Block (NYSE:XYZ) Price Target Raised to $117.00

Block (NYSE:XYZ) had its target price upped by Bank of America from $115.00 to $117.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

Several other research analysts have also commented on the stock. Argus raised their price objective on shares of Block from $86.00 to $103.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Weiss Ratings raised shares of Block from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Royal Bank Of Canada reiterated an “outperform” rating and set a $95.00 target price on shares of Block in a report on Wednesday, October 21st. Scotiabank began coverage on shares of Block in a research report on Wednesday, September 2nd. They issued a “sector perform” rating and a $82.00 price target for the company. Finally, Piper Sandler raised their price target on shares of Block from $100.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $98.36.

Block Trading Up 1.8%

Block stock traded up $1.54 during midday trading on Wednesday, reaching $85.58. 7,756,635 shares of the stock traded hands, compared to its average volume of 4,670,644. The company has a 50-day simple moving average of $77.92 and a two-hundred day simple moving average of $71.50. Block has a 12-month low of $48.21 and a 12-month high of $88.51. The firm has a market cap of $51.42 billion, a PE ratio of 115.65, a price-to-earnings-growth ratio of 0.81 and a beta of 2.58. The company has a current ratio of 2.21, a quick ratio of 2.21 and a debt-to-equity ratio of 0.26.

Block (NYSE:XYZ) last released its 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. The company had revenue of $6.72 billion during the quarter. Block had a return on equity of 8.10% and a net margin of 1.43%. The business’s revenue was up 9.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.54 earnings per share. Research analysts expect that Block will post 2.75 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Brian Grassadonia sold 8,173 shares of the business’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $82.42, for a total transaction of $673,618.66. Following the completion of the transaction, the insider directly owned 513,981 shares of the company’s stock, valued at approximately $42,362,314.02. The trade was a 1.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Amrita Ahuja sold 9,511 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $82.43, for a total transaction of $783,991.73. Following the sale, the chief financial officer owned 423,262 shares in the company, valued at $34,889,486.66. The trade was a 2.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 261,686 shares of company stock worth $20,924,307. 11.37% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Elevation Wealth Partners LLC grew its holdings in Block by 301.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 389 shares of the technology company’s stock worth $30,000 after acquiring an additional 292 shares in the last quarter. Global Assets Advisory LLC acquired a new stake in shares of Block in the 1st quarter valued at $31,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Block in the 3rd quarter valued at $48,000. Ancora Advisors LLC purchased a new stake in shares of Block during the 2nd quarter worth $53,000. Finally, Provenance Wealth Advisors LLC purchased a new stake in shares of Block during the 3rd quarter worth $59,000. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Block News Summary

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

Block Company Profile

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.