Piper Sandler Cuts Block (NYSE:XYZ) Price Target to $85.00

Block (NYSE:XYZ) had its price target decreased by Piper Sandler from $101.00 to $85.00 in a report issued on Monday,Benzinga reports. Piper Sandler currently has an overweight rating on the technology company’s stock.

Other equities research analysts also recently issued reports about the stock. BMO Capital Markets upgraded shares of Block from a “market perform” rating to an “outperform” rating and reduced their price target for the company from $100.00 to $89.00 in a research note on Monday. The Goldman Sachs Group cut their target price on shares of Block from $109.00 to $94.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Raymond James cut their target price on shares of Block from $115.00 to $103.00 and set an “outperform” rating on the stock in a research report on Friday, February 21st. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 target price on shares of Block in a research report on Thursday, February 20th. Finally, Macquarie lifted their target price on shares of Block from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $96.31.

Block Stock Performance

XYZ opened at $65.29 on Monday. Block has a 1-year low of $55.00 and a 1-year high of $99.26. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07. The company has a market capitalization of $40.47 billion, a PE ratio of 14.35, a P/E/G ratio of 0.72 and a beta of 2.53.

Block (NYSE:XYZ) last posted its quarterly earnings results on Thursday, February 20th. The technology company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). Block had a net margin of 11.92% and a return on equity of 5.80%. The company had revenue of $6.03 billion during the quarter, compared to analyst estimates of $6.23 billion. On average, equities analysts expect that Block will post 2.54 earnings per share for the current year.

Insider Activity

In other Block news, CAO Ajmere Dale sold 1,467 shares of the business’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $70.32, for a total transaction of $103,159.44. Following the completion of the sale, the chief accounting officer now owns 82,499 shares in the company, valued at approximately $5,801,329.68. The trade was a 1.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Amrita Ahuja sold 6,345 shares of the business’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $70.32, for a total transaction of $446,180.40. Following the sale, the chief financial officer now owns 235,854 shares of the company’s stock, valued at $16,585,253.28. This trade represents a 2.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,832 shares of company stock worth $1,921,288 in the last quarter. 10.49% of the stock is owned by corporate insiders.

Institutional Trading of Block

Hedge funds and other institutional investors have recently bought and sold shares of the business. SouthState Corp increased its stake in Block by 85.3% during the 3rd quarter. SouthState Corp now owns 391 shares of the technology company’s stock valued at $26,000 after purchasing an additional 180 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Block by 67.7% during the 4th quarter. Versant Capital Management Inc now owns 394 shares of the technology company’s stock worth $33,000 after acquiring an additional 159 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in Block by 48.2% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 418 shares of the technology company’s stock worth $36,000 after acquiring an additional 136 shares during the last quarter. True Wealth Design LLC boosted its holdings 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 acquiring an additional 194 shares during the last quarter. Finally, Rosenberg Matthew Hamilton boosted its holdings in Block by 18.3% during the 4th quarter. Rosenberg Matthew Hamilton now owns 982 shares of the technology company’s stock worth $83,000 after acquiring an additional 152 shares during the last quarter. Institutional investors own 70.44% of the company’s stock.

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.