SP Asset Management LLC Sells 10,295 Shares of Block, Inc. $XYZ

SP Asset Management LLC lowered its holdings in Block, Inc. (NYSE:XYZ) by 29.4% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 24,704 shares of the technology company’s stock after selling 10,295 shares during the quarter. SP Asset Management LLC’s holdings in Block were worth $1,785,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. S Bank Fund Management Ltd purchased a new stake in Block in the second quarter worth $92,000. Praxis Investment Management Inc. bought a new position in Block in the 2nd quarter worth $508,000. Nordea Investment Management AB purchased a new stake in shares of Block in the 2nd quarter worth about $3,105,000. SilverOak Wealth Management LLC purchased a new stake in shares of Block in the 2nd quarter worth about $218,000. Finally, Private Trust Co. NA bought a new stake in shares of Block during the 2nd quarter valued at about $94,000. 70.44% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Block news, insider Owen Britton Jennings sold 822 shares of the stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $63.98, for a total transaction of $52,591.56. Following the sale, the insider directly owned 242,718 shares in the company, valued at approximately $15,529,097.64. This trade represents a 0.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Chrysty Esperanza sold 3,608 shares of Block stock in a transaction on Friday, November 21st. The stock was sold at an average price of $61.40, for a total value of $221,531.20. Following the completion of the sale, the insider directly owned 123,198 shares of the company’s stock, valued at approximately $7,564,357.20. The trade was a 2.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 54,796 shares of company stock valued at $3,395,943. Company insiders own 10.49% of the company’s stock.

Block Trading Down 0.0%

NYSE XYZ opened at $60.41 on Tuesday. Block, Inc. has a 12 month low of $44.27 and a 12 month high of $91.29. The company has a current ratio of 2.18, a quick ratio of 2.18 and a debt-to-equity ratio of 0.25. The stock’s fifty day moving average price is $64.93 and its 200-day moving average price is $71.19. The stock has a market cap of $36.71 billion, a P/E ratio of 12.18, a P/E/G ratio of 1.24 and a beta of 2.67.

Block (NYSE:XYZ) last announced its quarterly earnings results on Thursday, November 6th. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.29. Block had a net margin of 12.99% and a return on equity of 5.54%. The company had revenue of $6.11 billion for the quarter. During the same quarter in the previous year, the firm earned $0.53 EPS. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. As a group, equities analysts forecast that Block, Inc. will post 2.54 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. BNP Paribas Exane raised shares of Block from a “hold” rating to an “outperform” rating and set a $83.00 price target for the company in a research note on Wednesday, January 7th. The Goldman Sachs Group decreased their target price on Block from $96.00 to $82.00 and set a “buy” rating for the company in a research report on Friday, November 7th. Keefe, Bruyette & Woods lowered their target price on Block from $90.00 to $85.00 and set an “outperform” rating for the company in a research note on Friday, January 2nd. Oppenheimer reaffirmed an “outperform” rating and issued a $85.00 price target on shares of Block in a research note on Friday, November 7th. Finally, BTIG Research reissued a “buy” rating and set a $90.00 price objective on shares of Block in a research report on Thursday, November 20th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $83.09.

About Block

Block (NYSE:XYZ) is a financial technology company that builds products and services to facilitate electronic payments, commerce, and consumer finance. Its principal business lines include a seller-focused ecosystem that provides point-of-sale hardware and software, payment processing, invoicing, payroll and lending services, and a consumer-facing platform that offers peer-to-peer payments, banking-like features, and investing. Block’s portfolio also encompasses music streaming and buy-now-pay-later capabilities through businesses acquired to broaden its reach beyond core payments.

The company was founded as Square in 2009 by Jack Dorsey and Jim McKelvey and later rebranded to Block to reflect a diversified set of businesses across payments, consumer finance, and emerging technologies.