Partners Wealth Management LLC purchased a new position in Block, Inc. (NYSE:XYZ – Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,283 shares of the technology company’s stock, valued at approximately $536,000.
A number of other hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Block during the 2nd quarter valued at about $621,703,000. Hyperion Asset Management Ltd boosted its position in Block by 6.9% in the 2nd quarter. Hyperion Asset Management Ltd now owns 2,682,854 shares of the technology company’s stock valued at $203,897,000 after buying an additional 172,848 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in Block by 528.2% in the 1st 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. Dimensional Fund Advisors LP grew its stake in Block by 1.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,147,988 shares of the technology company’s stock worth $189,353,000 after acquiring an additional 39,112 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in Block by 1.0% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,624,534 shares of the technology company’s stock worth $157,944,000 after acquiring an additional 25,067 shares in the last quarter. 70.44% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on XYZ. Morgan Stanley lowered shares of Block from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $90.00 to $80.00 in a research report on Monday, October 26th. Canaccord Genuity Group boosted their price target on Block from $85.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, August 13th. Needham & Company LLC boosted their price target on Block from $95.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Zacks Research cut Block from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 30th. Finally, Barclays assumed coverage on Block in a report on Tuesday, July 7th. They set an “overweight” rating and a $100.00 price objective on the stock. Three research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, Block has an average rating of “Moderate Buy” and an average target price of $95.61.
Read Our Latest Stock Analysis on Block
Block Stock Down 0.8%
NYSE:XYZ opened at $76.36 on Friday. Block, Inc. has a 1-year low of $48.21 and a 1-year high of $86.92. The company has a 50-day moving average of $78.00 and a 200 day moving average of $71.08. The firm has a market cap of $45.88 billion, a PE ratio of 136.37, a price-to-earnings-growth ratio of 0.80 and a beta of 2.55. 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 (NYSE:XYZ – Get Free Report) last issued its earnings results on Wednesday, August 5th. The technology company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.54. Block had a net margin of 1.43% and a return on equity of 8.10%. The company had revenue of $6.62 billion for the quarter. During the same quarter in the previous year, the company earned $0.62 earnings per share. The firm’s revenue was up 9.3% on a year-over-year basis. Block has set its FY 2026 guidance at 4.020-4.020 EPS and its Q3 2026 guidance at 1.020-1.020 EPS. As a group, research analysts anticipate that Block, Inc. will post 2.75 EPS for the current fiscal year.
Insider Buying and Selling at Block
In other news, Director Anthony Eisen sold 6,000 shares of the stock in a transaction that occurred on Wednesday, October 28th. The shares were sold at an average price of $74.44, for a total transaction of $446,640.00. Following the transaction, the director directly owned 1,212,672 shares in the company, valued at approximately $90,271,303.68. This trade represents a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 314,565 shares of company stock valued at $25,254,486. 11.37% of the stock is currently owned by corporate insiders.
About Block
Block, Inc is a financial technology company that provides payments, commerce, and financial services through an ecosystem of business and consumer products. Formerly known as Square, the company was co-founded by Jack Dorsey and Jim McKelvey and changed its corporate name to Block in 2021.
Its Square ecosystem serves businesses with point-of-sale hardware, payment processing, invoicing, payroll, inventory management, customer engagement, online commerce, and other software tools. Block also offers lending and other financial services to eligible business customers through Square-related products.
For consumers, Block operates Cash App, a mobile financial services platform that supports services such as peer-to-peer payments, money transfers, a Cash App Card, direct deposit, investing, and bitcoin transactions, subject to product and geographic availability.
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