Block (NYSE:SQ) Upgraded by Mizuho to Buy

Posted by on Mar 20th, 2023

Mizuho upgraded shares of Block (NYSE:SQ – Get Rating) from a neutral rating to a buy rating in a report issued on Thursday, MarketBeat.com reports. They currently have $93.00 price target on the technology company’s stock, up from their prior price target of $80.00.

Other research analysts also recently issued reports about the company. Morgan Stanley upped their target price on Block from $67.00 to $72.00 and gave the stock an equal weight rating in a research note on Tuesday, February 21st. Piper Sandler reaffirmed an overweight rating and set a $93.00 target price on shares of Block in a research note on Tuesday, December 13th. Truist Financial upped their target price on Block from $85.00 to $105.00 and gave the stock a buy rating in a research note on Friday, January 20th. Canaccord Genuity Group reissued a buy rating and issued a $150.00 price objective on shares of Block in a research note on Friday, February 24th. Finally, Needham & Company LLC increased their price objective on Block from $80.00 to $95.00 and gave the company a buy rating in a research note on Friday, February 24th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $107.62.

Block Stock Down 1.5 %

Shares of NYSE:SQ opened at $73.98 on Thursday. Block has a 12-month low of $51.34 and a 12-month high of $149.00. The business has a 50 day moving average of $76.88 and a two-hundred day moving average of $67.51. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.85 and a quick ratio of 1.85.

Block (NYSE:SQ – Get Rating) last announced its earnings results on Thursday, February 23rd. The technology company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.07). The business had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.53 billion. Block had a negative return on equity of 2.28% and a negative net margin of 3.11%. As a group, research analysts expect that Block will post -0.04 earnings per share for the current fiscal year.

Insider Transactions at Block

In other news, insider Alyssa Henry sold 30,769 shares of the stock in a transaction on Wednesday, March 15th. The stock was sold at an average price of $72.55, for a total transaction of $2,232,290.95. Following the completion of the transaction, the insider now directly owns 418,667 shares in the company, valued at approximately $30,374,290.85. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Amrita Ahuja sold 19,750 shares of the firm’s stock in a transaction dated Thursday, February 2nd. The stock was sold at an average price of $88.05, for a total transaction of $1,738,987.50. Following the completion of the transaction, the chief financial officer now directly owns 138,152 shares in the company, valued at approximately $12,164,283.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Alyssa Henry sold 30,769 shares of the firm’s stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $72.55, for a total value of $2,232,290.95. Following the transaction, the insider now owns 418,667 shares of the company’s stock, valued at $30,374,290.85. The disclosure for this sale can be found here. In the last ninety days, insiders sold 272,592 shares of company stock worth $20,272,270. 11.52% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Block

A number of hedge funds and other institutional investors have recently bought and sold shares of SQ. Oxler Private Wealth LLC boosted its holdings in Block by 95.7% during the 3rd quarter. Oxler Private Wealth LLC now owns 460 shares of the technology company’s stock valued at $25,000 after acquiring an additional 225 shares during the period. Ronald Blue Trust Inc. raised its position in Block by 72.5% in the 4th quarter. Ronald Blue Trust Inc. now owns 476 shares of the technology company’s stock valued at $26,000 after purchasing an additional 200 shares in the last quarter. Householder Group Estate & Retirement Specialist LLC acquired a new stake in Block in the 3rd quarter valued at about $28,000. Armstrong Advisory Group Inc. acquired a new stake in Block in the 4th quarter valued at about $34,000. Finally, Hollencrest Capital Management acquired a new stake in Block in the 4th quarter valued at about $34,000. 59.49% of the stock is currently owned by hedge funds and other institutional investors.

Block Company Profile

(Get Rating)

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.

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