Block (SQ) – Analysts’ Weekly Ratings Updates

Posted by on Aug 14th, 2023

Several analysts have recently updated their ratings and price targets for Block (NYSE: SQ):

  • 8/7/2023 – Block had its “buy” rating reaffirmed by analysts at Canaccord Genuity Group Inc.. They now have a $90.00 price target on the stock.
  • 8/7/2023 – Block had its price target raised by analysts at Mizuho from $85.00 to $90.00. They now have a “buy” rating on the stock.
  • 8/4/2023 – Block had its price target lowered by analysts at Stephens from $90.00 to $80.00. They now have an “overweight” rating on the stock.
  • 8/4/2023 – Block had its “outperform” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $90.00 price target on the stock.
  • 8/4/2023 – Block had its price target lowered by analysts at BMO Capital Markets from $88.00 to $87.00. They now have an “outperform” rating on the stock.
  • 8/4/2023 – Block had its “outperform” rating reaffirmed by analysts at Credit Suisse Group AG. They now have a $100.00 price target on the stock.
  • 8/4/2023 – Block had its price target lowered by analysts at Morgan Stanley from $70.00 to $69.00. They now have an “equal weight” rating on the stock.
  • 8/4/2023 – Block had its price target lowered by analysts at Truist Financial Co. from $90.00 to $85.00. They now have a “buy” rating on the stock.
  • 8/4/2023 – Block had its price target raised by analysts at Needham & Company LLC from $80.00 to $82.00. They now have a “buy” rating on the stock.
  • 7/28/2023 – Block was upgraded by analysts at BNP Paribas from an “underperform” rating to an “outperform” rating. They now have a $95.00 price target on the stock.
  • 7/27/2023 – Block was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating.
  • 7/24/2023 – Block had its price target raised by analysts at Jefferies Financial Group Inc. from $80.00 to $90.00. They now have a “buy” rating on the stock.
  • 7/19/2023 – Block was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating.
  • 7/19/2023 – Block had its price target raised by analysts at Truist Financial Co. from $80.00 to $90.00. They now have a “buy” rating on the stock.
  • 7/18/2023 – Block had its price target raised by analysts at KeyCorp from $75.00 to $85.00.
  • 7/11/2023 – Block was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating.
  • 6/23/2023 – Block had its price target lowered by analysts at Truist Financial Co. from $105.00 to $80.00.

Block Stock Down 2.7 %

Shares of Block stock opened at $60.57 on Monday. Block, Inc. has a one year low of $51.34 and a one year high of $89.97. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.92 and a quick ratio of 1.92. The stock’s 50-day moving average is $69.03 and its 200 day moving average is $68.95. The firm has a market cap of $36.64 billion, a price-to-earnings ratio of -137.66 and a beta of 2.34.

Block (NYSE:SQ – Get Free Report) last announced its earnings results on Thursday, August 3rd. The technology company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.35 by $0.04. Block had a negative return on equity of 0.61% and a negative net margin of 1.38%. The company had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.10 billion. During the same quarter in the prior year, the company earned ($0.19) EPS. The firm’s revenue for the quarter was up 25.7% compared to the same quarter last year. Equities research analysts anticipate that Block, Inc. will post -0.21 EPS for the current year.

Insider Buying and Selling

In related news, Director Lawrence Henry Summers sold 3,669 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $80.46, for a total transaction of $295,207.74. Following the transaction, the director now directly owns 18,611 shares of the company’s stock, valued at approximately $1,497,441.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Alyssa Henry sold 2,357 shares of the stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $59.61, for a total value of $140,500.77. Following the completion of the sale, the insider now directly owns 486,262 shares of the company’s stock, valued at $28,986,077.82. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Lawrence Henry Summers sold 3,669 shares of the stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $80.46, for a total value of $295,207.74. Following the completion of the sale, the director now directly owns 18,611 shares of the company’s stock, valued at $1,497,441.06. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,868 shares of company stock valued at $2,545,857. 10.79% of the stock is owned by company insiders.

Institutional Trading of Block

Institutional investors and hedge funds have recently modified their holdings of the stock. Envestnet Asset Management Inc. raised its stake in shares of Block by 8.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 380,629 shares of the technology company’s stock worth $23,919,000 after purchasing an additional 28,516 shares during the last quarter. Procyon Advisors LLC grew its holdings in shares of Block by 10.1% in the first quarter. Procyon Advisors LLC now owns 5,152 shares of the technology company’s stock valued at $354,000 after acquiring an additional 473 shares in the last quarter. Lincoln National Corp grew its holdings 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 valued at $545,000 after acquiring an additional 699 shares in the last quarter. State of New Jersey Common Pension Fund D grew its holdings in shares of Block by 1.1% in the first quarter. State of New Jersey Common Pension Fund D now owns 320,444 shares of the technology company’s stock valued at $21,998,000 after acquiring an additional 3,552 shares in the last quarter. Finally, Dark Forest Capital Management LP bought a new position in shares of Block in the fourth quarter valued at approximately $68,000. 63.97% of the stock is owned by hedge funds and other institutional investors.

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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