Block (NYSE:XYZ) Price Target Lowered to $90.00 at Royal Bank Of Canada

Block (NYSE:XYZ) had its price target decreased by Royal Bank Of Canada from $97.00 to $90.00 in a report released on Friday,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the technology company’s stock.

Several other analysts also recently weighed in on XYZ. Bank of America lowered their price target on shares of Block from $94.00 to $86.00 and set a “buy” rating for the company in a research note on Friday. Mizuho raised their price target on Block from $71.00 to $88.00 and gave the stock an “outperform” rating in a research report on Thursday, August 14th. Oppenheimer reaffirmed an “outperform” rating and issued a $85.00 price target on shares of Block in a research note on Friday. Truist Financial increased their price target on shares of Block from $70.00 to $74.00 and gave the company a “sell” rating in a research report on Friday, October 24th. Finally, Macquarie raised their price target on shares of Block from $50.00 to $67.00 and gave the stock a “neutral” rating in a report on Tuesday, August 12th. Four research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $82.58.

Block Price Performance

XYZ traded down $5.44 during midday trading on Friday, hitting $65.49. The stock had a trading volume of 21,392,953 shares, compared to its average volume of 5,641,801. Block 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 0.16, a quick ratio of 1.96 and a current ratio of 1.96. The business has a fifty day moving average of $75.80 and a 200 day moving average of $69.78. The company has a market cap of $39.92 billion, a P/E ratio of 13.20, a price-to-earnings-growth ratio of 2.89 and a beta of 2.73.

Block (NYSE:XYZ) last announced 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. Block had a net margin of 12.99% and a return on equity of 8.49%. The firm had revenue of $6.11 billion during the quarter. During the same quarter in the previous year, the firm posted $0.53 earnings per share. The company’s revenue was up 2.3% compared to the same quarter last year. As a group, equities analysts forecast that Block will post 2.54 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Brian Grassadonia sold 35,145 shares of the stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $80.00, for a total value of $2,811,600.00. Following the completion of the transaction, the insider owned 535,896 shares of the company’s stock, valued at approximately $42,871,680. This represents a 6.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Amrita Ahuja sold 9,966 shares of the firm’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 value of $729,511.20. Following the completion of the transaction, the chief financial officer owned 298,431 shares of the company’s stock, valued at approximately $21,845,149.20. The trade was a 3.23% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 119,041 shares of company stock worth $9,052,531. Company insiders own 10.85% of the company’s stock.

Institutional Investors Weigh In On Block

A number of hedge funds and other institutional investors have recently bought and sold shares of XYZ. Avestar Capital LLC purchased a new stake in shares of Block in the 3rd quarter worth approximately $283,000. NewEdge Wealth LLC grew its stake in shares of Block by 14.7% in the third quarter. NewEdge Wealth LLC now owns 11,209 shares of the technology company’s stock worth $826,000 after acquiring an additional 1,435 shares during the last quarter. CenterBook Partners LP increased its holdings in shares of Block by 252.0% during the third quarter. CenterBook Partners LP now owns 22,978 shares of the technology company’s stock valued at $1,661,000 after acquiring an additional 16,451 shares in the last quarter. NEOS Investment Management LLC purchased a new position in shares of Block in the 3rd quarter worth about $4,508,000. Finally, Wealthcare Advisory Partners LLC bought a new position in Block in the 3rd quarter worth about $283,000. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Block Company 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.