Block (NYSE:XYZ) Stock Gets Price Target Boost from Wells Fargo & Company

Block (NYSE:XYZ) had its price target raised by investment analysts at Wells Fargo & Company from $97.00 to $110.00 in a research note issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 28.53% from the stock’s previous close.

XYZ has been the subject of a number of other research reports. Bank of America increased their target price on shares of Block from $115.00 to $117.00 and gave the stock a “buy” rating in a report on Wednesday. Robert W. Baird lifted their target price on shares of Block from $105.00 to $106.00 and gave the stock an “outperform” rating in a research note on Friday, October 2nd. Weiss Ratings restated a “hold (c)” rating on shares of Block in a report on Tuesday. Susquehanna boosted their target price on Block from $100.00 to $110.00 and gave the company a “positive” rating in a research report on Wednesday. Finally, Benchmark upgraded shares of Block to a “strong-buy” rating in a report on Thursday, September 10th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $98.36.

Block Stock Up 1.8%

Shares of NYSE XYZ traded up $1.54 during trading hours on Thursday, hitting $85.58. The company had a trading volume of 7,756,635 shares, compared to its average volume of 4,670,644. The firm’s 50 day moving average is $77.92 and its 200-day moving average is $71.50. The stock has a market capitalization of $51.42 billion, a P/E ratio of 115.65, a price-to-earnings-growth ratio of 0.81 and a beta of 2.58. The company has a quick ratio of 2.21, a current ratio of 2.21 and a debt-to-equity ratio of 0.26. Block has a 1-year low of $48.21 and a 1-year high of $88.51.

Block (NYSE:XYZ) last released its quarterly earnings results on Tuesday, November 3rd. The technology company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.45. Block had a net margin of 1.43% and a return on equity of 8.10%. The firm had revenue of $6.72 billion for the quarter. During the same period in the prior year, the company earned $0.54 earnings per share. The firm’s revenue was up 9.9% compared to the same quarter last year. On average, analysts expect that Block will post 2.75 earnings per share for the current fiscal year.

Insider Transactions at Block

In other news, Director Anthony Eisen sold 35,000 shares of the stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $87.50, for a total transaction of $3,062,500.00. Following the completion of the sale, the director directly owned 1,177,672 shares in the company, valued at approximately $103,046,300. This represents a 2.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 261,686 shares of company stock valued at $20,924,307. 11.37% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Elevation Wealth Partners LLC lifted its position in Block by 301.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 389 shares of the technology company’s stock valued at $30,000 after acquiring an additional 292 shares during the period. Global Assets Advisory LLC purchased a new position in Block in the 1st quarter worth about $31,000. University of Texas Texas AM Investment Management Co. bought a new position in Block during the third quarter valued at approximately $48,000. Ancora Advisors LLC bought a new position in shares of Block during the 2nd quarter valued at $53,000. Finally, Provenance Wealth Advisors LLC bought a new stake in shares of Block during the 3rd quarter valued at about $59,000. Hedge funds and other institutional investors own 70.44% of the company’s stock.

More Block News

Here are the key news stories impacting Block this week:

• Positive Sentiment: Several firms raised price targets, reinforcing expectations for further gains. UBS lifted its target to $105, Raymond James to $100 while maintaining an “outperform” rating, and BMO to $102 with a “market perform” rating. Wells Fargo raised its target to $110 and Barclays to $105, both with “overweight” ratings; Argus raised its target to $105 and maintained “buy.” UBS rating Raymond James rating BMO target update Wells Fargo rating Barclays rating Argus rating
• Positive Sentiment: Block reported better-than-expected earnings, with quarterly EPS of $1.13 versus the $0.68 consensus and revenue growth of 9.9% year over year. Shares subsequently reached a 52-week high, and traders bought a large volume of call options—signals of favorable investor expectations. Earnings and 52-week high Call options activity
• Neutral Sentiment: Rothschild & Co Redburn raised its target from $75 to $85 but kept a “neutral” rating, putting its estimate close to the recent share price. Redburn target update
• Negative Sentiment: Block reportedly made another round of job cuts this year, affecting employees in its Cash App businesses. The reductions may raise concerns about execution or operating pressures despite the recent earnings beat. Report on Block job cuts

About Block

Block, Inc is a financial technology company that provides payment and commerce tools to businesses and financial services for consumers. Its products include Square, a platform offering payment processing, point-of-sale software and related business services, and Cash App, which provides person-to-person payments and other financial features.

The company also owns Afterpay, a buy-now, pay-later service, and TIDAL, a music and entertainment platform. Block serves businesses and consumers in the United States and other markets, with product availability varying by country.

Founded in 2009 as Square by Jack Dorsey and Jim McKelvey, the company adopted the name Block in 2021.