Evolve Private Wealth LLC purchased a new position in shares of Block, Inc. (NYSE:XYZ – Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 8,918 shares of the technology company’s stock, valued at approximately $343,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of XYZ. Baird Financial Group Inc. acquired a new position in Block during the 2nd quarter worth about $1,866,000. Brown Advisory Inc. bought a new stake in Block during the 2nd quarter worth about $516,000. Jump Financial LLC acquired a new stake in Block in the 2nd quarter valued at about $385,000. Federated Hermes Inc. acquired a new stake in Block in the 2nd quarter valued at about $53,000. Finally, Cerity Partners LLC bought a new position in shares of Block in the second quarter worth about $1,861,000. 70.44% of the stock is owned by institutional investors and hedge funds.
Block Trading Up 0.7%
NYSE XYZ opened at $83.28 on Thursday. Block, Inc. has a 12 month low of $48.21 and a 12 month high of $86.75. The stock has a 50-day simple moving average of $79.26 and a 200 day simple moving average of $69.79. The company has a current ratio of 2.21, a quick ratio of 2.21 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $50.03 billion, a PE ratio of 148.71, a P/E/G ratio of 0.92 and a beta of 2.53.
Insider Buying and Selling
In related news, CFO Amrita Ahuja sold 9,511 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $82.43, for a total transaction of $783,991.73. Following the completion of the transaction, the chief financial officer owned 423,262 shares in the company, valued at approximately $34,889,486.66. The trade was a 2.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anthony Mathew Eisen sold 135,750 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $76.81, for a total transaction of $10,426,957.50. Following the completion of the sale, the director directly owned 2,032,990 shares of the company’s stock, valued at $156,153,961.90. The trade was a 6.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 495,756 shares of company stock valued at $39,090,259 in the last 90 days. 11.37% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on XYZ shares. Zacks Research lowered shares of Block from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 30th. The Goldman Sachs Group raised Block from a “buy” rating to a “buy” rating in a report on Tuesday, June 30th. Argus increased their price objective on Block from $86.00 to $103.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Citigroup lifted their target price on Block from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Finally, Jefferies Financial Group initiated coverage on Block in a research report on Tuesday, June 30th. They set a “hold” rating for the company. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $95.84.
View Our Latest Report on Block
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.
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