Graypoint LLC Takes Position in Block, Inc. (NYSE:SQ)

Graypoint LLC bought a new stake in shares of Block, Inc. (NYSE:SQ) during the 4th quarter, HoldingsChannel.com reports. The fund bought 381,755 shares of the technology company’s stock, valued at approximately $32,445,000. Block makes up about 2.0% of Graypoint LLC’s holdings, making the stock its 11th largest position.

Several other institutional investors have also bought and sold shares of SQ. Yoder Wealth Management Inc. lifted its position in shares of Block by 0.4% during the 3rd quarter. Yoder Wealth Management Inc. now owns 39,688 shares of the technology company’s stock valued at $2,664,000 after buying an additional 145 shares during the last quarter. Nations Financial Group Inc. IA ADV boosted its position in Block by 1.9% during the third quarter. Nations Financial Group Inc. IA ADV now owns 7,744 shares of the technology company’s stock worth $520,000 after purchasing an additional 145 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Block by 0.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 26,864 shares of the technology company’s stock worth $2,283,000 after purchasing an additional 145 shares in the last quarter. Moser Wealth Advisors LLC lifted its stake in shares of Block by 2.5% during the 3rd quarter. Moser Wealth Advisors LLC now owns 6,265 shares of the technology company’s stock valued at $421,000 after buying an additional 153 shares in the last quarter. Finally, Lindbrook Capital LLC lifted its holdings in Block by 6.3% during the 3rd quarter. Lindbrook Capital LLC now owns 2,592 shares of the technology company’s stock worth $174,000 after purchasing an additional 154 shares in the last quarter. Institutional investors own 70.44% of the company’s stock.

Block Price Performance

Shares of SQ traded down $4.09 during mid-day trading on Friday, hitting $82.66. 8,205,973 shares of the stock were exchanged, compared to its average volume of 7,285,682. Block, Inc. has a 52-week low of $55.00 and a 52-week high of $99.26. The company has a market cap of $51.23 billion, a PE ratio of 46.44, a price-to-earnings-growth ratio of 1.23 and a beta of 2.51. The firm has a 50-day moving average of $88.39 and a two-hundred day moving average of $73.83. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07.

Analyst Ratings Changes

A number of brokerages recently weighed in on SQ. Canaccord Genuity Group raised their target price on shares of Block from $95.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Piper Sandler reaffirmed an “overweight” rating and issued a $83.00 price target on shares of Block in a research note on Monday, November 11th. The Goldman Sachs Group boosted their price objective on shares of Block from $87.00 to $102.00 and gave the company a “buy” rating in a research report on Monday, December 2nd. Oppenheimer raised Block from a “market perform” rating to an “outperform” rating and set a $115.00 price objective on the stock in a research report on Thursday, December 19th. Finally, Needham & Company LLC lifted their price target on Block from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $96.77.

Insider Activity at Block

In other news, CFO Amrita Ahuja sold 1,502 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $86.52, for a total transaction of $129,953.04. Following the transaction, the chief financial officer now directly owns 242,199 shares of the company’s stock, valued at approximately $20,955,057.48. This trade represents a 0.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Ajmere Dale sold 1,000 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $80.00, for a total value of $80,000.00. Following the transaction, the chief accounting officer now owns 88,791 shares in the company, valued at $7,103,280. The trade was a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,981 shares of company stock valued at $2,681,185. Insiders own 10.49% 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.