Block (NYSE:SQ) Reaches New 1-Year High on Analyst Upgrade

Block, Inc. (NYSE:SQ) shares hit a new 52-week high during trading on Wednesday after Canaccord Genuity Group raised their price target on the stock from $95.00 to $120.00. Canaccord Genuity Group currently has a buy rating on the stock. Block traded as high as $89.96 and last traded at $89.35, with a volume of 2729597 shares traded. The stock had previously closed at $87.25.

Several other research analysts also recently issued reports on the stock. Royal Bank of Canada restated an “outperform” rating and set a $88.00 price objective on shares of Block in a report on Monday, October 21st. Benchmark restated a “buy” rating and issued a $99.00 price target on shares of Block in a research report on Friday, August 2nd. BMO Capital Markets reduced their price target on shares of Block from $93.00 to $92.00 and set an “outperform” rating on the stock in a research report on Thursday, October 3rd. UBS Group reduced their target price on shares of Block from $100.00 to $92.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Finally, Piper Sandler reiterated an “overweight” rating and set a $83.00 target price on shares of Block in a research report on Monday. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Block has a consensus rating of “Moderate Buy” and a consensus price target of $91.30.

Insider Activity

In related news, insider Brian Grassadonia sold 1,884 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $65.41, for a total transaction of $123,232.44. Following the transaction, the insider now directly owns 574,914 shares of the company’s stock, valued at approximately $37,605,124.74. This trade represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Ajmere Dale sold 1,406 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $64.70, for a total transaction of $90,968.20. Following the completion of the transaction, the chief accounting officer now directly owns 90,960 shares in the company, valued at approximately $5,885,112. This represents a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,678 shares of company stock valued at $1,924,112 over the last ninety days. 10.49% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Block

A number of hedge funds have recently made changes to their positions in the stock. Yoder Wealth Management Inc. boosted its stake in shares of Block by 0.4% in the 3rd quarter. Yoder Wealth Management Inc. now owns 39,688 shares of the technology company’s stock valued at $2,664,000 after purchasing an additional 145 shares in the last quarter. Nations Financial Group Inc. IA ADV increased its stake in shares of Block by 1.9% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 7,744 shares of the technology company’s stock valued at $520,000 after acquiring an additional 145 shares in the last quarter. Moser Wealth Advisors LLC increased its stake in shares of Block by 2.5% in the 3rd quarter. Moser Wealth Advisors LLC now owns 6,265 shares of the technology company’s stock valued at $421,000 after acquiring an additional 153 shares in the last quarter. Lindbrook Capital LLC increased its stake in shares of Block by 6.3% in the 3rd quarter. Lindbrook Capital LLC now owns 2,592 shares of the technology company’s stock valued at $174,000 after acquiring an additional 154 shares in the last quarter. Finally, Larson Financial Group LLC increased its stake in shares of Block by 14.8% in the 3rd quarter. Larson Financial Group LLC now owns 1,192 shares of the technology company’s stock valued at $80,000 after acquiring an additional 154 shares in the last quarter. 70.44% of the stock is currently owned by institutional investors and hedge funds.

Block Stock Down 2.8 %

The firm has a market cap of $51.36 billion, a P/E ratio of 48.21, a price-to-earnings-growth ratio of 1.18 and a beta of 2.48. The stock’s 50 day simple moving average is $70.11 and its 200 day simple moving average is $67.22. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07.

About Block

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.