Block (NYSE:SQ) Receives “Buy” Rating from Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Block (NYSE:SQ) in a report published on Friday, Benzinga reports. Canaccord Genuity Group currently has a $95.00 target price on the technology company’s stock.

A number of other analysts have also issued reports on the company. Benchmark reiterated a buy rating and issued a $99.00 price target on shares of Block in a report on Friday. Royal Bank of Canada raised their price target on Block from $77.00 to $88.00 and gave the company an outperform rating in a research note on Friday, February 23rd. Keefe, Bruyette & Woods upped their price objective on shares of Block from $74.00 to $78.00 and gave the stock a market perform rating in a research note on Friday, February 23rd. Seaport Res Ptn upgraded shares of Block from a neutral rating to a buy rating in a report on Friday, February 23rd. Finally, Wedbush restated an outperform rating and issued a $90.00 price target on shares of Block in a report on Friday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $87.55.

Block Stock Performance

NYSE:SQ 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. The stock’s fifty day moving average is $77.61 and its 200 day moving average is $68.53. The firm has a market capitalization of $45.29 billion, a PE ratio of 95.53, a PEG ratio of 1.66 and a beta of 2.57. Block has a fifty-two week low of $38.85 and a fifty-two week high of $87.52.

Block (NYSE:SQ) last announced its earnings results on Thursday, February 22nd. The technology company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.01. Block had a return on equity of 2.07% and a net margin of 2.18%. The business had revenue of $5.77 billion during the quarter, compared to analyst estimates of $5.69 billion. On average, sell-side analysts anticipate 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 business’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $65.45, for a total transaction of $8,364,510.00. Following the transaction, the insider now owns 405,224 shares of the company’s stock, valued at $26,521,910.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Block news, CFO Amrita Ahuja sold 2,581 shares of Block stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $64.30, for a total value of $165,958.30. Following the sale, the chief financial officer now owns 201,754 shares in the company, valued at $12,972,782.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Brian Grassadonia sold 127,800 shares of the 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 transaction, the insider now owns 405,224 shares of the company’s stock, valued at $26,521,910.80. The disclosure for this sale can be found here. Insiders sold 477,469 shares of company stock worth $34,963,585 over the last ninety days. Corporate insiders own 10.79% of the company’s stock.

Institutional Investors Weigh In On Block

A number of institutional investors and hedge funds have recently made changes to their positions in SQ. Montag A & Associates Inc. lifted its stake in Block by 843.2% during the fourth quarter. Montag A & Associates Inc. now owns 349 shares of the technology company’s stock worth $27,000 after purchasing an additional 312 shares in the last quarter. Riverview Trust Co purchased a new stake in Block during the first quarter worth about $28,000. Front Row Advisors LLC grew its holdings in shares of Block by 67,500.0% in the third quarter. Front Row Advisors LLC now owns 676 shares of the technology company’s stock valued at $30,000 after purchasing an additional 675 shares in the last quarter. Larson Financial Group LLC boosted its position in Block by 38.4% in the 3rd quarter. Larson Financial Group LLC now owns 728 shares of the technology company’s stock valued at $32,000 after buying an additional 202 shares during the period. Finally, Tidemark LLC purchased a new stake in shares of Block during the fourth quarter worth $32,000. 70.44% of the stock is owned by hedge funds and other institutional investors.

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.