Rhumbline Advisers Takes $43.04 Million Position in Block, Inc. $XYZ

Rhumbline Advisers bought a new stake in shares of Block, Inc. (NYSE:XYZ) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 633,597 shares of the technology company’s stock, valued at approximately $43,040,000. Rhumbline Advisers owned approximately 0.10% of Block at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the business. Traub Capital Management LLC bought a new position in shares of Block during the 2nd quarter worth approximately $26,000. SouthState Corp bought a new stake in shares of Block in the 2nd quarter valued at $29,000. First Horizon Advisors Inc. acquired a new position in shares of Block during the 2nd quarter valued at $30,000. Comprehensive Financial Planning Inc. PA bought a new position in Block during the second quarter worth $31,000. Finally, Parkside Financial Bank & Trust acquired a new stake in Block in the second quarter worth $31,000. 70.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Block

In related news, CFO Amrita Ahuja sold 1,276 shares of the stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $76.69, for a total value 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 approximately $21,697,441.56. This represents a 0.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Brian Grassadonia sold 35,145 shares of the firm’s stock in a transaction on 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 transaction, the insider owned 535,896 shares in the company, valued at approximately $42,871,680. This trade represents a 6.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 60,610 shares of company stock valued at $4,739,162 in the last three months. Insiders own 10.49% of the company’s stock.

Wall Street Analysts Forecast Growth

XYZ has been the subject of several research analyst reports. Mizuho lifted their price target on shares of Block from $88.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday, November 20th. Royal Bank Of Canada restated an “outperform” rating and issued a $90.00 target price on shares of Block in a research note on Thursday, November 20th. Compass Point reaffirmed a “sell” rating and issued a $65.00 target price (down from $80.00) on shares of Block in a research report on Friday, August 8th. Cowen reiterated a “buy” rating on shares of Block in a report on Friday, August 8th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Block in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.42.

Block Price Performance

Shares of NYSE XYZ opened at $61.85 on Tuesday. The stock has a market cap of $37.58 billion, a price-to-earnings ratio of 12.47, a PEG ratio of 3.47 and a beta of 2.73. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.18 and a current ratio of 2.18. Block, Inc. has a fifty-two week low of $44.27 and a fifty-two week high of $99.26. The firm’s 50-day simple moving average is $72.91 and its 200 day simple moving average is $70.66.

Block (NYSE:XYZ) last issued its quarterly earnings data on Thursday, November 6th. The technology company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.29. The firm had revenue of $6.11 billion during the quarter. Block had a return on equity of 5.54% and a net margin of 12.99%.The business’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.53 earnings per share. As a group, research analysts anticipate that Block, Inc. will post 2.54 earnings per share for the current fiscal year.

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.