Moran Wealth Management LLC increased its position in shares of Block, Inc. (NYSE:XYZ – Free Report) by 86.6% during the 1st quarter, HoldingsChannel.com reports. The firm owned 107,601 shares of the technology company’s stock after purchasing an additional 49,950 shares during the period. Moran Wealth Management LLC’s holdings in Block were worth $6,475,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently added to or reduced their stakes in XYZ. Sound Income Strategies LLC increased its stake in 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 last quarter. Rachor Investment Advisory Services LLC acquired a new stake in shares of Block during the fourth quarter worth $32,000. EverSource Wealth Advisors LLC lifted its position in shares of 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 last quarter. Cary Street Partners Investment Advisory LLC lifted its position in shares of Block by 57.6% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 610 shares of the technology company’s stock worth $40,000 after buying an additional 223 shares during the last quarter. Finally, Osbon Capital Management LLC acquired a new position in shares of Block in the 4th quarter valued at about $43,000. Institutional investors and hedge funds own 70.44% of the company’s stock.
Block Stock Down 0.1%
Block stock opened at $78.71 on Friday. 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 one year low of $48.21 and a one year high of $82.50. The company has a 50-day simple moving average of $72.16 and a 200-day simple moving average of $65.65. The firm has a market capitalization of $46.85 billion, a P/E ratio of 61.50, a P/E/G ratio of 1.00 and a beta of 2.54.
Insider Activity at Block
In other news, CFO Amrita Ahuja sold 8,093 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $75.00, for a total transaction of $606,975.00. Following the completion of the transaction, the chief financial officer directly owned 463,246 shares in the company, valued at approximately $34,743,450. The trade was a 1.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anthony Mathew Eisen sold 36,000 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $79.83, for a total value of $2,873,880.00. Following the completion of the transaction, the director directly owned 1,874,672 shares of the company’s stock, valued at $149,655,065.76. This trade represents a 1.88% 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 sold 291,773 shares of company stock worth $22,057,296 in the last 90 days. 11.37% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
A number of equities research analysts recently weighed in on the stock. Needham & Company LLC boosted their price objective on shares of Block from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Robert W. Baird raised their target price on shares of Block from $90.00 to $100.00 and gave the stock an “outperform” rating in a report on Thursday. Bank of America decreased their target price on Block from $85.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Rosenblatt Securities set a $100.00 target price on Block in a report on Tuesday. Finally, BMO Capital Markets assumed coverage on Block in a research report on Tuesday. They set an “outperform” rating on the stock. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $87.56.
Check Out Our Latest Stock Report on XYZ
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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