Pinnacle Wealth Planning Services Inc. Takes Position in Block, Inc. $XYZ

Pinnacle Wealth Planning Services Inc. purchased a new position in Block, Inc. (NYSE:XYZ) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,171 shares of the technology company’s stock, valued at approximately $283,000.

Several other hedge funds also recently bought and sold shares of the company. SouthState Corp bought a new stake in Block during the 2nd quarter worth approximately $29,000. First Horizon Advisors Inc. bought a new position in shares of Block in the second quarter worth $30,000. Comprehensive Financial Planning Inc. PA bought a new position in shares of Block in the second quarter worth $31,000. Parkside Financial Bank & Trust purchased a new stake in shares of Block in the second quarter worth $31,000. Finally, Deseret Mutual Benefit Administrators bought a new stake in Block during the second quarter valued at $33,000. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on XYZ. Monness Crespi & Hardt boosted their target price on Block from $75.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, August 4th. Truist Financial upgraded Block from a “sell” rating to a “hold” rating in a research report on Monday. Royal Bank Of Canada cut their price objective on Block from $97.00 to $90.00 and set an “outperform” rating for the company in a report on Friday, November 7th. Cowen restated a “buy” rating on shares of Block in a research report on Friday, August 8th. Finally, Morgan Stanley lowered their target price on shares of Block from $77.00 to $71.00 and set an “equal weight” rating on the stock in a research note on Friday, November 7th. Three analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $82.36.

Insider Buying and Selling

In related news, insider Brian Grassadonia sold 35,145 shares of the stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $80.00, for a total transaction of $2,811,600.00. Following the transaction, the insider owned 535,896 shares of the company’s stock, valued at approximately $42,871,680. This trade represents a 6.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Amrita Ahuja sold 1,276 shares of Block stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $76.69, for a total transaction of $97,856.44. Following the completion of the transaction, the chief financial officer owned 282,924 shares in the company, valued at approximately $21,697,441.56. The trade was a 0.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 76,160 shares of company stock worth $5,899,556 in the last ninety days. 10.85% of the stock is currently owned by insiders.

Block Stock Performance

Shares of NYSE XYZ opened at $61.83 on Thursday. The stock has a market cap of $37.57 billion, a price-to-earnings ratio of 12.47, a P/E/G ratio of 2.97 and a beta of 2.73. The company has a current ratio of 2.18, a quick ratio of 2.18 and a debt-to-equity ratio of 0.25. Block, Inc. has a 1-year low of $44.27 and a 1-year high of $99.26. The stock’s 50-day moving average is $73.63 and its 200 day moving average is $70.22.

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

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.