Financial Perspectives Inc Takes Position in Block, Inc. $XYZ

Financial Perspectives Inc purchased a new position in shares of Block, Inc. (NYSE:XYZ) during the second quarter, HoldingsChannel reports. The firm purchased 2,300 shares of the technology company’s stock, valued at approximately $156,000.

A number of other hedge funds have also recently added to or reduced their stakes in XYZ. S Bank Fund Management Ltd acquired a new position in Block during the 2nd quarter worth approximately $92,000. Praxis Investment Management Inc. purchased a new stake in shares of Block in the second quarter valued at approximately $508,000. Nordea Investment Management AB purchased a new stake in shares of Block in the second quarter valued at approximately $3,105,000. SilverOak Wealth Management LLC acquired a new position in Block during the second quarter worth $218,000. Finally, Private Trust Co. NA purchased a new position in Block in the second quarter worth $94,000. Institutional investors and hedge funds own 70.44% of the company’s stock.

Block Price Performance

XYZ stock opened at $75.21 on Monday. The stock’s 50 day moving average price is $76.21 and its 200 day moving average price is $67.54. The firm has a market cap of $45.85 billion, a P/E ratio of 16.10, a PEG ratio of 3.04 and a beta of 2.71. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.96 and a current ratio of 1.96. Block, Inc. has a 1 year low of $44.27 and a 1 year high of $99.26.

Block (NYSE:XYZ) last released its quarterly earnings results on Thursday, August 7th. The technology company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.41. Block had a return on equity of 7.85% and a net margin of 12.32%.The company had revenue of $6.05 billion during the quarter, compared to analysts’ expectations of $6.32 billion. Block’s revenue for the quarter was down 1.6% on a year-over-year basis. On average, sell-side analysts expect that Block, Inc. will post 2.54 earnings per share for the current fiscal year.

Analyst Ratings Changes

XYZ has been the topic of several research analyst reports. Wall Street Zen upgraded shares of Block from a “sell” rating to a “hold” rating in a research report on Saturday, July 5th. BNP Paribas Exane lowered shares of Block from an “outperform” rating to a “neutral” rating and set a $86.00 target price on the stock. in a research report on Tuesday, September 2nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Block in a report on Wednesday, October 8th. Truist Financial lifted their price target on shares of Block from $65.00 to $70.00 and gave the company a “sell” rating in a research report on Thursday, August 21st. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $80.00 price target on shares of Block in a report on Tuesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, ten have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $80.64.

Insider Buying and Selling

In other news, insider Dhananjay Prasanna sold 5,659 shares of the business’s stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $73.72, for a total value of $417,181.48. Following the completion of the transaction, the insider owned 289,492 shares of the company’s stock, valued at $21,341,350.24. The trade was a 1.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Owen Britton Jennings sold 10,424 shares of the company’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 $763,036.80. Following the transaction, the insider directly owned 263,507 shares in the company, valued at $19,288,712.40. The trade was a 3.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 124,341 shares of company stock worth $9,459,075 in the last 90 days. 10.49% of the stock is currently owned by corporate insiders.

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.