Brookstone Capital Management lowered its stake in Block, Inc. (NYSE:SQ – Free Report) by 29.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,847 shares of the technology company’s stock after selling 1,644 shares during the period. Brookstone Capital Management’s holdings in Block were worth $247,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors also recently modified their holdings of SQ. Decatur Capital Management Inc. lifted its position in Block by 11.1% in the first quarter. Decatur Capital Management Inc. now owns 3,783 shares of the technology company’s stock valued at $513,000 after purchasing an additional 378 shares during the period. Eudaimonia Partners LLC purchased a new position in Block during the first quarter worth about $387,000. NewEdge Advisors LLC acquired a new position in shares of Block in the 2nd quarter valued at $228,000. Prudential Financial Inc. increased its stake in Block by 31.3% during the second quarter. Prudential Financial Inc. now owns 25,320 shares of the technology company’s stock worth $1,616,000 after acquiring an additional 6,038 shares during the last quarter. Finally, Kingsview Wealth Management LLC purchased a new position in Block in the second quarter valued at approximately $516,000. 63.97% of the stock is owned by hedge funds and other institutional investors.
Block Stock Performance
Shares of NYSE:SQ opened at $64.60 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. The company has a 50-day moving average price of $62.10 and a 200-day moving average price of $68.02. The company has a market cap of $39.08 billion, a price-to-earnings ratio of -107.66 and a beta of 2.32. Block, Inc. has a 12 month low of $51.34 and a 12 month high of $93.19.
Insider Buying and Selling at Block
In other news, CAO Ajmere Dale sold 629 shares of Block stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $59.61, for a total transaction of $37,494.69. Following the sale, the chief accounting officer now owns 74,458 shares of the company’s stock, valued at approximately $4,438,441.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Ajmere Dale sold 629 shares of the company’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $59.61, for a total value of $37,494.69. Following the sale, the chief accounting officer now directly owns 74,458 shares of the company’s stock, valued at $4,438,441.38. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Brian Grassadonia sold 5,431 shares of the firm’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $66.84, for a total value of $363,008.04. Following the transaction, the insider now directly owns 310,570 shares of the company’s stock, valued at approximately $20,758,498.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 147,045 shares of company stock valued at $9,172,463. 10.79% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on the stock. Mizuho upgraded shares of Block from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $80.00 to $93.00 in a research note on Thursday, March 16th. StockNews.com assumed coverage on Block in a report on Thursday, May 18th. They set a “sell” rating on the stock. Keefe, Bruyette & Woods downgraded Block from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $90.00 to $75.00 in a research report on Sunday, April 9th. Wolfe Research reduced their price objective on shares of Block from $90.00 to $85.00 in a report on Monday, June 5th. Finally, KeyCorp lowered their target price on shares of Block from $100.00 to $85.00 in a research note on Monday, May 1st. 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.com, Block presently has an average rating of “Moderate Buy” and an average price target of $95.15.
Block 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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