Truist Financial Cuts Block (NYSE:XYZ) Price Target to $67.00

Block (NYSE:XYZ) had its target price trimmed by Truist Financial from $74.00 to $67.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a sell rating on the technology company’s stock.

Other equities analysts also recently issued research reports about the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Block in a research note on Wednesday, October 8th. BNP Paribas Exane lowered Block from an “outperform” rating to a “neutral” rating and set a $86.00 price objective on the stock. in a research report on Tuesday, September 2nd. Robert W. Baird boosted their price objective on Block from $76.00 to $84.00 and gave the stock an “outperform” rating in a research note on Monday, July 21st. Monness Crespi & Hardt increased their target price on Block from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, August 4th. Finally, Macquarie raised their target price on Block from $50.00 to $67.00 and gave the company a “neutral” rating in a report on Tuesday, August 12th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, Block has an average rating of “Moderate Buy” and an average price target of $82.36.

Block Stock Down 3.1%

Shares of XYZ opened at $60.38 on Thursday. Block has a fifty-two week low of $44.27 and a fifty-two week high of $99.26. The company’s fifty day moving average is $74.57 and its two-hundred day moving average is $70.11. The firm has a market cap of $36.81 billion, a PE ratio of 12.17, a price-to-earnings-growth ratio of 2.72 and a beta of 2.73. The company has a quick ratio of 2.18, a current ratio of 2.18 and a debt-to-equity ratio of 0.25.

Block (NYSE:XYZ) last issued its earnings results 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 return on equity of 7.41% and a net margin of 12.99%.The business had revenue of $6.11 billion for the quarter. During the same period last year, the business posted $0.53 earnings per share. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. Analysts forecast that Block will post 2.54 earnings per share for the current year.

Insider Activity at Block

In other news, insider Chrysty Esperanza sold 3,609 shares of the firm’s stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $73.20, for a total transaction of $264,178.80. Following the completion of the sale, the insider owned 127,212 shares of the company’s stock, valued at approximately $9,311,918.40. This trade represents a 2.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Dhananjay Prasanna sold 5,659 shares of the company’s stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $73.72, for a total transaction of $417,181.48. Following the completion of the sale, the insider directly 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 SEC filing for this sale provides additional information. In the last 90 days, insiders sold 115,441 shares of company stock worth $8,778,247. 10.85% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Block

Several large investors have recently modified their holdings of the stock. Motley Fool Asset Management LLC purchased a new stake in Block in the 2nd quarter worth about $2,055,000. Cidel Asset Management Inc. acquired a new position in shares of Block in the 2nd quarter valued at about $311,000. Lane Generational LLC purchased a new stake in shares of Block in the second quarter worth approximately $6,043,000. Bessemer Group Inc. acquired a new stake in shares of Block during the second quarter worth approximately $62,389,000. Finally, OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Block during the second quarter worth approximately $6,094,000. Institutional investors own 70.44% of the company’s stock.

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.