Block (NYSE:XYZ – Get Free Report) had its price target lifted by equities researchers at Sanford C. Bernstein from $95.00 to $110.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Sanford C. Bernstein‘s price target would suggest a potential upside of 27.23% from the company’s current price.
Several other analysts have also issued reports on the stock. Wells Fargo & Company boosted their price objective on shares of Block from $97.00 to $110.00 and gave the company an “overweight” rating in a report on Thursday, November 5th. BTIG Research reaffirmed a “buy” rating and set a $100.00 target price on shares of Block in a research note on Wednesday, October 28th. Daiwa Securities Group boosted their price target on shares of Block from $80.00 to $94.00 and gave the company an “outperform” rating in a research note on Thursday, August 13th. Bank of America increased their price objective on shares of Block from $115.00 to $117.00 and gave the stock a “buy” rating in a research report on Wednesday, November 4th. Finally, Raymond James Financial lifted their target price on shares of Block from $97.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, November 4th. Two analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Block presently has a consensus rating of “Moderate Buy” and an average price target of $100.32.
Check Out Our Latest Research Report on Block
Block Trading Up 1.0%
Block stock traded up $0.88 during mid-day trading on Wednesday, hitting $86.46. The company’s stock had a trading volume of 1,966,561 shares, compared to its average volume of 6,202,984. The stock’s fifty day moving average is $78.08 and its two-hundred day moving average is $71.73. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $51.94 billion, a PE ratio of 116.97, a price-to-earnings-growth ratio of 0.92 and a beta of 2.58. Block has a 1 year low of $48.21 and a 1 year high of $89.39.
Block (NYSE:XYZ – Get Free Report) last announced its quarterly earnings results on Tuesday, November 3rd. The technology company reported $1.13 EPS for the quarter, beating the consensus estimate of $0.68 by $0.45. The business had revenue of $6.72 billion for the quarter. Block had a return on equity of 9.63% and a net margin of 1.80%. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same period last year, the company earned $0.54 EPS. On average, analysts anticipate that Block will post 2.75 EPS for the current year.
Insider Transactions at Block
In other news, Director Anthony Eisen sold 35,000 shares of the stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $87.50, for a total transaction of $3,062,500.00. Following the sale, the director owned 1,177,672 shares of the company’s stock, valued at approximately $103,046,300. This represents a 2.89% 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 the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 249,686 shares of company stock worth $19,981,767 in the last 90 days. 11.37% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Block
Several large investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in Block in the 2nd quarter valued at approximately $621,703,000. Arrowstreet Capital Limited Partnership grew its stake in shares of Block by 528.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,309,296 shares of the technology company’s stock worth $199,153,000 after acquiring an additional 2,782,523 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Block by 372.8% in the second quarter. Assenagon Asset Management S.A. now owns 937,540 shares of the technology company’s stock worth $71,253,000 after acquiring an additional 739,264 shares in the last quarter. Bank of America Corp DE acquired a new position in shares of Block in the second quarter worth $23,531,000. Finally, Engineers Gate Manager LP increased its position in shares of Block by 2,575.4% during the second quarter. Engineers Gate Manager LP now owns 571,414 shares of the technology company’s stock worth $43,427,000 after acquiring an additional 550,056 shares during the period. 70.44% of the stock is owned by hedge funds and other institutional investors.
Block Company Profile
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.
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