Block, Inc. (NYSE:XYZ – Get Free Report) insider Owen Britton Jennings sold 584 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $80.04, for a total transaction of $46,743.36. Following the completion of the sale, the insider owned 461,445 shares in the company, valued at $36,934,057.80. The trade was a 0.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Owen Britton Jennings also recently made the following trade(s):
- On Monday, August 24th, Owen Britton Jennings sold 1,317 shares of Block stock. The stock was sold at an average price of $81.48, for a total value of $107,309.16.
Block Trading Up 1.7%
NYSE:XYZ opened at $82.73 on Wednesday. The stock has a market cap of $49.70 billion, a price-to-earnings ratio of 147.72, a PEG ratio of 0.91 and a beta of 2.53. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.21 and a current ratio of 2.21. Block, Inc. has a 1 year low of $48.21 and a 1 year high of $86.75. The business has a fifty day moving average of $79.05 and a 200-day moving average of $69.58.
Analysts Set New Price Targets
Several analysts recently commented on XYZ shares. Monness Crespi & Hardt raised their price target on shares of Block from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, August 7th. The Goldman Sachs Group upgraded shares of Block from a “buy” rating to a “buy” rating in a research note on Tuesday, June 30th. Morgan Stanley reaffirmed an “overweight” rating on shares of Block in a research note on Wednesday, August 5th. BMO Capital Markets upped their price objective on shares of Block from $78.00 to $85.00 and gave the stock a “market perform” rating in a report on Wednesday, July 22nd. Finally, Truist Financial raised their target price on Block from $82.00 to $93.00 and gave the company a “buy” rating in a report on Friday, July 24th. Three research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $95.84.
Read Our Latest Stock Analysis on Block
Institutional Trading of Block
Several hedge funds and other institutional investors have recently bought and sold shares of XYZ. California State Teachers Retirement System raised its position in shares of Block by 6,740.0% during the second quarter. California State Teachers Retirement System now owns 54,852,088 shares of the technology company’s stock valued at $4,168,759,000 after buying an additional 54,050,161 shares during the last quarter. BlackRock Inc. acquired a new stake in Block during the second quarter worth about $621,703,000. Ameriprise Financial Inc. bought a new position in Block during the second quarter valued at about $535,305,000. Norges Bank bought a new position in Block during the fourth quarter valued at about $484,387,000. Finally, Viking Global Investors LP acquired a new position in Block in the 2nd quarter valued at approximately $368,213,000. 70.44% of the stock is currently owned by institutional investors and hedge funds.
Block Company 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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