46,950 Shares in Block, Inc. $XYZ Bought by Alamar Capital Management LLC

Alamar Capital Management LLC purchased a new position in Block, Inc. (NYSE:XYZ) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 46,950 shares of the technology company’s stock, valued at approximately $3,189,000. Block comprises about 1.7% of Alamar Capital Management LLC’s holdings, making the stock its 27th largest holding.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Crewe Advisors LLC bought a new stake in shares of Block in the second quarter worth $46,000. Cullen Frost Bankers Inc. bought a new stake in Block during the second quarter valued at $73,000. S Bank Fund Management Ltd bought a new stake in Block during the second quarter valued at $92,000. Private Trust Co. NA bought a new stake in Block during the second quarter valued at $94,000. Finally, Whittier Trust Co. bought a new stake in Block during the second quarter valued at $96,000. Institutional investors own 70.44% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Piper Sandler reiterated an “underweight” rating and set a $58.00 target price (up previously from $50.00) on shares of Block in a research note on Friday, August 8th. Zacks Research upgraded shares of Block from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 13th. Bank of America boosted their target price on shares of Block from $88.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, August 8th. Compass Point reiterated a “sell” rating and set a $65.00 target price (down previously from $80.00) on shares of Block in a research note on Friday, August 8th. Finally, Cowen reiterated a “buy” rating on shares of Block in a research note on Friday, August 8th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $82.30.

Insiders Place Their Bets

In related news, insider Brian Grassadonia sold 35,145 shares of the company’s stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $80.00, for a total value of $2,811,600.00. Following the completion of the sale, the insider owned 535,896 shares of the company’s stock, valued at $42,871,680. This represents a 6.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Amrita Ahuja sold 1,276 shares of the company’s stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $76.69, for a total transaction of $97,856.44. Following the completion of the sale, the chief financial officer directly owned 282,924 shares of the company’s stock, valued at $21,697,441.56. The trade was a 0.45% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 123,041 shares of company stock valued at $9,355,075. Corporate insiders own 10.85% of the company’s stock.

Block Stock Performance

Shares of XYZ opened at $78.59 on Friday. Block, Inc. has a 1 year low of $44.27 and a 1 year high of $99.26. The company has a market cap of $47.91 billion, a price-to-earnings ratio of 16.83, a price-to-earnings-growth ratio of 3.09 and a beta of 2.71. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.96 and a current ratio of 1.96. The firm has a fifty day moving average of $76.37 and a 200-day moving average of $68.04.

Block (NYSE:XYZ) last announced its quarterly earnings results on Thursday, August 7th. The technology company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.41. Block had a net margin of 12.32% and a return on equity of 7.85%. The company had revenue of $6.05 billion during the quarter, compared to the consensus estimate of $6.32 billion. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. As a group, equities analysts anticipate that Block, Inc. will post 2.54 earnings per share for the current year.

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.