TCG Advisory Services LLC Purchases Shares of 14,301 Block, Inc. (NYSE:SQ)

TCG Advisory Services LLC acquired a new position in Block, Inc. (NYSE:SQ) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 14,301 shares of the technology company’s stock, valued at approximately $1,106,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SQ. Clearbridge Investments LLC lifted its holdings in Block by 10.4% in the 3rd quarter. Clearbridge Investments LLC now owns 1,222,600 shares of the technology company’s stock worth $54,112,000 after purchasing an additional 115,132 shares in the last quarter. Mn Services Vermogensbeheer B.V. raised its position in shares of Block by 1.5% during the third quarter. Mn Services Vermogensbeheer B.V. now owns 261,300 shares of the technology company’s stock valued at $11,565,000 after buying an additional 3,900 shares during the last quarter. IFG Advisory LLC purchased a new position in shares of Block in the fourth quarter worth $213,000. Canada Pension Plan Investment Board boosted its position in shares of Block by 16.1% during the third quarter. Canada Pension Plan Investment Board now owns 1,373,857 shares of the technology company’s stock worth $60,807,000 after acquiring an additional 190,400 shares during the last quarter. Finally, CenterBook Partners LP purchased a new position in Block during the third quarter valued at $359,000. 70.44% of the stock is owned by hedge funds and other institutional investors.

Block Trading Down 1.2 %

Shares of NYSE:SQ traded down $0.83 during trading on Friday, reaching $69.47. 28,948,341 shares of the company were exchanged, compared to its average volume of 7,617,495. The business’s fifty day simple moving average is $77.82 and its 200-day simple moving average is $67.83. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.90 and a quick ratio of 1.90. Block, Inc. has a 12-month low of $38.85 and a 12-month high of $87.52. The firm has a market capitalization of $42.77 billion, a PE ratio of 90.20, a P/E/G ratio of 1.94 and a beta of 2.57.

Block (NYSE:SQ) last announced its quarterly earnings data on Thursday, February 22nd. The technology company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.01. The company had revenue of $5.77 billion for the quarter, compared to analysts’ expectations of $5.69 billion. Block had a return on equity of 2.07% and a net margin of 2.18%. On average, research analysts anticipate that Block, Inc. will post 1.11 EPS for the current year.

Insider Activity

In other news, insider Brian Grassadonia sold 127,800 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $65.45, for a total value of $8,364,510.00. Following the completion of the sale, the insider now owns 405,224 shares in the company, valued at approximately $26,521,910.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Brian Grassadonia sold 127,800 shares of Block stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $65.45, for a total value of $8,364,510.00. Following the transaction, the insider now directly owns 405,224 shares in the company, valued at approximately $26,521,910.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Ajmere Dale sold 656 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $64.30, for a total value of $42,180.80. Following the completion of the transaction, the chief accounting officer now directly owns 68,823 shares of the company’s stock, valued at $4,425,318.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 477,469 shares of company stock worth $34,963,585. Company insiders own 10.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SQ. William Blair reiterated a “market perform” rating on shares of Block in a research note on Friday, February 23rd. KeyCorp raised their price target on Block from $80.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday, March 27th. Piper Sandler reaffirmed an “overweight” rating and issued a $88.00 price objective (up previously from $86.00) on shares of Block in a research note on Friday, February 23rd. Citigroup increased their target price on Block from $76.00 to $86.00 and gave the company a “buy” rating in a research report on Monday, February 26th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Block from $74.00 to $78.00 and gave the stock a “market perform” rating in a research report on Friday, February 23rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $87.42.

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.