Dragoneer Investment Group LLC lowered its position in Block, Inc. (NYSE:XYZ – Free Report) by 24.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 4,978,155 shares of the technology company’s stock after selling 1,571,592 shares during the period. Block comprises approximately 7.1% of Dragoneer Investment Group LLC’s holdings, making the stock its 6th largest position. Dragoneer Investment Group LLC’s holdings in Block were worth $324,028,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Cary Street Partners Investment Advisory LLC bought a new position in Block in the 3rd quarter worth $28,000. Sound Income Strategies LLC boosted its holdings in Block by 57.1% in the 4th quarter. Sound Income Strategies LLC now owns 443 shares of the technology company’s stock worth $29,000 after buying an additional 161 shares during the period. Rachor Investment Advisory Services LLC bought a new position in Block in the 4th quarter worth $32,000. Rothschild Investment LLC boosted its holdings in Block by 59.7% in the 3rd quarter. Rothschild Investment LLC now owns 495 shares of the technology company’s stock worth $36,000 after buying an additional 185 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its holdings in Block by 59.0% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 528 shares of the technology company’s stock worth $38,000 after buying an additional 196 shares during the period. Institutional investors own 70.44% of the company’s stock.
Block Stock Up 0.3%
Shares of XYZ stock opened at $74.54 on Wednesday. The stock has a market cap of $44.36 billion, a P/E ratio of 58.23, a PEG ratio of 0.96 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 company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.26. The company’s fifty day simple moving average is $69.79 and its two-hundred day simple moving average is $64.50.
Wall Street Analyst Weigh In
Several brokerages recently weighed in on XYZ. Loop Capital began coverage on shares of Block in a report on Tuesday, March 31st. They issued a “buy” rating and a $75.00 target price for the company. Weiss Ratings upgraded shares of Block from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, June 1st. Cantor Fitzgerald boosted their price target on shares of Block from $78.00 to $88.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. BTIG Research reiterated a “buy” rating and issued a $90.00 price target on shares of Block in a research note on Friday, May 8th. Finally, Bank of America decreased their price target on shares of Block from $85.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, March 25th. Four analysts have rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $85.42.
Read Our Latest Stock Analysis on Block
Insider Buying and Selling at Block
In other news, insider Owen Britton Jennings sold 1,316 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $68.54, for a total transaction of $90,198.64. Following the sale, the insider directly owned 479,662 shares in the company, valued at approximately $32,876,033.48. This represents a 0.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Brian Grassadonia sold 8,166 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $68.01, for a total transaction of $555,369.66. Following the sale, the insider owned 601,002 shares in the company, valued at $40,874,146.02. This represents 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 211,680 shares of company stock valued at $15,861,321 over the last quarter. 11.37% of the stock is owned by corporate insiders.
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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