Sanford C. Bernstein Increases Block (NYSE:SQ) Price Target to $120.00

Block (NYSE:SQ) had its price objective raised by research analysts at Sanford C. Bernstein from $90.00 to $120.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Sanford C. Bernstein’s price objective suggests a potential upside of 28.75% from the stock’s current price.

Other research analysts have also recently issued reports about the company. BMO Capital Markets cut Block from an “outperform” rating to a “market perform” rating and lifted their price target for the company from $94.00 to $100.00 in a report on Monday, November 25th. Piper Sandler reaffirmed an “overweight” rating and issued a $83.00 target price on shares of Block in a research note on Monday, November 11th. William Blair reissued an “outperform” rating on shares of Block in a research note on Friday, November 15th. BNP Paribas lowered shares of Block from an “outperform” rating to a “neutral” rating and set a $88.00 price target for the company. in a report on Wednesday, November 20th. Finally, Oppenheimer assumed coverage on Block in a report on Tuesday, October 1st. They set a “market perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat, Block currently has a consensus rating of “Moderate Buy” and an average target price of $93.21.

Block Trading Up 0.5 %

Shares of Block stock opened at $93.21 on Monday. Block has a 12-month low of $55.00 and a 12-month high of $95.95. The stock has a market capitalization of $57.77 billion, a P/E ratio of 52.36, a price-to-earnings-growth ratio of 1.25 and a beta of 2.50. The company has a 50-day simple moving average of $77.04 and a 200 day simple moving average of $69.00. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.26.

Insider Transactions at Block

In other news, CFO Amrita Ahuja sold 6,661 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $91.43, for a total value of $609,015.23. Following the sale, the chief financial officer now directly owns 246,967 shares of the company’s stock, valued at approximately $22,580,192.81. This represents a 2.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Brian Grassadonia sold 1,884 shares of Block stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $65.41, for a total value of $123,232.44. Following the transaction, the insider now owns 574,914 shares of the company’s stock, valued at $37,605,124.74. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,053 shares of company stock worth $2,393,972 in the last three months. Insiders own 10.49% of the company’s stock.

Hedge Funds Weigh In On Block

Several large investors have recently modified their holdings of the stock. SouthState Corp lifted its holdings in Block by 85.3% during the 3rd quarter. SouthState Corp now owns 391 shares of the technology company’s stock worth $26,000 after purchasing an additional 180 shares during the last quarter. True Wealth Design LLC increased its position in Block by 64.7% during the 3rd quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock worth $33,000 after buying an additional 194 shares during the period. Unique Wealth Strategies LLC acquired a new stake in shares of Block during the second quarter worth $34,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Block in the second quarter valued at about $44,000. Finally, V Square Quantitative Management LLC acquired a new position in shares of Block in the third quarter valued at about $46,000. 70.44% of the stock is owned by institutional investors.

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.