Prosperity Consulting Group LLC Acquires New Holdings in Block, Inc. $XYZ

Prosperity Consulting Group LLC bought a new position in shares of Block, Inc. (NYSE:XYZ) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 3,545 shares of the technology company’s stock, valued at approximately $241,000.

Other institutional investors have also made changes to their positions in the company. Deseret Mutual Benefit Administrators acquired a new position in Block during the 2nd quarter worth about $33,000. Creative Financial Designs Inc. ADV purchased a new stake in Block during the second quarter worth about $41,000. Crewe Advisors LLC acquired a new stake in shares of Block during the second quarter worth about $46,000. Twin Lakes Capital Management LLC purchased a new position in shares of Block in the second quarter valued at approximately $46,000. Finally, CNB Bank acquired a new position in shares of Block in the second quarter valued at approximately $51,000. 70.44% of the stock is currently owned by institutional investors and hedge funds.

Block Stock Performance

Shares of XYZ opened at $70.95 on Friday. The company has a market capitalization of $43.25 billion, a price-to-earnings ratio of 15.19, a price-to-earnings-growth ratio of 3.00 and a beta of 2.73. Block, Inc. has a 52-week low of $44.27 and a 52-week high of $99.26. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 0.16. The stock has a 50 day moving average price of $76.08 and a 200 day moving average price of $69.69.

Block (NYSE:XYZ) last issued its quarterly earnings data on Thursday, November 6th. The technology company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.29. Block had a net margin of 12.32% and a return on equity of 7.85%. The business had revenue of $6.11 billion during the quarter. During the same quarter in the prior year, the firm posted $0.53 EPS. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. Research analysts predict that Block, Inc. will post 2.54 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Owen Britton Jennings sold 10,424 shares of the business’s stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $73.20, for a total value of $763,036.80. Following the completion of the sale, the insider directly owned 263,507 shares of the company’s stock, valued at approximately $19,288,712.40. The trade was a 3.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Chrysty Esperanza sold 3,609 shares of the firm’s stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $73.20, for a total value of $264,178.80. Following the transaction, the insider owned 127,212 shares in the company, valued at $9,311,918.40. This represents a 2.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 119,041 shares of company stock valued at $9,052,531 over the last ninety days. Company insiders own 10.85% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on XYZ shares. JPMorgan Chase & Co. raised their price target on shares of Block from $60.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday, July 21st. BTIG Research set a $80.00 target price on Block and gave the company a “buy” rating in a report on Tuesday, August 5th. Morgan Stanley boosted their target price on Block from $73.00 to $77.00 and gave the stock an “equal weight” rating in a research note on Monday, August 11th. Cowen reaffirmed a “buy” rating on shares of Block in a research report on Friday, August 8th. Finally, Compass Point reiterated a “sell” rating and issued a $65.00 price objective (down previously from $80.00) on shares of Block in a research note on Friday, August 8th. Four analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $82.42.

Block 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.