Pinnacle Associates Ltd. Sells 1,107 Shares of Block, Inc. (NYSE:SQ)

Posted by on Apr 21st, 2023

Pinnacle Associates Ltd. decreased its position in Block, Inc. (NYSE:SQ – Get Rating) by 24.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,464 shares of the technology company’s stock after selling 1,107 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Block were worth $218,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Great Valley Advisor Group Inc. grew its position in Block by 5.6% during the fourth quarter. Great Valley Advisor Group Inc. now owns 74,739 shares of the technology company’s stock valued at $4,696,000 after buying an additional 3,986 shares during the period. Advisor OS LLC grew its position in Block by 45.5% during the fourth quarter. Advisor OS LLC now owns 7,221 shares of the technology company’s stock valued at $454,000 after buying an additional 2,258 shares during the period. DekaBank Deutsche Girozentrale grew its position in Block by 18.1% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 152,373 shares of the technology company’s stock valued at $9,409,000 after buying an additional 23,367 shares during the period. Atria Investments Inc grew its position in Block by 15.3% during the fourth quarter. Atria Investments Inc now owns 25,150 shares of the technology company’s stock valued at $1,580,000 after buying an additional 3,340 shares during the period. Finally, AE Wealth Management LLC grew its position in Block by 9.7% during the fourth quarter. AE Wealth Management LLC now owns 19,573 shares of the technology company’s stock valued at $1,230,000 after buying an additional 1,730 shares during the period. Institutional investors own 59.49% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on SQ. Canaccord Genuity Group restated a “buy” rating and set a $150.00 price target on shares of Block in a research report on Friday, February 24th. Mizuho upgraded shares of Block from a “neutral” rating to a “buy” rating and increased their price target for the company from $80.00 to $93.00 in a research report on Thursday, March 16th. Morgan Stanley cut their target price on shares of Block from $72.00 to $70.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 28th. Credit Suisse Group increased their target price on shares of Block from $95.00 to $105.00 and gave the stock an “outperform” rating in a research report on Friday, February 24th. Finally, Atlantic Securities lowered 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 report on Friday, March 24th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty-two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $105.58.

Insiders Place Their Bets

In other Block news, insider Alyssa Henry sold 30,769 shares of Block stock in a transaction that occurred on Wednesday, April 12th. The shares were sold at an average price of $66.59, for a total transaction of $2,048,907.71. Following the transaction, the insider now directly owns 413,160 shares of the company’s stock, valued at $27,512,324.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Amrita Ahuja sold 19,750 shares of the firm’s stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $88.05, for a total value of $1,738,987.50. Following the transaction, the chief financial officer now owns 138,152 shares in the company, valued at $12,164,283.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Alyssa Henry sold 30,769 shares of the firm’s stock in a transaction that occurred on Wednesday, April 12th. The stock was sold at an average price of $66.59, for a total transaction of $2,048,907.71. Following the completion of the transaction, the insider now owns 413,160 shares in the company, valued at approximately $27,512,324.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 307,111 shares of company stock valued at $22,713,085. 11.52% of the stock is currently owned by corporate insiders.

Block Trading Down 0.8 %

Shares of SQ opened at $62.36 on Friday. The company has a market capitalization of $37.54 billion, a P/E ratio of -65.64 and a beta of 2.35. Block, Inc. has a 1-year low of $51.34 and a 1-year high of $119.48. The firm’s 50 day simple moving average is $71.42 and its 200 day simple moving average is $67.92. 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 posted its quarterly earnings results on Thursday, February 23rd. The technology company reported ($0.23) EPS 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 analysts’ expectations of $4.53 billion. Block had a negative return on equity of 2.28% and a negative net margin of 3.11%. Sell-side analysts forecast that Block, Inc. will post -0.07 earnings per share for the current fiscal year.

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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Institutional Ownership by Quarter for Block (NYSE:SQ)

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