Block (NYSE:XYZ) Stock Price Expected to Rise, Freedom Broker Analyst Says

Block (NYSE:XYZ) had its price objective increased by analysts at Freedom Broker from $105.00 to $115.00 in a report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Freedom Broker‘s price target would suggest a potential upside of 35.51% from the company’s current price.

Other analysts have also issued research reports about the company. UBS Group upped their target price on Block from $96.00 to $105.00 in a research note on Tuesday, November 3rd. Monness Crespi & Hardt lifted their price target on shares of Block from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Royal Bank Of Canada boosted their price objective on shares of Block from $95.00 to $103.00 and gave the stock an “outperform” rating in a report on Wednesday, November 4th. Clear Str raised shares of Block to a “hold” rating in a research note on Thursday, July 16th. Finally, The Goldman Sachs Group reduced their target price on shares of Block from $107.00 to $102.00 and set a “buy” rating on the stock in a report on Tuesday, October 13th. Two research analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $100.67.

Block Price Performance

Shares of NYSE:XYZ traded up $2.60 during trading on Friday, reaching $84.86. The company had a trading volume of 2,223,928 shares, compared to its average volume of 6,186,212. The company has a fifty day moving average of $78.24 and a two-hundred day moving average of $71.90. The stock has a market capitalization of $50.98 billion, a P/E ratio of 114.60, a price-to-earnings-growth ratio of 0.85 and a beta of 2.58. Block has a 12 month low of $48.21 and a 12 month high of $89.39. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.25.

Block (NYSE:XYZ) last released its earnings results on Tuesday, November 3rd. The technology company reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.45. Block had a return on equity of 9.63% and a net margin of 1.80%. The business had revenue of $6.72 billion for the quarter. During the same period in the prior year, the company earned $0.54 EPS. The firm’s revenue was up 9.9% compared to the same quarter last year. Equities research analysts forecast that Block will post 2.86 earnings per share for the current year.

Insider Transactions at Block

In other Block news, insider Brian Grassadonia sold 8,173 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $82.42, for a total transaction of $673,618.66. Following the completion of the transaction, 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 sale was disclosed in a document filed 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, Director Anthony Eisen sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $89.00, for a total value of $8,900,000.00. Following the transaction, the director directly owned 1,077,672 shares of the company’s stock, valued at approximately $95,912,808. This trade represents a 8.49% decrease in their position. 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 343,686 shares of company stock valued at $28,384,547. Corporate insiders own 11.37% of the company’s stock.

Institutional Trading of Block

Several institutional investors have recently added to or reduced their stakes in the business. Elevation Wealth Partners LLC raised its position in Block by 301.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 389 shares of the technology company’s stock worth $30,000 after buying an additional 292 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Block during the 2nd quarter valued at about $46,000. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Block during the 3rd quarter valued at about $48,000. Ancora Advisors LLC purchased a new stake in shares of Block during the 2nd quarter valued at about $53,000. Finally, Annis Gardner Whiting Capital Advisors LLC grew its stake in shares of Block by 1,033.3% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 918 shares of the technology company’s stock worth $55,000 after acquiring an additional 837 shares during the period. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

About Block

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.