Assetmark Inc. Makes New $140,000 Investment in Block, Inc. $XYZ

Assetmark Inc. acquired a new stake in Block, Inc. (NYSE:XYZ) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 2,063 shares of the technology company’s stock, valued at approximately $140,000.

Several other large investors have also made changes to their positions in XYZ. Deseret Mutual Benefit Administrators acquired a new stake in Block in the 2nd quarter valued at $33,000. Crewe Advisors LLC acquired a new position in Block during the second quarter worth $46,000. Twin Lakes Capital Management LLC purchased a new position in Block during the second quarter valued at $46,000. CNB Bank acquired a new stake in shares of Block in the second quarter valued at about $51,000. Finally, Washington Trust Advisors Inc. purchased a new stake in shares of Block during the second quarter worth about $52,000. 70.44% of the stock is owned by institutional investors and hedge funds.

Block Price Performance

Shares of XYZ opened at $65.49 on Monday. The firm has a 50-day simple moving average of $75.80 and a two-hundred day simple moving average of $69.99. The stock has a market cap of $39.92 billion, a PE ratio of 13.20, a P/E/G ratio of 2.67 and a beta of 2.73. Block, Inc. has a 1-year low of $44.27 and a 1-year high of $99.26. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.18 and a quick ratio of 2.18.

Block (NYSE:XYZ) last posted its quarterly earnings data on Thursday, November 6th. The technology company reported $0.54 earnings per share 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 net margin of 12.99% and a return on equity of 7.41%. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.53 EPS. As a group, analysts forecast that Block, Inc. will post 2.54 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on XYZ. JPMorgan Chase & Co. lifted their target price on shares of Block from $60.00 to $90.00 and gave the stock an “overweight” rating in a research note on Monday, July 21st. Needham & Company LLC lowered their price target on shares of Block from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday. BTIG Research reiterated a “buy” rating and issued a $90.00 price objective on shares of Block in a report on Friday. Macquarie raised their target price on shares of Block from $50.00 to $67.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 12th. Finally, Sanford C. Bernstein boosted their target price on Block from $75.00 to $90.00 and gave the stock an “outperform” rating in a report on Tuesday, July 22nd. Four analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $82.58.

Insider Buying and Selling at Block

In related news, insider Brian Grassadonia sold 35,145 shares of the firm’s stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $80.00, for a total transaction of $2,811,600.00. Following the completion of the transaction, the insider directly owned 535,896 shares in the company, valued at $42,871,680. This trade represents a 6.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Dhananjay Prasanna sold 5,659 shares of the business’s stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $73.72, for a total transaction of $417,181.48. Following the sale, the insider owned 289,492 shares in the company, valued at $21,341,350.24. This trade represents a 1.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 119,041 shares of company stock valued at $9,052,531. Corporate insiders own 10.49% of the company’s stock.

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.