Synovus Financial Corp raised its stake in shares of Block, Inc. (NYSE:SQ – Get Rating) by 37.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,217 shares of the technology company’s stock after purchasing an additional 1,710 shares during the quarter. Synovus Financial Corp’s holdings in Block were worth $391,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also bought and sold shares of the company. DekaBank Deutsche Girozentrale lifted its holdings in shares of Block by 0.8% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 129,006 shares of the technology company’s stock worth $7,312,000 after acquiring an additional 1,024 shares during the last quarter. Treasurer of the State of North Carolina lifted its holdings in shares of Block by 2.5% in the 3rd quarter. Treasurer of the State of North Carolina now owns 226,476 shares of the technology company’s stock worth $12,454,000 after acquiring an additional 5,480 shares during the last quarter. AlphaCrest Capital Management LLC lifted its holdings in shares of Block by 58.8% in the 3rd quarter. AlphaCrest Capital Management LLC now owns 47,575 shares of the technology company’s stock worth $2,616,000 after acquiring an additional 17,619 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Block by 4.5% in the 3rd quarter. Tower Research Capital LLC TRC now owns 29,189 shares of the technology company’s stock worth $1,605,000 after acquiring an additional 1,264 shares during the last quarter. Finally, Benjamin Edwards Inc. lifted its holdings in shares of Block by 44.9% in the 3rd quarter. Benjamin Edwards Inc. now owns 955 shares of the technology company’s stock worth $53,000 after acquiring an additional 296 shares during the last quarter. 59.49% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of brokerages have recently weighed in on SQ. Mizuho upgraded shares of Block from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $80.00 to $93.00 in a report on Thursday, March 16th. Atlantic Securities lowered shares of Block from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $95.00 to $70.00 in a report on Friday, March 24th. Wedbush upgraded shares of Block from a “neutral” rating to an “outperform” rating and set a $114.00 price target for the company in a report on Friday, March 24th. Credit Suisse Group lowered their price target on shares of Block from $105.00 to $100.00 in a report on Tuesday, April 25th. Finally, Keefe, Bruyette & Woods lowered shares of Block from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $90.00 to $75.00 in a report on Sunday, April 9th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $105.03.
Insider Activity
Block Trading Down 0.9 %
NYSE:SQ opened at $60.22 on Tuesday. The company’s 50 day moving average price is $69.49 and its 200-day moving average price is $68.21. Block, Inc. has a 52 week low of $51.34 and a 52 week high of $108.00. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 0.24. The stock has a market cap of $36.25 billion, a price-to-earnings ratio of -63.42 and a beta of 2.35.
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 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 firm had revenue of $4.65 billion for the quarter, compared to analysts’ expectations of $4.53 billion. On average, equities research analysts forecast that Block, Inc. will post -0.07 earnings per share for the current fiscal year.
About Block
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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