Block (NYSE:XYZ – Get Free Report) had its target price increased by Cantor Fitzgerald from $95.00 to $102.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. Cantor Fitzgerald‘s price target points to a potential upside of 19.18% from the company’s current price.
XYZ has been the subject of several other reports. UBS Group lifted their target price on shares of Block from $96.00 to $105.00 in a report on Tuesday, November 3rd. Royal Bank Of Canada upped their price target on Block from $95.00 to $103.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 4th. Canaccord Genuity Group raised their price objective on Block from $85.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, August 13th. Needham & Company LLC reiterated a “buy” rating and set a $100.00 price objective on shares of Block in a research note on Wednesday, November 4th. Finally, HSBC boosted their target price on Block from $88.00 to $96.00 and gave the stock a “hold” rating in a report on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.52.
Check Out Our Latest Stock Analysis on Block
Block Trading Up 0.1%
Shares of NYSE XYZ opened at $85.58 on Monday. Block has a 1 year low of $48.21 and a 1 year high of $88.51. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.23 and a quick ratio of 2.23. The firm has a 50-day moving average of $77.92 and a 200 day moving average of $71.50. The stock has a market cap of $51.42 billion, a P/E ratio of 115.65, a price-to-earnings-growth ratio of 0.89 and a beta of 2.58.
Block (NYSE:XYZ – Get Free Report) last announced its quarterly earnings data on Tuesday, November 3rd. The technology company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.45. The business had revenue of $6.72 billion for the quarter. Block had a net margin of 1.80% and a return on equity of 9.63%. Block’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.54 EPS. As a group, sell-side analysts expect that Block will post 2.75 EPS for the current fiscal year.
Insider Buying and Selling at Block
In other Block news, CFO Amrita Ahuja sold 9,511 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $82.43, for a total transaction of $783,991.73. Following the transaction, the chief financial officer owned 423,262 shares in the company, valued at approximately $34,889,486.66. This represents a 2.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Brian Grassadonia sold 8,173 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $82.42, for a total transaction of $673,618.66. Following the completion of the sale, the insider owned 513,981 shares in the company, valued at $42,362,314.02. This represents a 1.57% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 255,686 shares of company stock worth $20,453,487. Company insiders own 11.37% of the company’s stock.
Hedge Funds Weigh In On Block
A number of institutional investors and hedge funds have recently modified their holdings of XYZ. Jones Financial Companies Lllp bought a new position in Block in the second quarter valued at about $366,000. PNC Financial Services Group Inc. boosted its position in Block by 35.7% in the first quarter. PNC Financial Services Group Inc. now owns 69,637 shares of the technology company’s stock worth $4,191,000 after purchasing an additional 18,326 shares during the last quarter. Nilsine Partners LLC boosted its position in Block by 295.4% in the second quarter. Nilsine Partners LLC now owns 25,999 shares of the technology company’s stock worth $1,976,000 after purchasing an additional 19,423 shares during the last quarter. Nykredit A S bought a new stake in shares of Block during the 2nd quarter valued at about $13,291,000. Finally, Swiss National Bank grew its stake in shares of Block by 6.7% during the 1st quarter. Swiss National Bank now owns 1,607,286 shares of the technology company’s stock valued at $96,726,000 after purchasing an additional 101,300 shares during the period. 70.44% of the stock is currently owned by hedge funds and other institutional investors.
About Block
Block, Inc is a financial technology company that provides payment and commerce tools to businesses and financial services for consumers. Its products include Square, a platform offering payment processing, point-of-sale software and related business services, and Cash App, which provides person-to-person payments and other financial features.
The company also owns Afterpay, a buy-now, pay-later service, and TIDAL, a music and entertainment platform. Block serves businesses and consumers in the United States and other markets, with product availability varying by country.
Founded in 2009 as Square by Jack Dorsey and Jim McKelvey, the company adopted the name Block in 2021.
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