GLOBALT Investments LLC GA Makes New $592,000 Investment in Block, Inc. $XYZ

GLOBALT Investments LLC GA purchased a new stake in shares of Block, Inc. (NYSE:XYZ) during the second quarter, HoldingsChannel.com reports. The fund purchased 8,718 shares of the technology company’s stock, valued at approximately $592,000.

Several other hedge funds have also recently made changes to their positions in XYZ. LJI Wealth Management LLC bought a new stake in Block in the 2nd quarter worth approximately $483,000. Asset Management One Co. Ltd. bought a new stake in shares of Block in the second quarter worth $14,850,000. 180 Wealth Advisors LLC bought a new position in Block in the second quarter valued at about $533,000. Alamar Capital Management LLC purchased a new position in Block in the second quarter worth about $3,189,000. Finally, Moser Wealth Advisors LLC bought a new stake in shares of Block during the 2nd quarter valued at about $289,000. 70.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on XYZ shares. Truist Financial raised their price objective on shares of Block from $70.00 to $74.00 and gave the stock a “sell” rating in a report on Friday. Keefe, Bruyette & Woods upped their price objective on Block from $80.00 to $95.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. Evercore ISI lifted their target price on Block from $75.00 to $85.00 and gave the company an “outperform” rating in a research report on Thursday, July 17th. Piper Sandler restated an “underweight” rating and issued a $58.00 price target (up previously from $50.00) on shares of Block in a research report on Friday, August 8th. Finally, Citigroup raised Block to a “strong-buy” rating in a research report on Thursday. Four equities research 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 stock. According to MarketBeat.com, Block has a consensus rating of “Moderate Buy” and an average target price of $82.42.

Insider Buying and Selling at Block

In other news, CFO Amrita Ahuja sold 9,966 shares of the business’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $73.20, for a total value of $729,511.20. Following the sale, the chief financial officer directly owned 298,431 shares in the company, valued at $21,845,149.20. The trade was a 3.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Dhananjay Prasanna sold 5,659 shares of the company’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $73.72, for a total transaction of $417,181.48. Following the sale, the insider owned 289,492 shares in the company, valued at $21,341,350.24. This represents a 1.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 123,041 shares of company stock worth $9,355,075 over the last three months. 10.85% of the stock is owned by company insiders.

Block Stock Performance

NYSE XYZ opened at $79.56 on Friday. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 0.16. Block, Inc. has a twelve month low of $44.27 and a twelve month high of $99.26. The business has a 50-day moving average price of $76.45 and a 200-day moving average price of $68.25. The firm has a market cap of $48.50 billion, a price-to-earnings ratio of 17.04, a price-to-earnings-growth ratio of 3.20 and a beta of 2.71.

Block (NYSE:XYZ) last issued its 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 return on equity of 7.85% and a net margin of 12.32%.The company had revenue of $6.05 billion for the quarter, compared to the consensus estimate of $6.32 billion. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. As a group, equities research analysts predict that Block, Inc. will post 2.54 EPS for the current fiscal 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.