Insider Selling: Block (NYSE:XYZ) Insider Sells 10,349 Shares of Stock

Block, Inc. (NYSE:XYZ) insider Brian Grassadonia sold 10,349 shares of the business’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total transaction of $517,450.00. Following the transaction, the insider directly owned 503,784 shares in the company, valued at approximately $25,189,200. The trade was a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Brian Grassadonia also recently made the following trade(s):

• On Tuesday, January 6th, Brian Grassadonia sold 1,983 shares of Block stock. The shares were sold at an average price of $68.52, for a total transaction of $135,875.16.
• On Friday, January 2nd, Brian Grassadonia sold 1,038 shares of Block stock. The stock was sold at an average price of $63.98, for a total transaction of $66,411.24.

Block Stock Up 0.3%

XYZ stock traded up $0.18 during trading on Tuesday, reaching $50.93. The stock had a trading volume of 9,917,059 shares, compared to its average volume of 7,727,401. 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 firm has a fifty day moving average price of $61.73 and a 200 day moving average price of $68.50. The company has a market capitalization of $30.95 billion, a P/E ratio of 10.27, a PEG ratio of 1.09 and a beta of 2.67. Block, Inc. has a 1-year low of $44.27 and a 1-year high of $82.50.

Institutional Investors Weigh In On Block

A number of institutional investors have recently made changes to their positions in XYZ. Vanguard Group Inc. boosted its holdings in Block by 23.1% in the third quarter. Vanguard Group Inc. now owns 67,626,485 shares of the technology company’s stock worth $4,887,366,000 after purchasing an additional 12,709,824 shares during the period. Capital World Investors raised its holdings in shares of Block by 41.8% during the fourth quarter. Capital World Investors now owns 16,023,441 shares of the technology company’s stock worth $1,042,966,000 after purchasing an additional 4,727,217 shares during the period. Geode Capital Management LLC lifted its position in shares of Block by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 14,406,899 shares of the technology company’s stock worth $934,121,000 after buying an additional 67,560 shares during the last quarter. Sands Capital Management LLC boosted its holdings in shares of Block by 12.2% in the 3rd quarter. Sands Capital Management LLC now owns 11,603,057 shares of the technology company’s stock valued at $838,553,000 after buying an additional 1,262,317 shares during the period. Finally, Dragoneer Investment Group LLC acquired a new position in shares of Block in the 2nd quarter valued at about $627,233,000. 70.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

XYZ has been the subject of a number of analyst reports. BTIG Research reissued a “buy” rating and issued a $90.00 price target on shares of Block in a report on Thursday, November 20th. Morgan Stanley upped their target price on Block from $71.00 to $72.00 and gave the company an “equal weight” rating in a research report on Friday, November 21st. Cantor Fitzgerald reduced their target price on Block from $87.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday, February 17th. Bank of America raised their price target on shares of Block from $86.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, November 21st. Finally, Mizuho lifted their price target on shares of Block from $88.00 to $100.00 and gave the stock an “outperform” rating in a research note on Thursday, November 20th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $81.50.

Block Company Profile

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.