Harvest Portfolios Group Inc. Invests $2.20 Million in Block, Inc. $XYZ

Harvest Portfolios Group Inc. bought a new stake in shares of Block, Inc. (NYSE:XYZ) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 32,371 shares of the technology company’s stock, valued at approximately $2,199,000.

Several other institutional investors have also bought and sold shares of the stock. SouthState Corp bought a new position in Block during the 2nd quarter valued at $29,000. First Horizon Advisors Inc. bought a new stake in shares of Block in the 2nd quarter worth $30,000. Deseret Mutual Benefit Administrators purchased a new stake in shares of Block in the second quarter valued at about $33,000. Creative Financial Designs Inc. ADV bought a new position in shares of Block during the second quarter valued at about $41,000. Finally, Crewe Advisors LLC bought a new position in shares of Block during the second quarter valued at about $46,000. Institutional investors own 70.44% of the company’s stock.

Analyst Ratings Changes

XYZ has been the subject of several analyst reports. Bank of America decreased their price objective on shares of Block from $94.00 to $86.00 and set a “buy” rating for the company in a research note on Friday. Keefe, Bruyette & Woods upped their target price on Block from $80.00 to $95.00 and gave the company an “outperform” rating in a report on Friday, August 8th. Royal Bank Of Canada dropped their price target on Block from $97.00 to $90.00 and set an “outperform” rating on the stock in a report on Friday. Wells Fargo & Company raised Block to a “strong-buy” rating in a research report on Wednesday, October 22nd. Finally, Macquarie upped their price objective on Block from $50.00 to $67.00 and gave the company a “neutral” rating in a research note on Tuesday, August 12th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Block presently has a consensus rating of “Moderate Buy” and a consensus price target of $82.58.

Insiders Place Their Bets

In other news, insider Brian Grassadonia sold 35,145 shares of Block stock in a transaction dated Wednesday, October 8th. The shares were 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 in the company, valued at $42,871,680. This trade represents a 6.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Chrysty Esperanza sold 406 shares of the business’s stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $74.77, for a total transaction of $30,356.62. Following the completion of the sale, the insider directly owned 126,806 shares in the company, valued at approximately $9,481,284.62. This trade represents a 0.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 119,041 shares of company stock worth $9,052,531 in the last ninety days. 10.85% of the stock is owned by corporate insiders.

Block Price Performance

Shares of NYSE XYZ opened at $65.49 on Friday. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 0.16. The stock has a fifty day simple moving average of $75.80 and a two-hundred day simple moving average of $69.78. Block, Inc. has a 1-year low of $44.27 and a 1-year high of $99.26. The firm has a market cap of $39.92 billion, a price-to-earnings ratio of 13.20, a price-to-earnings-growth ratio of 2.89 and a beta of 2.73.

Block (NYSE:XYZ) last issued its earnings results on Thursday, November 6th. The technology company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.29. Block had a return on equity of 8.49% and a net margin of 12.99%.The firm had revenue of $6.11 billion for the quarter. During the same quarter in the previous year, the firm earned $0.53 earnings per share. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. Analysts anticipate that Block, Inc. will post 2.54 earnings per share for the current year.

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.