Block (NYSE:SQ) Stock Price Down 1%

Block, Inc. (NYSE:SQ)’s share price dropped 1% during trading on Friday . The stock traded as low as $65.60 and last traded at $65.75. Approximately 1,154,222 shares changed hands during trading, a decline of 87% from the average daily volume of 8,587,340 shares. The stock had previously closed at $66.42.

Analysts Set New Price Targets

SQ has been the subject of several recent analyst reports. Robert W. Baird raised their price objective on shares of Block from $98.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Morgan Stanley dropped their price target on shares of Block from $60.00 to $55.00 and set an “underweight” rating on the stock in a research note on Tuesday, July 30th. Benchmark reissued a “buy” rating and issued a $99.00 price objective on shares of Block in a report on Friday, August 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $88.00 target price on shares of Block in a research note on Friday, August 2nd. Finally, Monness Crespi & Hardt restated a “neutral” rating on shares of Block in a research report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $87.52.

Block Trading Down 1.6 %

The firm has a market capitalization of $40.25 billion, a P/E ratio of 85.39, a PEG ratio of 1.15 and a beta of 2.52. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.26. The firm has a 50 day moving average of $64.13 and a 200-day moving average of $69.83.

Block (NYSE:SQ) last issued its quarterly earnings results on Thursday, August 1st. The technology company reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.09. The company had revenue of $6.16 billion for the quarter, compared to analysts’ expectations of $6.27 billion. Block had a return on equity of 3.77% and a net margin of 3.47%. Block’s revenue was up 11.2% on a year-over-year basis. During the same quarter last year, the business earned $0.40 earnings per share. On average, equities research analysts predict that Block, Inc. will post 1.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Amrita Ahuja sold 6,661 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $64.70, for a total value of $430,966.70. Following the sale, the chief financial officer now owns 264,697 shares of the company’s stock, valued at $17,125,895.90. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Brian Grassadonia sold 1,889 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $64.37, for a total transaction of $121,594.93. Following the completion of the sale, the insider now directly owns 590,761 shares of the company’s stock, valued at $38,027,285.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Amrita Ahuja sold 6,661 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $64.70, for a total value of $430,966.70. Following the transaction, the chief financial officer now owns 264,697 shares of the company’s stock, valued at approximately $17,125,895.90. The disclosure for this sale can be found here. Insiders have sold 28,179 shares of company stock valued at $1,833,962 in the last ninety days. 10.49% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Block

Several hedge funds have recently added to or reduced their stakes in the company. Wealthcare Advisory Partners LLC lifted its holdings in Block by 1.3% in the first quarter. Wealthcare Advisory Partners LLC now owns 10,618 shares of the technology company’s stock worth $898,000 after buying an additional 139 shares during the period. Financial Perspectives Inc grew its position in Block by 7.2% during the first quarter. Financial Perspectives Inc now owns 2,300 shares of the technology company’s stock valued at $195,000 after buying an additional 155 shares during the period. Valley National Advisers Inc. increased its holdings in Block by 25.4% during the first quarter. Valley National Advisers Inc. now owns 765 shares of the technology company’s stock valued at $64,000 after buying an additional 155 shares during the last quarter. Aaron Wealth Advisors LLC raised its position in Block by 3.4% in the first quarter. Aaron Wealth Advisors LLC now owns 4,831 shares of the technology company’s stock worth $409,000 after acquiring an additional 157 shares during the period. Finally, CAP Partners LLC boosted its stake in shares of Block by 3.5% during the 1st quarter. CAP Partners LLC now owns 4,765 shares of the technology company’s stock worth $403,000 after acquiring an additional 163 shares during the last quarter. Institutional investors own 70.44% of the company’s stock.

Block Company Profile

Square, Inc provides payment and point-of-sale solutions in the United States and internationally. The company's commerce ecosystem includes point-of-sale software and hardware that enables sellers to turn mobile and computing devices into payment and point-of-sale solutions. It offers hardware products, including Magstripe reader, which enables swiped transactions of magnetic stripe cards; Contactless and chip reader that accepts EMV® chip cards and Near Field Communication payments; Chip card reader, which accepts EMV® chip cards and enables swiped transactions of magnetic stripe cards; Square Stand, which enables an iPad to be used as a payment terminal or full point of sale solution; and Square Register that combines its hardware, point-of-sale software, and payments technology, as well as managed payments solutions.