Gladstone Capital Management LLP reduced its stake in Block, Inc. (NYSE:XYZ – Free Report) by 26.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 514,928 shares of the technology company’s stock after selling 189,883 shares during the period. Block makes up about 3.5% of Gladstone Capital Management LLP’s investment portfolio, making the stock its 11th biggest holding. Gladstone Capital Management LLP’s holdings in Block were worth $33,517,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Cary Street Partners Investment Advisory LLC purchased a new stake in shares of Block during the 3rd quarter valued at about $28,000. Sound Income Strategies LLC raised its stake in shares of Block by 57.1% during the fourth quarter. Sound Income Strategies LLC now owns 443 shares of the technology company’s stock valued at $29,000 after purchasing an additional 161 shares during the period. Rachor Investment Advisory Services LLC acquired a new position in shares of Block during the fourth quarter worth $32,000. Rothschild Investment LLC lifted its position in shares of Block by 59.7% during the third quarter. Rothschild Investment LLC now owns 495 shares of the technology company’s stock worth $36,000 after purchasing an additional 185 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in Block by 59.0% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 528 shares of the technology company’s stock valued at $38,000 after purchasing an additional 196 shares in the last quarter. Institutional investors and hedge funds own 70.44% of the company’s stock.
Block Price Performance
XYZ opened at $74.54 on Wednesday. The company has a market capitalization of $44.36 billion, a P/E ratio of 58.23, a PEG ratio of 0.96 and a beta of 2.56. The company has a 50-day moving average of $69.79 and a 200-day moving average of $64.50. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.99 and a current ratio of 1.99. Block, Inc. has a 1-year low of $48.21 and a 1-year high of $82.50.
Insider Transactions at Block
In other news, CFO Amrita Ahuja sold 30,919 shares of Block stock in a transaction that occurred on Tuesday, April 21st. The stock was sold at an average price of $75.00, for a total value of $2,318,925.00. Following the completion of the transaction, the chief financial officer owned 500,816 shares in the company, valued at approximately $37,561,200. This trade represents a 5.81% decrease in their position. The sale was disclosed in a legal 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 business’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $68.01, for a total value of $555,369.66. Following the completion of the sale, the insider owned 601,002 shares of the company’s stock, valued at $40,874,146.02. This trade represents a 1.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 211,680 shares of company stock worth $15,861,321. 11.37% of the stock is currently owned by corporate insiders.
Analysts Set New Price Targets
A number of brokerages have commented on XYZ. HSBC upgraded shares of Block from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $70.00 to $77.00 in a report on Tuesday, March 3rd. Wall Street Zen raised Block from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Bank of America cut their price target on Block from $85.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, March 25th. Piper Sandler increased their price target on Block from $51.00 to $58.00 and gave the company an “underweight” rating in a report on Friday, May 8th. Finally, Oppenheimer restated an “outperform” rating and set a $91.00 price objective on shares of Block in a research note on Friday, May 8th. Four analysts have rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $85.42.
View Our Latest Research Report on XYZ
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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