Canaccord Genuity Group Increases Block (NYSE:SQ) Price Target to $120.00

Block (NYSE:SQ) had its target price increased by Canaccord Genuity Group from $95.00 to $120.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the technology company’s stock.

Other equities analysts have also issued reports about the stock. Piper Sandler reaffirmed an “overweight” rating and set a $83.00 target price on shares of Block in a research report on Monday. Oppenheimer began coverage on Block in a research report on Tuesday, October 1st. They set a “market perform” rating for the company. William Blair raised Block to a “strong-buy” rating in a research report on Wednesday, July 31st. Macquarie restated an “outperform” rating and issued a $100.00 price objective on shares of Block in a report on Friday, July 26th. Finally, BMO Capital Markets dropped their target price on shares of Block from $93.00 to $92.00 and set an “outperform” rating on the stock in a report on Thursday, October 3rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $91.30.

Block Trading Down 2.8 %

SQ stock opened at $83.42 on Tuesday. Block has a 12 month low of $55.00 and a 12 month high of $90.00. The firm’s 50-day moving average is $70.11 and its 200 day moving average is $67.22. The company has a market capitalization of $51.36 billion, a PE ratio of 46.87, a P/E/G ratio of 1.16 and a beta of 2.48. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07.

Insider Transactions at Block

In other news, insider Brian Grassadonia sold 8,328 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $64.77, for a total value of $539,404.56. Following the completion of the transaction, the insider now directly owns 580,086 shares in the company, valued at $37,572,170.22. This trade represents a 1.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Ajmere Dale sold 1,406 shares of Block stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $64.70, for a total value of $90,968.20. Following the sale, the chief accounting officer now directly owns 90,960 shares of the company’s stock, valued at $5,885,112. This trade represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,678 shares of company stock worth $1,924,112. Company insiders own 10.49% of the company’s stock.

Institutional Trading of Block

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. National Pension Service lifted its position in Block by 13.5% during the third quarter. National Pension Service now owns 1,083,113 shares of the technology company’s stock valued at $72,709,000 after purchasing an additional 128,832 shares during the period. Baillie Gifford & Co. lifted its holdings in shares of Block by 1.5% in the 3rd quarter. Baillie Gifford & Co. now owns 10,233,102 shares of the technology company’s stock valued at $686,948,000 after buying an additional 147,873 shares during the period. Lone Pine Capital LLC lifted its holdings in shares of Block by 13.9% in the 2nd quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company’s stock valued at $494,672,000 after buying an additional 934,588 shares during the period. DekaBank Deutsche Girozentrale boosted its stake in shares of Block by 2.7% in the third quarter. DekaBank Deutsche Girozentrale now owns 541,204 shares of the technology company’s stock worth $35,969,000 after buying an additional 14,163 shares during the last quarter. Finally, Forsta AP Fonden grew its holdings in Block by 11.5% during the third quarter. Forsta AP Fonden now owns 115,900 shares of the technology company’s stock worth $7,780,000 after acquiring an additional 12,000 shares during the period. Institutional investors and hedge funds 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.