Block, Inc. (NYSE:SQ) Shares Sold by Flagship Harbor Advisors LLC

Posted by on Mar 23rd, 2023

Flagship Harbor Advisors LLC lessened its holdings in shares of Block, Inc. (NYSE:SQ – Get Rating) by 7.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,568 shares of the technology company’s stock after selling 1,318 shares during the period. Flagship Harbor Advisors LLC’s holdings in Block were worth $978,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Caisse DE Depot ET Placement DU Quebec lifted its stake in Block by 63.6% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 216,168 shares of the technology company’s stock valued at $13,286,000 after buying an additional 84,008 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in Block by 42,272.9% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 25,000 shares of the technology company’s stock valued at $1,536,000 after purchasing an additional 24,941 shares during the last quarter. Whittier Trust Co. boosted its stake in Block by 8.2% during the 3rd quarter. Whittier Trust Co. now owns 42,824 shares of the technology company’s stock valued at $2,355,000 after purchasing an additional 3,229 shares during the period. DekaBank Deutsche Girozentrale boosted its stake in Block by 0.8% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 129,006 shares of the technology company’s stock valued at $7,312,000 after purchasing an additional 1,024 shares during the period. Finally, NuWave Investment Management LLC bought a new position in Block in the 3rd quarter worth about $180,000. Institutional investors and hedge funds own 59.49% of the company’s stock.

Block Stock Performance

NYSE:SQ opened at $72.65 on Thursday. The stock’s 50-day moving average is $77.15 and its two-hundred day moving average is $67.66. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 0.24. Block, Inc. has a fifty-two week low of $51.34 and a fifty-two week high of $149.00.

Block (NYSE:SQ – Get Rating) last announced its quarterly earnings data on Thursday, February 23rd. The technology company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.07). Block had a negative net margin of 3.11% and a negative return on equity of 2.28%. The company had revenue of $4.65 billion for the quarter, compared to analysts’ expectations of $4.53 billion. Sell-side analysts anticipate that Block, Inc. will post -0.04 earnings per share for the current year.

Analysts Set New Price Targets

SQ has been the subject of several analyst reports. Barclays boosted their price objective on Block from $100.00 to $103.00 and gave the stock an “overweight” rating in a research report on Monday, January 23rd. Canaccord Genuity Group reissued a “buy” rating and issued a $150.00 price target on shares of Block in a research note on Friday, February 24th. Citigroup lowered their price target on Block from $135.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, December 21st. BMO Capital Markets reduced their price objective on shares of Block from $108.00 to $101.00 and set an “outperform” rating for the company in a report on Monday, February 27th. Finally, Piper Sandler reissued an “overweight” rating and set a $93.00 target price on shares of Block in a research note on Tuesday, December 13th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat, Block has an average rating of “Moderate Buy” and a consensus price target of $107.62.

Insider Transactions at Block

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

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.

Further Reading

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Institutional Ownership by Quarter for Block (NYSE:SQ)

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