Block (NYSE:SQ) Stock Rating Lowered by BMO Capital Markets

Block (NYSE:SQ) was downgraded by research analysts at BMO Capital Markets from an “outperform” rating to a “market perform” rating in a research note issued to investors on Monday,Briefing.com Automated Import reports. They currently have a $100.00 price objective on the technology company’s stock, up from their prior price objective of $94.00. BMO Capital Markets’ price target indicates a potential upside of 8.39% from the company’s current price.

Other analysts have also issued reports about the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $88.00 price target on shares of Block in a research report on Monday, October 21st. Canaccord Genuity Group boosted their target price on shares of Block from $95.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. UBS Group reduced their price objective on Block from $100.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Benchmark reaffirmed a “buy” rating and issued a $99.00 price target on shares of Block in a research note on Friday, August 2nd. Finally, William Blair restated an “outperform” rating on shares of Block in a report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $91.46.

Block Stock Down 0.5 %

SQ stock opened at $92.26 on Monday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07. The firm has a market capitalization of $57.18 billion, a P/E ratio of 51.83, a P/E/G ratio of 1.24 and a beta of 2.48. Block has a 52-week low of $55.00 and a 52-week high of $94.12. The company’s 50 day simple moving average is $73.83 and its 200-day simple moving average is $68.07.

Insider Buying and Selling at Block

In related news, CAO Ajmere Dale sold 500 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $67.00, for a total transaction of $33,500.00. Following the completion of the transaction, the chief accounting officer now directly owns 90,460 shares in the company, valued at $6,060,820. This represents a 0.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Amrita Ahuja sold 5,935 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $65.53, for a total transaction of $388,920.55. Following the completion of the sale, the chief financial officer now owns 255,496 shares in the company, valued at $16,742,652.88. This represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,283 shares of company stock valued at $862,773. 10.49% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Block

Several hedge funds have recently added to or reduced their stakes in the business. SouthState Corp raised its position in Block by 85.3% during the 3rd quarter. SouthState Corp now owns 391 shares of the technology company’s stock worth $26,000 after purchasing an additional 180 shares during the last quarter. True Wealth Design LLC raised its position in shares of Block by 64.7% in the 3rd quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock worth $33,000 after acquiring an additional 194 shares in the last quarter. LRI Investments LLC acquired a new position in Block in the first quarter valued at approximately $34,000. Unique Wealth Strategies LLC bought a new position in Block during the second quarter worth $34,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Block during the 2nd quarter worth about $44,000. 70.44% of the stock is currently owned by institutional investors and hedge funds.

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.