Greenland Capital Management LP Takes $5.89 Million Position in Block, Inc. $XYZ

Greenland Capital Management LP acquired a new position in shares of Block, Inc. (NYSE:XYZ) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 86,769 shares of the technology company’s stock, valued at approximately $5,894,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. purchased a new position in shares of Block during the second quarter valued at approximately $3,730,489,000. Geode Capital Management LLC acquired a new stake in Block in the 2nd quarter worth about $634,721,000. ARK Investment Management LLC purchased a new stake in Block in the 2nd quarter valued at about $210,016,000. Sumitomo Mitsui Trust Group Inc. purchased a new stake in Block in the 2nd quarter valued at about $204,223,000. Finally, Massachusetts Financial Services Co. MA acquired a new position in shares of Block during the 2nd quarter valued at about $111,109,000. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

Block Stock Down 2.3%

Shares of NYSE:XYZ opened at $57.55 on Wednesday. The company has a market capitalization of $34.97 billion, a price-to-earnings ratio of 11.60, a price-to-earnings-growth ratio of 3.03 and a beta of 2.73. The company has a 50 day moving average of $73.87 and a two-hundred day moving average of $70.27. Block, Inc. has a 52-week low of $44.27 and a 52-week high of $99.26. The company has a quick ratio of 2.18, a current ratio of 2.18 and a debt-to-equity ratio of 0.25.

Block (NYSE:XYZ) last posted its earnings results 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 business had revenue of $6.11 billion for the quarter. Block had a net margin of 12.99% and a return on equity of 7.41%. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.53 earnings per share. As a group, analysts forecast that Block, Inc. will post 2.54 earnings per share for the current fiscal year.

Insider Transactions at Block

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 stock was sold at an average price of $73.72, for a total value of $417,181.48. Following the completion of the sale, the insider directly owned 289,492 shares in the company, valued at approximately $21,341,350.24. The trade was a 1.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Chrysty Esperanza sold 3,609 shares of the firm’s stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $73.20, for a total value of $264,178.80. Following the transaction, the insider owned 127,212 shares in the company, valued at $9,311,918.40. This trade represents a 2.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 115,441 shares of company stock valued at $8,778,247 in the last three months. 10.49% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on XYZ shares. BTIG Research restated a “buy” rating and issued a $90.00 target price on shares of Block in a report on Friday, November 14th. Macquarie increased their target price on Block from $50.00 to $67.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 12th. Canaccord Genuity Group restated a “buy” rating and set a $80.00 price target on shares of Block in a research note on Tuesday, September 23rd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Block in a research note on Wednesday, October 8th. Finally, Zacks Research lowered shares of Block from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $82.36.

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.