block from a neutral rating to a buy rating in a research report on Friday, February 23rd. Morgan Stanley restated an underweight rating and issued a $60.00 target price (down previously from $62.00) on shares of Block in a research report on Thursday, April 4th. Susquehanna reaffirmed a positive rating and set a $100.00 price target on shares of Block in a report on Monday, April 22nd. Finally, Royal Bank of Canada increased their price objective on Block from $77.00 to $88.00 and gave the stock an outperform rating in a report on Friday, February 23rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Block currently has an average rating of Moderate Buy and a consensus price target of $87.55.

Block Trading Up 5.9 %

Block stock opened at $73.56 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.90 and a current ratio of 1.90. Block has a 1 year low of $38.85 and a 1 year high of $87.52. The firm’s 50-day moving average is $77.61 and its 200-day moving average is $68.53. The company has a market cap of $45.29 billion, a P/E ratio of 95.53, a PEG ratio of 1.66 and a beta of 2.57.

Block (NYSE:SQ) last issued its earnings results on Thursday, February 22nd. The technology company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. The company had revenue of $5.77 billion during the quarter, compared to the consensus estimate of $5.69 billion. Block had a return on equity of 2.07% and a net margin of 2.18%. On average, equities analysts expect that Block will post 1.29 earnings per share for the current year.

Insider Activity

In other Block news, insider Brian Grassadonia sold 127,800 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $65.45, for a total value of $8,364,510.00. Following the sale, the insider now directly owns 405,224 shares in the company, valued at $26,521,910.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Block news, CAO Ajmere Dale sold 500 shares of Block stock in a transaction on Monday, April 1st. The stock was sold at an average price of $84.75, for a total value of $42,375.00. Following the completion of the transaction, the chief accounting officer now owns 68,323 shares in the company, valued at approximately $5,790,374.25. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Brian Grassadonia sold 127,800 shares of the business’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $65.45, for a total value of $8,364,510.00. Following the completion of the transaction, the insider now directly owns 405,224 shares in the company, valued at approximately $26,521,910.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 477,469 shares of company stock worth $34,963,585. Corporate insiders own 10.79% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SQ. Vanguard Group Inc. increased its position in Block by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 36,192,701 shares of the technology company’s stock valued at $2,799,505,000 after acquiring an additional 1,277,043 shares in the last quarter. Capital World Investors raised its position in Block by 1.7% in the 4th quarter. Capital World Investors now owns 12,513,788 shares of the technology company’s stock worth $967,942,000 after purchasing an additional 212,218 shares during the last quarter. ARK Investment Management LLC lifted its holdings in Block by 9.2% during the 4th quarter. ARK Investment Management LLC now owns 11,887,628 shares of the technology company’s stock worth $919,508,000 after buying an additional 1,000,514 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Block by 0.7% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,377,973 shares of the technology company’s stock worth $802,736,000 after buying an additional 75,161 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. increased its stake in shares of Block by 0.8% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 8,982,862 shares of the technology company’s stock valued at $694,735,000 after buying an additional 71,735 shares during the period. 70.44% of the stock is owned by institutional investors.

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.