Integrated Wealth Concepts LLC Sells 465 Shares of Block, Inc. (NYSE:SQ)

Integrated Wealth Concepts LLC trimmed its stake in shares of Block, Inc. (NYSE:SQ) by 2.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,924 shares of the technology company’s stock after selling 465 shares during the period. Integrated Wealth Concepts LLC’s holdings in Block were worth $1,069,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Baillie Gifford & Co. raised its stake 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 purchasing an additional 147,873 shares during the period. Lone Pine Capital LLC grew its holdings in shares of Block by 13.9% during the second quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company’s stock worth $494,672,000 after buying an additional 934,588 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Block by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,202,388 shares of the technology company’s stock valued at $147,846,000 after buying an additional 45,472 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Block by 17.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,733 shares of the technology company’s stock valued at $139,143,000 after acquiring an additional 326,444 shares in the last quarter. Finally, D1 Capital Partners L.P. boosted its position in Block by 76.7% during the 2nd quarter. D1 Capital Partners L.P. now owns 1,831,342 shares of the technology company’s stock worth $118,103,000 after acquiring an additional 795,000 shares during the last quarter. 70.44% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. New Street Research initiated coverage on shares of Block in a research report on Monday, September 9th. They issued a “neutral” rating and a $70.00 price objective on the stock. BMO Capital Markets downgraded shares of Block from an “outperform” rating to a “market perform” rating and increased their price objective for the stock from $94.00 to $100.00 in a research note on Monday, November 25th. The Goldman Sachs Group raised their price objective on Block from $87.00 to $102.00 and gave the company a “buy” rating in a report on Monday, December 2nd. Keefe, Bruyette & Woods upped their target price on Block from $71.00 to $80.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $88.00 price target on shares of Block in a research note on Monday, October 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.96.

Insider Buying and Selling

In related news, insider Brian Grassadonia sold 8,328 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $91.18, for a total transaction of $759,347.04. Following the completion of the sale, the insider now directly owns 563,894 shares in the company, valued at $51,415,854.92. This represents a 1.46 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Ajmere Dale sold 500 shares of Block stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $67.00, for a total value of $33,500.00. Following the completion of the transaction, the chief accounting officer now owns 90,460 shares in the company, valued at approximately $6,060,820. This represents a 0.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 31,918 shares of company stock valued at $2,666,147 over the last quarter. 10.49% of the stock is owned by company insiders.

Block Stock Performance

SQ opened at $98.25 on Monday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07. Block, Inc. has a 52-week low of $55.00 and a 52-week high of $99.26. The firm has a market cap of $60.90 billion, a P/E ratio of 55.20, a price-to-earnings-growth ratio of 1.33 and a beta of 2.50. The business’s fifty day moving average is $78.93 and its 200-day moving average is $69.56.

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.