International Assets Investment Management LLC lessened its stake in shares of Block, Inc. (NYSE:SQ – Free Report) by 35.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,783 shares of the technology company’s stock after selling 2,680 shares during the period. International Assets Investment Management LLC’s holdings in Block were worth $328,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Envestnet Asset Management Inc. boosted its stake in Block by 8.1% during the 4th quarter. Envestnet Asset Management Inc. now owns 380,629 shares of the technology company’s stock valued at $23,919,000 after purchasing an additional 28,516 shares during the period. Procyon Advisors LLC lifted its holdings in shares of Block by 10.1% during the first quarter. Procyon Advisors LLC now owns 5,152 shares of the technology company’s stock worth $354,000 after buying an additional 473 shares during the last quarter. Lincoln National Corp grew its stake in shares of Block by 8.8% in the fourth quarter. Lincoln National Corp now owns 8,667 shares of the technology company’s stock worth $545,000 after acquiring an additional 699 shares during the last quarter. Dark Forest Capital Management LP bought a new position in Block during the fourth quarter worth $68,000. Finally, State of Michigan Retirement System raised its stake in Block by 15.5% during the 4th quarter. State of Michigan Retirement System now owns 161,246 shares of the technology company’s stock valued at $10,133,000 after purchasing an additional 21,600 shares during the last quarter. Institutional investors own 63.97% of the company’s stock.
Insider Transactions at Block
In related news, Director Lawrence Henry Summers sold 3,668 shares of the company’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $58.66, for a total value of $215,164.88. Following the completion of the sale, the director now owns 22,133 shares in the company, valued at $1,298,321.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Block news, Director Lawrence Henry Summers sold 3,668 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $58.66, for a total value of $215,164.88. Following the completion of the sale, the director now owns 22,133 shares of the company’s stock, valued at $1,298,321.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Ajmere Dale sold 629 shares of Block stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $59.61, for a total transaction of $37,494.69. Following the transaction, the chief accounting officer now directly owns 74,458 shares in the company, valued at $4,438,441.38. The disclosure for this sale can be found here. Insiders have sold 163,868 shares of company stock worth $10,323,760 in the last three months. Insiders own 10.79% of the company’s stock.
Block Price Performance
Block (NYSE:SQ – Free Report) last posted its quarterly earnings results on Thursday, May 4th. The technology company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.17. Block had a negative net margin of 1.92% and a negative return on equity of 1.22%. The business had revenue of $4.99 billion during the quarter, compared to the consensus estimate of $4.58 billion. Research analysts expect that Block, Inc. will post -0.08 EPS for the current year.
Wall Street Analyst Weigh In
Several research firms have recently issued reports on SQ. Wedbush upgraded shares of Block from a “neutral” rating to an “outperform” rating and set a $114.00 price objective on the stock in a report on Friday, March 24th. CLSA cut Block from a “buy” rating to an “underperform” rating and cut their price target for the company from $93.00 to $63.00 in a report on Thursday, May 11th. Keefe, Bruyette & Woods downgraded Block from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $90.00 to $75.00 in a research report on Sunday, April 9th. KeyCorp lowered their price objective on Block from $100.00 to $85.00 in a research report on Monday, May 1st. Finally, Mizuho raised Block from a “neutral” rating to a “buy” rating and raised their target price for the stock from $80.00 to $93.00 in a research report on Thursday, March 16th. Four research 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $95.15.
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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