SpiderRock Advisors LLC Sells 36,197 Shares of Block, Inc. (NYSE:SQ)

SpiderRock Advisors LLC decreased its holdings in Block, Inc. (NYSE:SQ) by 75.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,592 shares of the technology company’s stock after selling 36,197 shares during the period. SpiderRock Advisors LLC’s holdings in Block were worth $778,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. National Pension Service grew its position in shares of Block by 13.5% in the 3rd quarter. National Pension Service now owns 1,083,113 shares of the technology company’s stock worth $72,709,000 after buying an additional 128,832 shares during the last quarter. Lone Pine Capital LLC grew its holdings in Block by 13.9% in the second quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company’s stock worth $494,672,000 after purchasing an additional 934,588 shares during the last quarter. DekaBank Deutsche Girozentrale increased its position in shares of Block by 2.7% during the third quarter. DekaBank Deutsche Girozentrale now owns 541,204 shares of the technology company’s stock worth $35,969,000 after purchasing an additional 14,163 shares in the last quarter. Forsta AP Fonden lifted its holdings in shares of Block by 11.5% during the 3rd quarter. Forsta AP Fonden now owns 115,900 shares of the technology company’s stock valued at $7,780,000 after purchasing an additional 12,000 shares during the last quarter. Finally, Vontobel Holding Ltd. boosted its position in shares of Block by 165.2% in the 3rd quarter. Vontobel Holding Ltd. now owns 453,545 shares of the technology company’s stock worth $30,446,000 after purchasing an additional 282,550 shares in the last quarter. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Insider Activity

In related news, insider Brian Grassadonia sold 8,328 shares of Block stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $64.77, for a total value of $539,404.56. Following the sale, the insider now owns 580,086 shares of the company’s stock, valued at approximately $37,572,170.22. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Block news, CFO Amrita Ahuja sold 5,935 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $65.53, for a total transaction of $388,920.55. Following the completion of the transaction, the chief financial officer now owns 255,496 shares of the company’s stock, valued at $16,742,652.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Brian Grassadonia sold 8,328 shares of Block stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $64.77, for a total value of $539,404.56. Following the completion of the sale, the insider now directly owns 580,086 shares in the company, valued at $37,572,170.22. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,214 shares of company stock worth $1,637,932 over the last three months. 10.49% of the stock is currently owned by corporate insiders.

Block Stock Performance

NYSE SQ opened at $74.56 on Monday. The stock has a market capitalization of $45.90 billion, a price-to-earnings ratio of 41.89, a PEG ratio of 1.02 and a beta of 2.48. The stock has a 50-day moving average of $68.86 and a 200 day moving average of $66.97. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.26. Block, Inc. has a twelve month low of $50.86 and a twelve month high of $87.52.

Wall Street Analysts Forecast Growth

SQ has been the subject of a number of research analyst reports. Benchmark reiterated a “buy” rating and issued a $99.00 price target on shares of Block in a research note on Friday, August 2nd. William Blair raised shares of Block to a “strong-buy” rating in a research report on Wednesday, July 31st. Royal Bank of Canada reiterated an “outperform” rating and issued a $88.00 target price on shares of Block in a research note on Monday, October 21st. BMO Capital Markets decreased their price target on shares of Block from $93.00 to $92.00 and set an “outperform” rating for the company in a report on Thursday, October 3rd. Finally, Macquarie reissued an “outperform” rating and set a $100.00 price objective on shares of Block in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $90.56.

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.