Block (NYSE:XYZ) Given New $67.00 Price Target at Truist Financial

Block (NYSE:XYZ) had its price target dropped by analysts at Truist Financial from $74.00 to $67.00 in a report released on Thursday,Benzinga reports. The firm currently has a “sell” rating on the technology company’s stock. Truist Financial’s price objective points to a potential upside of 7.27% from the company’s current price.

A number of other research analysts have also recently issued reports on the stock. Macquarie boosted their price objective on shares of Block from $50.00 to $67.00 and gave the company a “neutral” rating in a report on Tuesday, August 12th. Morgan Stanley decreased their price target on shares of Block from $77.00 to $71.00 and set an “equal weight” rating for the company in a report on Friday, November 7th. BNP Paribas Exane cut shares of Block from an “outperform” rating to a “neutral” rating and set a $86.00 price objective for the company. in a research report on Tuesday, September 2nd. Wells Fargo & Company upgraded Block to a “strong-buy” rating in a report on Wednesday, October 22nd. Finally, Compass Point reissued a “sell” rating and issued a $65.00 target price (down from $80.00) on shares of Block in a research note on Friday, August 8th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $82.36.

Block Trading Down 5.0%

Shares of Block stock traded down $3.31 during trading on Thursday, reaching $62.46. 3,353,761 shares of the company were exchanged, compared to its average volume of 8,971,726. The business has a 50-day moving average price of $75.13 and a 200-day moving average price of $70.08. The firm has a market capitalization of $38.07 billion, a price-to-earnings ratio of 12.60, a P/E/G ratio of 2.97 and a beta of 2.73. The company has a quick ratio of 2.18, a current ratio of 2.18 and a debt-to-equity ratio of 0.25. Block has a twelve month low of $44.27 and a twelve month high of $99.26.

Block (NYSE:XYZ) last issued its earnings results on Thursday, November 6th. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.29. The firm had revenue of $6.11 billion for the quarter. Block had a return on equity of 7.41% and a net margin of 12.99%.Block’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the business posted $0.53 EPS. Sell-side analysts anticipate that Block will post 2.54 EPS for the current fiscal year.

Insider Buying and Selling at Block

In other Block news, insider Owen Britton Jennings sold 10,424 shares of the business’s stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $73.20, for a total value of $763,036.80. Following the sale, the insider owned 263,507 shares in the company, valued at approximately $19,288,712.40. The trade was a 3.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Brian Grassadonia sold 35,145 shares of the firm’s stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $80.00, for a total transaction of $2,811,600.00. Following the transaction, the insider directly owned 535,896 shares of the company’s stock, valued at $42,871,680. This represents a 6.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 119,041 shares of company stock valued at $9,052,531 in the last 90 days. 10.85% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Block

A number of hedge funds and other institutional investors have recently bought and sold shares of XYZ. Motley Fool Asset Management LLC acquired a new position in shares of Block in the second quarter valued at about $2,055,000. Lane Generational LLC bought a new stake in Block in the 2nd quarter valued at about $6,043,000. Bessemer Group Inc. acquired a new position in shares of Block during the 2nd quarter worth approximately $62,389,000. Cidel Asset Management Inc. acquired a new position in shares of Block during the 2nd quarter worth approximately $311,000. Finally, OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Block during the second quarter worth approximately $6,094,000. Institutional investors own 70.44% 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.