abrdn plc boosted its stake in Block, Inc. (NYSE:SQ – Free Report) by 77.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 97,462 shares of the technology company’s stock after acquiring an additional 42,691 shares during the period. abrdn plc’s holdings in Block were worth $6,691,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. InterOcean Capital Group LLC lifted its position in Block by 3.0% during the fourth quarter. InterOcean Capital Group LLC now owns 4,669 shares of the technology company’s stock valued at $293,000 after buying an additional 138 shares during the period. Capital Impact Advisors LLC lifted its position in Block by 2.6% during the fourth quarter. Capital Impact Advisors LLC now owns 5,401 shares of the technology company’s stock valued at $339,000 after buying an additional 138 shares during the period. Magnus Financial Group LLC lifted its position in Block by 3.9% during the fourth quarter. Magnus Financial Group LLC now owns 4,072 shares of the technology company’s stock valued at $256,000 after buying an additional 152 shares during the period. DAVENPORT & Co LLC lifted its position in Block by 1.9% during the first quarter. DAVENPORT & Co LLC now owns 9,447 shares of the technology company’s stock valued at $649,000 after buying an additional 180 shares during the period. Finally, SWS Partners lifted its position in Block by 1.8% during the fourth quarter. SWS Partners now owns 10,978 shares of the technology company’s stock valued at $690,000 after buying an additional 189 shares during the period. Institutional investors own 63.97% of the company’s stock.
Insider Activity at Block
In other Block news, Director Lawrence Henry Summers sold 3,668 shares of the company’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $58.66, for a total value of $215,164.88. Following the transaction, the director now owns 22,133 shares of the company’s stock, valued at approximately $1,298,321.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Ajmere Dale sold 629 shares of the 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 owns 74,458 shares of the company’s stock, valued at approximately $4,438,441.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Lawrence Henry Summers sold 3,668 shares of the stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $58.66, for a total value of $215,164.88. Following the transaction, the director now directly owns 22,133 shares in the company, valued at approximately $1,298,321.78. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 95,737 shares of company stock worth $5,923,545. Company insiders own 10.79% of the company’s stock.
Block Stock Down 0.1 %
Block (NYSE:SQ – Get Free Report) last released its quarterly earnings results on Thursday, May 4th. The technology company reported $0.06 earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.17. Block had a negative return on equity of 1.22% and a negative net margin of 1.92%. The company had revenue of $4.99 billion for the quarter, compared to analyst estimates of $4.58 billion. Equities research analysts anticipate that Block, Inc. will post -0.08 EPS for the current year.
Analyst Ratings Changes
Several equities analysts have commented on the company. Jefferies Financial Group lowered their price objective on Block from $90.00 to $80.00 in a research report on Wednesday, April 12th. Morgan Stanley lowered their price target on Block from $72.00 to $70.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 28th. Barclays lowered their price target on Block from $103.00 to $95.00 in a research report on Sunday, May 7th. Wells Fargo & Company lowered their price target on Block from $108.00 to $105.00 in a research report on Friday, May 5th. Finally, Keefe, Bruyette & Woods lowered Block from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $90.00 to $75.00 in a research report on Sunday, April 9th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, Block currently has a consensus rating of “Moderate Buy” and an average price target of $92.93.
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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