Block (NYSE:XYZ) Price Target Lowered to $90.00 at Citigroup

Block (NYSE:XYZ) had its price target lowered by equities researchers at Citigroup from $108.00 to $90.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Citigroup’s price objective would suggest a potential upside of 58.81% from the stock’s current price.

XYZ has been the topic of several other research reports. Needham & Company LLC reiterated a “buy” rating and set a $90.00 price objective on shares of Block in a research report on Friday, February 21st. Barclays reduced their price target on shares of Block from $112.00 to $97.00 and set an “overweight” rating on the stock in a research report on Monday, February 24th. Sanford C. Bernstein set a $100.00 price target on shares of Block in a research report on Saturday, March 8th. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price target on shares of Block in a research report on Thursday, February 20th. Finally, Wells Fargo & Company boosted their price target on shares of Block from $85.00 to $95.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Six analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Block has an average rating of “Moderate Buy” and an average target price of $95.00.

Block Stock Performance

Shares of Block stock traded up $2.63 on Friday, hitting $56.67. 6,064,551 shares of the company traded hands, compared to its average volume of 8,475,892. The firm has a market cap of $35.11 billion, a PE ratio of 12.45, a P/E/G ratio of 0.72 and a beta of 2.78. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.26. Block has a 52 week low of $53.54 and a 52 week high of $99.26. The company’s 50-day moving average price is $73.99.

Block (NYSE:XYZ) last released its quarterly earnings data on Thursday, February 20th. The technology company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.11). The company had revenue of $6.03 billion for the quarter, compared to the consensus estimate of $6.23 billion. Block had a net margin of 11.92% and a return on equity of 5.80%. Research analysts expect that Block will post 2.54 earnings per share for the current year.

Insider Activity

In other Block news, CAO Ajmere Dale sold 2,044 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $86.72, for a total value of $177,255.68. Following the sale, the chief accounting officer now owns 83,966 shares in the company, valued at approximately $7,281,531.52. This represents a 2.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Owen Britton Jennings sold 2,836 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $89.38, for a total value of $253,481.68. Following the completion of the sale, the insider now owns 195,449 shares in the company, valued at approximately $17,469,231.62. This represents a 1.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 21,967 shares of company stock worth $1,649,113 over the last 90 days. 10.49% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Block

Hedge funds have recently bought and sold shares of the stock. SouthState Corp lifted its position in shares of Block by 85.3% during the 3rd quarter. SouthState Corp now owns 391 shares of the technology company’s stock valued at $26,000 after buying an additional 180 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of Block by 67.7% during the 4th quarter. Versant Capital Management Inc now owns 394 shares of the technology company’s stock valued at $33,000 after buying an additional 159 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in Block by 48.2% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 418 shares of the technology company’s stock valued at $36,000 after purchasing an additional 136 shares during the last quarter. True Wealth Design LLC grew its holdings in shares of Block by 64.7% during the 3rd quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock worth $33,000 after purchasing an additional 194 shares during the period. Finally, Rosenberg Matthew Hamilton grew its holdings in shares of Block by 18.3% during the 4th quarter. Rosenberg Matthew Hamilton now owns 982 shares of the technology company’s stock worth $83,000 after purchasing an additional 152 shares during the period. Hedge funds and other 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.