Block, Inc. (NYSE:SQ) Shares Sold by Viawealth LLC

Posted by on Sep 9th, 2023

Viawealth LLC lessened its stake in Block, Inc. (NYSE:SQ – Free Report) by 7.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,408 shares of the technology company’s stock after selling 750 shares during the quarter. Viawealth LLC’s holdings in Block were worth $646,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Capital Impact Advisors LLC increased its holdings in shares of Block by 2.6% in the fourth quarter. Capital Impact Advisors LLC now owns 5,401 shares of the technology company’s stock valued at $339,000 after purchasing an additional 138 shares during the last quarter. DAVENPORT & Co LLC increased its holdings in shares of Block by 1.9% in the first quarter. DAVENPORT & Co LLC now owns 9,447 shares of the technology company’s stock valued at $649,000 after purchasing an additional 180 shares during the last quarter. IAG Wealth Partners LLC increased its holdings in shares of Block by 100.0% in the first quarter. IAG Wealth Partners LLC now owns 400 shares of the technology company’s stock valued at $27,000 after purchasing an additional 200 shares during the last quarter. FDx Advisors Inc. increased its holdings in shares of Block by 1.3% in the fourth quarter. FDx Advisors Inc. now owns 16,106 shares of the technology company’s stock valued at $1,012,000 after purchasing an additional 213 shares during the last quarter. Finally, CIBC Asset Management Inc increased its stake in Block by 1.2% during the first quarter. CIBC Asset Management Inc now owns 18,354 shares of the technology company’s stock worth $1,260,000 after acquiring an additional 213 shares during the last quarter. Institutional investors and hedge funds own 61.17% of the company’s stock.

Block Stock Down 5.3 %

Shares of NYSE SQ opened at $53.08 on Friday. The company has a market capitalization of $32.38 billion, a price-to-earnings ratio of -120.63 and a beta of 2.34. 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 business has a 50-day moving average of $65.89 and a two-hundred day moving average of $65.78. Block, Inc. has a 1 year low of $51.34 and a 1 year high of $89.97.

Block (NYSE:SQ – Get Free Report) last announced its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.04. The company had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.10 billion. Block had a negative return on equity of 0.61% and a negative net margin of 1.38%. Block’s revenue for the quarter was up 25.7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.19) EPS. On average, analysts forecast that Block, Inc. will post -0.26 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Morgan Stanley cut their target price on Block from $70.00 to $69.00 and set an “equal weight” rating for the company in a research note on Friday, August 4th. Mizuho raised their target price on Block from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Monday, August 7th. BNP Paribas raised Block from an “underperform” rating to an “outperform” rating and set a $95.00 target price for the company in a research note on Friday, July 28th. BMO Capital Markets cut their target price on Block from $88.00 to $87.00 and set an “outperform” rating for the company in a research note on Friday, August 4th. Finally, Truist Financial cut their target price on Block from $90.00 to $85.00 and set a “buy” rating for the company in a research note on Friday, August 4th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, Block presently has a consensus rating of “Moderate Buy” and a consensus target price of $86.32.

Read Our Latest Stock Report on Block

Insiders Place Their Bets

In related news, CAO Ajmere Dale sold 848 shares of the company’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $66.82, for a total value of $56,663.36. Following the completion of the sale, the chief accounting officer now directly owns 73,610 shares of the company’s stock, valued at approximately $4,918,620.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CAO Ajmere Dale sold 848 shares of the company’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $66.82, for a total value of $56,663.36. Following the completion of the sale, the chief accounting officer now directly owns 73,610 shares of the company’s stock, valued at approximately $4,918,620.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Alyssa Henry sold 2,357 shares of the company’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $56.49, for a total value of $133,146.93. Following the completion of the sale, the insider now directly owns 479,708 shares of the company’s stock, valued at $27,098,704.92. The disclosure for this sale can be found here. Insiders sold 34,200 shares of company stock valued at $2,310,864 in the last ninety days. Insiders own 10.79% of the company’s stock.

Block Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Block (NYSE:SQ)

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