Future Fund LLC Makes New Investment in Block, Inc. $XYZ

Future Fund LLC purchased a new position in Block, Inc. (NYSE:XYZ) during the second quarter, Holdings Channel reports. The fund purchased 40,850 shares of the technology company’s stock, valued at approximately $2,775,000. Block makes up about 1.2% of Future Fund LLC’s investment portfolio, making the stock its 14th biggest position.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. SouthState Corp purchased a new position in Block in the second quarter worth $29,000. First Horizon Advisors Inc. bought a new stake in Block during the second quarter worth about $30,000. Parkside Financial Bank & Trust bought a new stake in Block during the second quarter worth about $31,000. Deseret Mutual Benefit Administrators purchased a new position in shares of Block in the 2nd quarter worth about $33,000. Finally, Creative Financial Designs Inc. ADV bought a new position in shares of Block during the 2nd quarter valued at about $41,000. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Insider Activity at Block

In related news, insider Chrysty Esperanza sold 406 shares of the firm’s stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $74.77, for a total value of $30,356.62. Following the sale, the insider directly owned 126,806 shares of the company’s stock, valued at $9,481,284.62. This trade represents a 0.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Ajmere Dale sold 750 shares of the company’s stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $80.00, for a total value of $60,000.00. Following the transaction, the chief accounting officer directly owned 102,308 shares of the company’s stock, valued at $8,184,640. The trade was a 0.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 119,041 shares of company stock valued at $9,052,531 in the last quarter. 10.85% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on XYZ shares. Weiss Ratings restated a “hold (c+)” rating on shares of Block in a research report on Wednesday, October 8th. Citigroup raised shares of Block to a “strong-buy” rating in a research note on Thursday, October 23rd. Monness Crespi & Hardt upped their price objective on shares of Block from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, August 4th. Jefferies Financial Group increased their target price on shares of Block from $90.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, October 21st. Finally, Morgan Stanley reduced their target price on shares of Block from $77.00 to $71.00 and set an “equal weight” rating on the stock in a report on Friday. Four research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $82.58.

Block Stock Down 7.7%

Shares of NYSE XYZ opened at $65.49 on Friday. The firm’s fifty day moving average is $75.80 and its 200 day moving average is $69.89. 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 company has a market cap of $39.92 billion, a price-to-earnings ratio of 13.20, a PEG ratio of 2.67 and a beta of 2.73.

Block (NYSE:XYZ) last announced its quarterly earnings results on Thursday, November 6th. The technology company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.29. Block had a net margin of 12.99% and a return on equity of 8.49%. The business had revenue of $6.11 billion during the quarter. During the same period in the previous year, the company earned $0.53 EPS. The company’s quarterly revenue was up 2.3% on a year-over-year basis. On average, equities research analysts expect that Block, Inc. will post 2.54 earnings per share for the current year.

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.