Block (NYSE:XYZ) Price Target Raised to $102.00

Block (NYSE:XYZ) had its price objective raised by Cantor Fitzgerald from $95.00 to $102.00 in a research note published on Monday,Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the technology company’s stock.

Other equities analysts also recently issued research reports about the company. The Goldman Sachs Group dropped their price objective on Block from $107.00 to $102.00 and set a “buy” rating on the stock in a report on Tuesday, October 13th. Canaccord Genuity Group lifted their target price on shares of Block from $85.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, August 13th. BTIG Research reissued a “buy” rating and issued a $100.00 target price on shares of Block in a research report on Wednesday, October 28th. Rothschild & Co Redburn increased their price target on shares of Block from $75.00 to $85.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 3rd. Finally, Susquehanna raised their price target on shares of Block from $100.00 to $110.00 and gave the company a “positive” rating in a report on Wednesday, November 4th. Two analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $100.32.

Block Stock Performance

Shares of NYSE XYZ opened at $85.74 on Monday. The business’s 50-day moving average price is $78.24 and its two-hundred day moving average price is $71.82. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.23 and a quick ratio of 2.23. Block has a one year low of $48.21 and a one year high of $89.39. The company has a market capitalization of $51.51 billion, a P/E ratio of 24.52, a price-to-earnings-growth ratio of 0.85 and a beta of 2.58.

Block (NYSE:XYZ) last issued its earnings results on Tuesday, November 3rd. The technology company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.45. Block had a return on equity of 9.63% and a net margin of 1.80%. The company had revenue of $6.72 billion for the quarter. During the same period in the previous year, the company earned $0.54 earnings per share. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. Analysts anticipate that Block will post 2.86 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Amrita Ahuja sold 9,511 shares of the firm’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 value of $783,991.73. Following the transaction, the chief financial officer directly owned 423,262 shares of the company’s stock, valued at approximately $34,889,486.66. This trade represents a 2.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Brian Grassadonia sold 8,173 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $82.42, for a total value of $673,618.66. Following the completion of the sale, the insider owned 513,981 shares of the company’s stock, valued at approximately $42,362,314.02. This trade represents a 1.57% 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 have sold 249,686 shares of company stock valued at $19,981,767. Insiders own 11.37% of the company’s stock.

Hedge Funds Weigh In On Block

Institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Block during the 2nd quarter worth $621,703,000. Arrowstreet Capital Limited Partnership raised its holdings in Block by 528.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,309,296 shares of the technology company’s stock worth $199,153,000 after acquiring an additional 2,782,523 shares during the period. Assenagon Asset Management S.A. raised its holdings in Block by 372.8% in the 2nd quarter. Assenagon Asset Management S.A. now owns 937,540 shares of the technology company’s stock worth $71,253,000 after acquiring an additional 739,264 shares during the period. Bank of America Corp DE acquired a new position in Block during the 2nd quarter worth $23,531,000. Finally, Engineers Gate Manager LP lifted its position in Block by 2,575.4% during the 2nd quarter. Engineers Gate Manager LP now owns 571,414 shares of the technology company’s stock worth $43,427,000 after acquiring an additional 550,056 shares during the last quarter. Institutional investors own 70.44% of the company’s stock.

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.