9,302 Shares in Block, Inc. (NYSE:SQ) Bought by Maverick Capital Ltd.

Maverick Capital Ltd. acquired a new position in Block, Inc. (NYSE:SQ) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 9,302 shares of the technology company’s stock, valued at approximately $600,000.

Other large investors also recently modified their holdings of the company. Riverview Trust Co bought a new stake in shares of Block in the first quarter worth $28,000. YHB Investment Advisors Inc. bought a new stake in shares of Block in the first quarter worth $33,000. LRI Investments LLC bought a new stake in shares of Block in the first quarter worth $34,000. Vima LLC bought a new stake in shares of Block in the fourth quarter worth $34,000. Finally, Mather Group LLC. bought a new stake in shares of Block in the first quarter worth $35,000. Institutional investors own 70.44% of the company’s stock.

Block Stock Up 0.7 %

Shares of NYSE SQ opened at $66.97 on Friday. Block, Inc. has a 1 year low of $38.85 and a 1 year high of $87.52. The firm has a 50-day simple moving average of $63.88 and a two-hundred day simple moving average of $68.66. The company has a market cap of $41.23 billion, a P/E ratio of 86.98, a PEG ratio of 1.18 and a beta of 2.49. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.82 and a quick ratio of 1.82.

Block (NYSE:SQ) last posted its quarterly earnings data on Thursday, August 1st. The technology company reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.09. Block had a return on equity of 3.77% and a net margin of 3.47%. The company had revenue of $6.16 billion during the quarter, compared to analysts’ expectations of $6.27 billion. During the same quarter in the previous year, the business earned $0.40 EPS. Block’s revenue was up 11.2% compared to the same quarter last year. Research analysts anticipate that Block, Inc. will post 1.72 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have issued reports on the company. The Goldman Sachs Group reissued a “buy” rating and set a $80.00 price target on shares of Block in a report on Monday, June 24th. Macquarie reissued an “outperform” rating and set a $100.00 price target on shares of Block in a report on Friday, July 26th. Royal Bank of Canada reissued an “outperform” rating and set a $88.00 price target on shares of Block in a report on Friday, August 2nd. UBS Group cut their price target on Block from $100.00 to $92.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Finally, New Street Research assumed coverage on Block in a report on Monday, September 9th. They set a “neutral” rating and a $70.00 price target for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $87.34.

Insider Activity

In related news, insider Brian Grassadonia sold 1,889 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $64.37, for a total value of $121,594.93. Following the transaction, the insider now owns 590,761 shares of the company’s stock, valued at approximately $38,027,285.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Roelof Botha purchased 434,405 shares of Block stock in a transaction that occurred on Tuesday, August 6th. The shares were bought at an average price of $57.55 per share, with a total value of $25,000,007.75. Following the purchase, the director now directly owns 434,405 shares of the company’s stock, valued at approximately $25,000,007.75. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Brian Grassadonia sold 1,889 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $64.37, for a total transaction of $121,594.93. Following the completion of the transaction, the insider now directly owns 590,761 shares in the company, valued at approximately $38,027,285.57. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,179 shares of company stock valued at $1,833,962. 10.49% of the stock is currently owned by company insiders.

Block 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.