MUFG Securities EMEA plc raised its stake in Block, Inc. (NYSE:XYZ – Free Report) by 113.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,452 shares of the technology company’s stock after buying an additional 11,933 shares during the quarter. MUFG Securities EMEA plc’s holdings in Block were worth $1,461,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Cibc World Market Inc. increased its holdings in shares of Block by 24.0% in the third quarter. Cibc World Market Inc. now owns 179,271 shares of the technology company’s stock worth $12,956,000 after acquiring an additional 34,678 shares in the last quarter. New York Life Investment Management LLC bought a new stake in shares of Block in the third quarter worth about $5,400,000. Principal Financial Group Inc. increased its holdings in shares of Block by 2,385.3% in the third quarter. Principal Financial Group Inc. now owns 612,358 shares of the technology company’s stock worth $44,255,000 after acquiring an additional 587,719 shares in the last quarter. Hartford Investment Management Co. bought a new stake in shares of Block in the third quarter worth about $2,323,000. Finally, Vanguard Group Inc. increased its holdings in shares of 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 acquiring an additional 12,709,824 shares in the last quarter. Institutional investors and hedge funds own 70.44% of the company’s stock.
Block Stock Down 2.4%
NYSE:XYZ opened at $74.27 on Wednesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.99 and a current ratio of 1.99. The company has a market cap of $44.20 billion, a PE ratio of 58.02, a PEG ratio of 0.99 and a beta of 2.56. Block, Inc. has a 52-week low of $48.21 and a 52-week high of $82.50. The stock has a 50-day simple moving average of $67.30 and a 200 day simple moving average of $63.84.
Analyst Ratings Changes
Several equities research analysts have issued reports on the company. Morgan Stanley increased their price target on Block from $96.00 to $98.00 and gave the stock an “overweight” rating in a report on Friday. Bank of America lowered their price target on Block from $85.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, March 25th. TD Cowen increased their price target on Block from $91.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, February 27th. HSBC upgraded Block from a “hold” rating to a “buy” rating and increased their price target for the stock from $70.00 to $77.00 in a report on Tuesday, March 3rd. Finally, Keefe, Bruyette & Woods increased their price target on Block from $85.00 to $90.00 and gave the stock an “outperform” rating in a report on Friday, May 8th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $85.12.
Get Our Latest Stock Analysis on XYZ
Insider Transactions at Block
In related news, CFO Amrita Ahuja sold 30,919 shares of the stock in a transaction dated Tuesday, April 21st. The stock was sold at an average price of $75.00, for a total transaction of $2,318,925.00. Following the completion of the transaction, the chief financial officer directly owned 500,816 shares in the company, valued at approximately $37,561,200. This trade represents a 5.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Brian Grassadonia sold 8,166 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $68.01, for a total value of $555,369.66. Following the transaction, the insider owned 601,002 shares of the company’s stock, valued at approximately $40,874,146.02. The trade was a 1.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 45,930 shares of company stock valued at $3,347,924 in the last ninety days. Corporate insiders own 11.37% of the company’s stock.
Block 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.
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