RMR Wealth Builders Trims Stake in Block, Inc. (NYSE:SQ)

RMR Wealth Builders reduced its holdings in shares of Block, Inc. (NYSE:SQ) by 12.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 3,140 shares of the technology company’s stock after selling 456 shares during the period. RMR Wealth Builders’ holdings in Block were worth $267,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Yoder Wealth Management Inc. increased its stake in shares of Block by 0.4% in the third quarter. Yoder Wealth Management Inc. now owns 39,688 shares of the technology company’s stock worth $2,664,000 after purchasing an additional 145 shares in the last quarter. Nations Financial Group Inc. IA ADV increased its stake in shares of Block by 1.9% in 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 in the last quarter. 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 increased its stake in shares of Block by 2.5% in the third quarter. Moser Wealth Advisors LLC now owns 6,265 shares of the technology company’s stock worth $421,000 after purchasing an additional 153 shares in the last quarter. Finally, Lindbrook Capital LLC increased its stake in shares of Block by 6.3% in the third 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. 70.44% of the stock is owned by hedge funds and other institutional investors.

Block Trading Down 4.7 %

Shares of SQ opened at $82.66 on Friday. Block, Inc. has a 1-year low of $55.00 and a 1-year high of $99.26. The company has a 50-day moving average of $88.60 and a 200 day moving average of $73.96. The firm has a market capitalization of $51.23 billion, a price-to-earnings ratio of 46.44, a PEG 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.

Analyst Ratings Changes

SQ has been the subject of a number of analyst reports. Keefe, Bruyette & Woods reduced their price objective on shares of Block from $105.00 to $100.00 and set a “market perform” rating for the company in a research note on Monday, January 6th. Sanford C. Bernstein raised their target price on shares of Block from $90.00 to $120.00 and gave the company an “outperform” rating in a research note on Monday, December 2nd. 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. Royal Bank of Canada reaffirmed an “outperform” rating and set a $88.00 target price on shares of Block in a research note on Monday, October 21st. Finally, Morgan Stanley raised their target price on shares of Block from $60.00 to $65.00 and gave the company an “underweight” rating in a research note on Wednesday, December 18th. 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $96.77.

Insider Activity at Block

In other Block news, CAO Ajmere Dale sold 1,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $80.00, for a total transaction of $80,000.00. Following the transaction, the chief accounting officer now owns 88,791 shares of the company’s stock, valued at approximately $7,103,280. This trade represents a 1.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Brian Grassadonia sold 8,328 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $91.18, for a total transaction of $759,347.04. Following the transaction, the insider now directly owns 563,894 shares in the company, valued at $51,415,854.92. This trade represents a 1.46 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,981 shares of company stock worth $2,681,185 in the last 90 days. 10.49% of the stock is owned by corporate insiders.

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.