Block (NYSE:XYZ) Price Target Cut to $63.00 by Analysts at Royal Bank of Canada

Block (NYSE:XYZ) had its price objective trimmed by Royal Bank of Canada from $86.00 to $63.00 in a research note released on Friday morning,Benzinga reports. The firm currently has an outperform rating on the technology company’s stock.

A number of other equities research analysts have also issued reports on the stock. Canaccord Genuity Group cut their price target on shares of Block from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Friday. Barclays cut their target price on Block from $97.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 15th. The Goldman Sachs Group cut their price objective on Block from $65.00 to $57.00 and set a “buy” rating on the stock in a research report on Friday. Needham & Company LLC decreased their target price on Block from $90.00 to $60.00 and set a “buy” rating for the company in a report on Friday. Finally, Citigroup cut their price target on shares of Block from $108.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Eight investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $80.03.

Block Trading Down 20.4 %

NYSE XYZ opened at $46.57 on Friday. The company has a market cap of $28.85 billion, a price-to-earnings ratio of 10.24, a PEG ratio of 0.72 and a beta of 2.77. Block has a 1-year low of $44.27 and a 1-year high of $99.26. The firm has a 50-day moving average of $56.86. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07.

Block (NYSE:XYZ) last announced its quarterly earnings data on Thursday, February 20th. The technology company reported $0.26 earnings per share for the quarter, missing the consensus estimate 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 the consensus estimate of $6.23 billion. As a group, equities research analysts forecast that Block will post 2.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Ajmere Dale sold 500 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $54.48, for a total value of $27,240.00. Following the completion of the transaction, the chief accounting officer now directly owns 81,999 shares in the company, valued at $4,467,305.52. The trade was a 0.61 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brian Grassadonia sold 4,520 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $70.32, for a total value of $317,846.40. Following the completion of the transaction, the insider now directly owns 551,850 shares in the company, valued at $38,806,092. This trade represents a 0.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,324 shares of company stock valued at $1,297,662. Insiders own 10.49% of the company’s stock.

Institutional Investors Weigh In On Block

Large investors have recently bought and sold shares of the business. Graypoint LLC purchased a new stake in shares of Block during the 4th quarter valued at about $32,445,000. Assenagon Asset Management S.A. lifted its position in Block by 391.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 292,571 shares of the technology company’s stock valued at $24,866,000 after purchasing an additional 232,989 shares during the period. Private Capital Advisors Inc. purchased a new stake in Block in the fourth quarter worth approximately $15,727,000. Perpetual Ltd bought a new stake in Block in the 4th quarter worth approximately $10,779,000. Finally, Nepsis Inc. bought a new stake in Block in the 4th quarter worth approximately $9,769,000. 70.44% of the stock is currently owned by institutional investors.

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.