Block (NYSE:XYZ) Rating Increased to Overweight at Morgan Stanley

Block (NYSE:XYZ) was upgraded by equities researchers at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Thursday,Briefing.com Automated Import reports. The firm presently has a $67.00 price target on the technology company’s stock. Morgan Stanley’s target price points to a potential upside of 15.54% from the stock’s previous close.

A number of other analysts have also weighed in on the company. StockNews.com initiated coverage on Block in a research report on Saturday, February 15th. They set a “hold” rating on the stock. Piper Sandler cut their target price on shares of Block from $101.00 to $85.00 and set an “overweight” rating on the stock in a research note on Monday, February 24th. BMO Capital Markets upgraded shares of Block from a “market perform” rating to an “outperform” rating and decreased their price target for the stock from $100.00 to $89.00 in a research note on Monday, February 24th. Barclays reduced their price objective on shares of Block from $112.00 to $97.00 and set an “overweight” rating on the stock in a report on Monday, February 24th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $90.00 target price on shares of Block in a research note on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat.com, Block presently has a consensus rating of “Moderate Buy” and a consensus target price of $94.46.

Block Price Performance

NYSE XYZ opened at $57.99 on Thursday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07. The firm has a market cap of $35.92 billion, a P/E ratio of 12.75, a P/E/G ratio of 0.72 and a beta of 2.78. The firm has a 50-day moving average price of $70.66. Block has a 1-year low of $52.25 and a 1-year high of $99.26.

Block (NYSE:XYZ) last posted its quarterly earnings data on Thursday, February 20th. The technology company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.11). Block had a net margin of 11.92% and a return on equity of 5.80%. The business had revenue of $6.03 billion during the quarter, compared to analysts’ expectations of $6.23 billion. On average, analysts anticipate that Block will post 2.54 EPS for the current fiscal year.

Insider Buying and Selling at Block

In other Block news, CAO Ajmere Dale sold 1,467 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $70.32, for a total value of $103,159.44. Following the completion of the transaction, the chief accounting officer now directly owns 82,499 shares of the company’s stock, valued at approximately $5,801,329.68. This trade represents a 1.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Brian Grassadonia sold 4,520 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $70.32, for a total value of $317,846.40. Following the sale, the insider now directly owns 551,850 shares in the company, valued at $38,806,092. This trade represents a 0.81 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,585 shares of company stock valued at $1,088,423. 10.49% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Diversify Advisory Services LLC acquired a new stake in Block in the 4th quarter valued at about $1,315,000. Perpetual Ltd acquired a new stake in shares of Block in the fourth quarter valued at approximately $10,779,000. Nomura Asset Management Co. Ltd. increased its stake in shares of Block by 6.2% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 253,787 shares of the technology company’s stock worth $17,037,000 after purchasing an additional 14,822 shares in the last quarter. Wealthcare Advisory Partners LLC raised its position in shares of Block by 9.8% during the 4th quarter. Wealthcare Advisory Partners LLC now owns 8,065 shares of the technology company’s stock worth $685,000 after purchasing an additional 717 shares during the last quarter. Finally, TB Alternative Assets Ltd. purchased a new stake in Block in the 4th quarter valued at approximately $3,530,000. Hedge funds and other 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.