Block, Inc. (NYSE:SQ) Shares Acquired by Quadrant Capital Group LLC

Posted by on Jun 4th, 2023

Quadrant Capital Group LLC lifted its position in Block, Inc. (NYSE:SQ – Get Rating) by 53.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,949 shares of the technology company’s stock after buying an additional 683 shares during the period. Quadrant Capital Group LLC’s holdings in Block were worth $122,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Fisher Asset Management LLC lifted its holdings in Block by 148.7% during the 4th quarter. Fisher Asset Management LLC now owns 11,359,972 shares of the technology company’s stock worth $713,861,000 after buying an additional 6,791,842 shares in the last quarter. Tiger Global Management LLC lifted its position in Block by 299.9% during the third quarter. Tiger Global Management LLC now owns 3,799,271 shares of the technology company’s stock worth $208,922,000 after acquiring an additional 2,849,243 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Block by 59.7% in the third quarter. Renaissance Technologies LLC now owns 4,098,462 shares of the technology company’s stock valued at $225,374,000 after buying an additional 1,531,462 shares in the last quarter. Vanguard Group Inc. increased its stake in Block by 3.8% in the third quarter. Vanguard Group Inc. now owns 33,781,540 shares of the technology company’s stock valued at $1,857,647,000 after acquiring an additional 1,236,425 shares during the last quarter. Finally, Brown Advisory Inc. grew its stake in shares of Block by 24.1% during the third quarter. Brown Advisory Inc. now owns 2,960,096 shares of the technology company’s stock worth $162,777,000 after buying an additional 574,630 shares during the last quarter. 59.49% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Lawrence Henry Summers sold 3,668 shares of the firm’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $58.66, for a total transaction of $215,164.88. Following the transaction, the director now owns 22,133 shares of the company’s stock, valued at $1,298,321.78. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Lawrence Henry Summers sold 3,668 shares of Block stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $58.66, for a total transaction of $215,164.88. Following the completion of the transaction, the director now directly owns 22,133 shares in the company, valued at approximately $1,298,321.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Amrita Ahuja sold 4,046 shares of the business’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $67.00, for a total transaction of $271,082.00. Following the sale, the chief financial officer now directly owns 241,460 shares of the company’s stock, valued at $16,177,820. The disclosure for this sale can be found here. Insiders have sold a total of 297,384 shares of company stock valued at $19,997,018 over the last quarter. 11.52% of the stock is currently owned by insiders.

Block Price Performance

Shares of NYSE SQ opened at $63.46 on Friday. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.24. Block, Inc. has a 12-month low of $51.34 and a 12-month high of $93.19. The business’s fifty day simple moving average is $62.00 and its 200-day simple moving average is $68.03.

Block (NYSE:SQ – Get Rating) last posted its earnings results on Thursday, May 4th. The technology company reported $0.06 EPS for the quarter, beating the consensus estimate of ($0.11) by $0.17. The firm had revenue of $4.99 billion for the quarter, compared to analyst estimates of $4.58 billion. Block had a negative return on equity of 1.22% and a negative net margin of 1.92%. As a group, equities research analysts expect that Block, Inc. will post -0.04 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SQ shares. CLSA lowered shares of Block from a “buy” rating to an “underperform” rating and dropped their price objective for the company from $93.00 to $63.00 in a report on Thursday, May 11th. Wedbush raised shares of Block from a “neutral” rating to an “outperform” rating and set a $114.00 price target on the stock in a report on Friday, March 24th. Credit Suisse Group dropped their price objective on shares of Block from $105.00 to $100.00 in a research note on Tuesday, April 25th. Robert W. Baird increased their price objective on shares of Block from $85.00 to $92.00 and gave the company an “outperform” rating in a research report on Friday, February 24th. Finally, BMO Capital Markets cut their target price on shares of Block from $101.00 to $88.00 in a research note on Friday, May 5th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-two have given a buy rating to the company. According to data from MarketBeat.com, Block presently has an average rating of “Moderate Buy” and a consensus price target of $96.03.

About Block

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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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