Caisse de depot et placement du Quebec purchased a new position in shares of Block, Inc. (NYSE:XYZ – Free Report) in the second quarter, Holdings Channel.com reports. The firm purchased 44,300 shares of the technology company’s stock, valued at approximately $1,687,000.
Several other institutional investors and hedge funds have also made changes to their positions in the business. Elevation Wealth Partners LLC increased its holdings in shares of Block by 301.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 389 shares of the technology company’s stock valued at $30,000 after acquiring an additional 292 shares during the last quarter. Global Assets Advisory LLC purchased a new stake in Block during the first quarter worth approximately $31,000. Cary Street Partners Investment Advisory LLC lifted its stake in Block by 57.6% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 610 shares of the technology company’s stock worth $40,000 after purchasing an additional 223 shares during the last quarter. Osbon Capital Management LLC acquired a new position in Block in the fourth quarter valued at approximately $43,000. Finally, Darwin Wealth Management LLC acquired a new position in Block in the second quarter valued at approximately $43,000. 70.44% of the stock is owned by institutional investors and hedge funds.
Block Stock Down 1.5%
XYZ stock opened at $83.58 on Friday. The company has a market cap of $50.21 billion, a price-to-earnings ratio of 149.25, a price-to-earnings-growth ratio of 0.93 and a beta of 2.53. The company has a fifty day moving average price of $79.64 and a 200 day moving average price of $70.09. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.21 and a quick ratio of 2.21. Block, Inc. has a 12 month low of $48.21 and a 12 month high of $86.92.
Insider Buying and Selling
In related news, insider Brian Grassadonia sold 43,348 shares of the business’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $80.00, for a total value of $3,467,840.00. Following the transaction, the insider owned 557,654 shares in the company, valued at $44,612,320. The trade was a 7.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anthony Mathew Eisen sold 135,750 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $76.81, for a total value of $10,426,957.50. Following the sale, the director directly owned 2,032,990 shares of the company’s stock, valued at approximately $156,153,961.90. This represents a 6.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 501,756 shares of company stock valued at $39,582,259 over the last quarter. 11.37% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
XYZ has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft raised shares of Block to a “buy” rating in a report on Tuesday, June 30th. Canaccord Genuity Group increased their target price on shares of Block from $85.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, August 13th. Argus raised their price objective on Block from $86.00 to $103.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Oppenheimer reiterated an “outperform” rating and set a $97.00 target price on shares of Block in a research report on Thursday, August 6th. Finally, Wolfe Research boosted their target price on Block from $100.00 to $115.00 and gave the company an “outperform” rating in a report on Tuesday. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $95.84.
Read Our Latest Report on Block
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.
Featured Articles
- Five stocks we like better than Block
- From SaaS-pocalypse to Perfect Storm: Workday’s AI Growth Story Strengthens
- These 3 GARP Stocks Show Why Growth and Value Do Not Have to Clash
- Venture Into High-Volatility Corners of the Market With These 3 ETFs
- 3 Retail Stocks to Watch After a Big Consumer Earnings Week
Want to see what other hedge funds are holding XYZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Block, Inc. (NYSE:XYZ – Free Report).
Receive News & Ratings for Block Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Block and related companies with MarketBeat.com's FREE daily email newsletter.
