Block (NYSE:XYZ) Price Target Raised to $73.00 at Morgan Stanley

Block (NYSE:XYZ) had its price target upped by research analysts at Morgan Stanley from $65.00 to $73.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. Morgan Stanley’s price objective would suggest a potential upside of 6.73% from the stock’s previous close.

A number of other brokerages have also recently issued reports on XYZ. BNP Paribas Exane raised Block from a “neutral” rating to an “outperform” rating and set a $72.00 target price for the company in a research report on Tuesday, May 27th. Benchmark lowered Block from a “buy” rating to a “hold” rating in a research note on Friday, May 2nd. Wells Fargo & Company cut Block from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $95.00 to $50.00 in a report on Friday, May 2nd. Barclays raised their target price on Block from $57.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday, June 9th. Finally, KGI Securities upgraded Block to a “hold” rating in a research note on Friday, May 9th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $74.38.

Block Stock Down 1.5%

XYZ stock traded down $1.01 during midday trading on Tuesday, reaching $68.40. The company had a trading volume of 2,588,533 shares, compared to its average volume of 8,974,765. Block has a fifty-two week low of $44.27 and a fifty-two week high of $99.26. The stock has a market cap of $42.07 billion, a price-to-earnings ratio of 16.64, a PEG ratio of 2.09 and a beta of 2.74. The stock’s 50 day moving average price is $60.83. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.27 and a quick ratio of 2.27.

Insider Activity at Block

In related news, insider Brian Grassadonia sold 6,494 shares of the business’s stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $56.39, for a total value of $366,196.66. Following the transaction, the insider owned 591,629 shares in the company, valued at approximately $33,361,959.31. The trade was a 1.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Dhananjay Prasanna sold 11,318 shares of the firm’s stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $61.41, for a total transaction of $695,038.38. Following the transaction, the insider directly owned 318,751 shares of the company’s stock, valued at approximately $19,574,498.91. This represents a 3.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 73,687 shares of company stock valued at $4,377,506 over the last 90 days. 10.49% of the stock is currently owned by insiders.

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.