Block (NYSE:SQ) Raised to Outperform at Raymond James

Block (NYSE:SQ) was upgraded by research analysts at Raymond James from a “market perform” rating to an “outperform” rating in a report issued on Friday, Marketbeat Ratings reports. The firm currently has a $115.00 price objective on the technology company’s stock. Raymond James’ price objective would suggest a potential upside of 24.78% from the company’s current price.

SQ has been the topic of several other reports. The Goldman Sachs Group boosted their target price on Block from $87.00 to $102.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Oppenheimer upgraded shares of Block from a “market perform” rating to an “outperform” rating and set a $115.00 price objective for the company in a report on Thursday, December 19th. Piper Sandler reaffirmed an “overweight” rating and set a $83.00 target price on shares of Block in a research note on Monday, November 11th. William Blair reissued an “outperform” rating on shares of Block in a research note on Friday, November 15th. Finally, BMO Capital Markets downgraded Block from an “outperform” rating to a “market perform” rating and upped their target price for the stock from $94.00 to $100.00 in a report on Monday, November 25th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-seven have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $96.94.

Block Stock Up 6.2 %

Shares of NYSE:SQ opened at $92.16 on Friday. The stock’s 50-day moving average is $87.20 and its 200 day moving average is $73.11. The company has a market cap of $57.12 billion, a PE ratio of 51.78, a P/E/G ratio of 1.23 and a beta of 2.51. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07. Block has a 1 year low of $55.00 and a 1 year high of $99.26.

Insider Activity

In other news, insider Chrysty Esperanza sold 2,865 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $95.00, for a total value of $272,175.00. Following the transaction, the insider now owns 85,235 shares in the company, valued at $8,097,325. This represents a 3.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Ajmere Dale sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $80.00, for a total transaction of $80,000.00. Following the sale, the chief accounting officer now owns 88,791 shares of the company’s stock, valued at $7,103,280. This trade represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,599 shares of company stock valued at $2,120,494 in the last ninety days. 10.49% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Block

A number of institutional investors have recently bought and sold shares of SQ. Everence Capital Management Inc. purchased a new stake in Block in the fourth quarter worth about $1,129,000. GAMMA Investing LLC grew its stake in shares of Block by 7.2% during the 4th quarter. GAMMA Investing LLC now owns 2,493 shares of the technology company’s stock valued at $212,000 after acquiring an additional 168 shares during the period. Versant Capital Management Inc increased its holdings in Block by 67.7% in the 4th quarter. Versant Capital Management Inc now owns 394 shares of the technology company’s stock worth $33,000 after acquiring an additional 159 shares in the last quarter. Synovus Financial Corp raised its stake in Block by 18.6% during the 3rd quarter. Synovus Financial Corp now owns 10,174 shares of the technology company’s stock worth $683,000 after acquiring an additional 1,593 shares during the period. Finally, Wilmington Savings Fund Society FSB lifted its holdings in Block by 38.1% during the third quarter. Wilmington Savings Fund Society FSB now owns 9,893 shares of the technology company’s stock valued at $664,000 after purchasing an additional 2,728 shares in the last quarter. 70.44% of the stock is owned by institutional investors.

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.