Pinnacle Associates Ltd. lessened its stake in shares of Block, Inc. (NYSE:SQ – Get Rating) by 24.3% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,462 shares of the technology company’s stock after selling 1,109 shares during the period. Pinnacle Associates Ltd.’s holdings in Block were worth $219,000 as of its most recent filing with the SEC.
Other large investors have also recently bought and sold shares of the company. Oxler Private Wealth LLC raised its stake in Block by 95.7% in the third quarter. Oxler Private Wealth LLC now owns 460 shares of the technology company’s stock valued at $25,000 after buying an additional 225 shares during the period. Ronald Blue Trust Inc. increased its holdings in shares of Block by 72.5% during the 4th quarter. Ronald Blue Trust Inc. now owns 476 shares of the technology company’s stock worth $26,000 after acquiring an additional 200 shares during the last quarter. Householder Group Estate & Retirement Specialist LLC bought a new stake in Block in the 3rd quarter valued at $28,000. Armstrong Advisory Group Inc. acquired a new stake in Block during the 4th quarter valued at $34,000. Finally, Twin Lakes Capital Management LLC bought a new position in Block during the third quarter worth $37,000. 59.49% of the stock is owned by institutional investors and hedge funds.
Block Stock Up 0.7 %
Shares of NYSE:SQ opened at $68.10 on Friday. Block, Inc. has a 52-week low of $51.34 and a 52-week high of $132.80. The company has a current ratio of 1.85, a quick ratio of 1.85 and a debt-to-equity ratio of 0.24. The company has a fifty day moving average of $74.70 and a 200-day moving average of $67.51.
Insider Activity
In other Block news, insider Alyssa Henry sold 30,769 shares of the company’s stock in a transaction that occurred on Wednesday, January 18th. The shares were sold at an average price of $75.29, for a total value of $2,316,598.01. Following the completion of the transaction, the insider now directly owns 418,667 shares in the company, valued at approximately $31,521,438.43. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CAO Ajmere Dale sold 887 shares of the firm’s stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $67.00, for a total transaction of $59,429.00. Following the completion of the transaction, the chief accounting officer now directly owns 46,005 shares in the company, valued at $3,082,335. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Alyssa Henry sold 30,769 shares of Block stock in a transaction that occurred on Wednesday, January 18th. The stock was sold at an average price of $75.29, for a total value of $2,316,598.01. Following the completion of the transaction, the insider now directly owns 418,667 shares in the company, valued at $31,521,438.43. The disclosure for this sale can be found here. Insiders sold 337,880 shares of company stock valued at $25,154,913 over the last quarter. 11.52% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on SQ. Atlantic Securities cut shares of Block from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $95.00 to $70.00 in a research note on Friday, March 24th. Wells Fargo & Company boosted their price objective on Block from $105.00 to $108.00 and gave the stock an “overweight” rating in a report on Wednesday, March 8th. Wedbush upgraded Block from a “neutral” rating to an “outperform” rating and set a $114.00 target price on the stock in a research note on Friday, March 24th. BNP Paribas assumed coverage on Block in a report on Tuesday, February 28th. They set an “underperform” rating for the company. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $93.00 price objective on shares of Block in a report on Tuesday, December 13th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $105.81.
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.
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