Block (NYSE:SQ) Price Target Raised to $90.00 at Needham & Company LLC

Block (NYSE:SQ) had its price objective hoisted by Needham & Company LLC from $80.00 to $90.00 in a report issued on Friday,Benzinga reports. They currently have a buy rating on the technology company’s stock.

A number of other equities analysts also recently commented on the company. New Street Research began coverage on Block in a report on Monday, September 9th. They issued a “neutral” rating and a $70.00 price objective on the stock. Macquarie restated an “outperform” rating and set a $100.00 price target on shares of Block in a research note on Friday, July 26th. Morgan Stanley reduced their price objective on shares of Block from $60.00 to $55.00 and set an “underweight” rating for the company in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft raised their target price on Block from $90.00 to $98.00 and gave the company a “buy” rating in a report on Friday, July 12th. Finally, Oppenheimer assumed coverage on Block in a research note on Tuesday, October 1st. They set a “market perform” rating for the company. One research analyst has rated the stock with a sell rating, five have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $90.56.

Block Stock Down 0.9 %

Shares of NYSE:SQ traded down $0.71 during midday trading on Friday, hitting $74.56. 24,843,731 shares of the stock were exchanged, compared to its average volume of 8,031,937. The business’s fifty day simple moving average is $68.86 and its two-hundred day simple moving average is $67.03. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.82 and a current ratio of 1.82. Block has a 52-week low of $50.86 and a 52-week high of $87.52. The company has a market capitalization of $45.90 billion, a PE ratio of 41.89, a P/E/G ratio of 1.06 and a beta of 2.48.

Insider Transactions at Block

In other Block news, CAO Ajmere Dale sold 500 shares of Block stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $61.88, for a total transaction of $30,940.00. Following the completion of the transaction, the chief accounting officer now directly owns 92,366 shares of the company’s stock, valued at approximately $5,715,608.08. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Block news, CAO Ajmere Dale sold 500 shares of Block stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $61.88, for a total value of $30,940.00. Following the completion of the transaction, the chief accounting officer now owns 92,366 shares in the company, valued at approximately $5,715,608.08. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Brian Grassadonia sold 8,328 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $64.77, for a total transaction of $539,404.56. Following the sale, the insider now directly owns 580,086 shares in the company, valued at approximately $37,572,170.22. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,214 shares of company stock valued at $1,637,932. Corporate insiders own 10.49% of the company’s stock.

Hedge Funds Weigh In On Block

Large investors have recently made changes to their positions in the company. SouthState Corp boosted its stake in Block by 85.3% in the third quarter. SouthState Corp now owns 391 shares of the technology company’s stock valued at $26,000 after acquiring an additional 180 shares during the last quarter. LRI Investments LLC bought a new stake in shares of Block in the 1st quarter valued at about $34,000. Unique Wealth Strategies LLC acquired a new stake in shares of Block in the 2nd quarter valued at approximately $34,000. V Square Quantitative Management LLC bought a new position in Block during the 3rd quarter worth approximately $46,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in Block during the second quarter valued at approximately $44,000. Institutional investors and hedge funds own 70.44% of the company’s stock.

About Block

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.