CIBC Asset Management Inc Purchases 1,022 Shares of Block, Inc. (NYSE:SQ)

CIBC Asset Management Inc grew its holdings in Block, Inc. (NYSE:SQ) by 5.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 19,877 shares of the technology company’s stock after acquiring an additional 1,022 shares during the quarter. CIBC Asset Management Inc’s holdings in Block were worth $1,334,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of SQ. LRI Investments LLC bought a new stake in shares of Block during the 1st quarter valued at $34,000. Unique Wealth Strategies LLC acquired a new stake in Block during the second quarter worth about $34,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Block in the 2nd quarter valued at about $44,000. V Square Quantitative Management LLC acquired a new position in shares of Block in the 3rd quarter valued at approximately $46,000. Finally, Hobbs Group Advisors LLC acquired a new position in shares of Block in the 2nd quarter valued at approximately $49,000. 70.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SQ. Benchmark reissued a “buy” rating and issued a $99.00 price objective on shares of Block in a research note on Friday, August 2nd. Morgan Stanley decreased their price target on Block from $60.00 to $55.00 and set an “underweight” rating on the stock in a research note on Tuesday, July 30th. Needham & Company LLC upped their price objective on Block from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Canaccord Genuity Group lifted their target price on Block from $95.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Block from $71.00 to $80.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $91.18.

Block Stock Down 3.0 %

Block stock opened at $89.69 on Thursday. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.26. The firm’s fifty day moving average price is $72.68 and its two-hundred day moving average price is $67.82. The firm has a market capitalization of $55.59 billion, a price-to-earnings ratio of 50.39, a price-to-earnings-growth ratio of 1.14 and a beta of 2.48. Block, Inc. has a 1-year low of $55.00 and a 1-year high of $93.00.

Insider Activity at Block

In other Block news, CAO Ajmere Dale sold 500 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $67.00, for a total transaction of $33,500.00. Following the transaction, the chief accounting officer now directly owns 90,460 shares in the company, valued at approximately $6,060,820. This trade represents a 0.55 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Amrita Ahuja sold 5,935 shares of the company’s stock in a transaction 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 sale, the chief financial officer now owns 255,496 shares of the company’s stock, valued at approximately $16,742,652.88. The trade was a 2.27 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,283 shares of company stock valued at $862,773. 10.49% of the stock is owned by corporate 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.