Block (NYSE:SQ) Price Target Cut to $96.00 by Analysts at Wells Fargo & Company

Block (NYSE:SQGet Rating) had its target price lowered by Wells Fargo & Company from $97.00 to $96.00 in a research note released on Monday morning, Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

Several other brokerages have also recently weighed in on SQ. BTIG Research decreased their price objective on shares of Block from $175.00 to $100.00 in a research note on Friday, November 4th. Citigroup decreased their price target on shares of Block from $135.00 to $90.00 and set a buy rating on the stock in a research note on Wednesday, December 21st. Robert W. Baird raised shares of Block from a neutral rating to an outperform rating and increased their price target for the company from $62.00 to $78.00 in a research note on Tuesday, January 3rd. Needham & Company LLC decreased their price target on shares of Block from $120.00 to $80.00 and set a buy rating on the stock in a research note on Friday, November 4th. Finally, Sumitomo Mitsui Financial Group cut shares of Block from an outperform rating to a neutral rating and decreased their price target for the company from $120.00 to $70.00 in a research note on Wednesday, September 21st. Two analysts have rated the stock with a sell rating, five have given a hold rating and thirty-three have issued a buy rating to the company. Based on data from MarketBeat.com, Block has a consensus rating of Moderate Buy and a consensus price target of $112.33.

Block Price Performance

Shares of Block stock opened at $69.06 on Monday. The company has a current ratio of 1.86, a quick ratio of 1.86 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $41.30 billion, a price-to-earnings ratio of -74.26, a P/E/G ratio of 48.45 and a beta of 2.35. Block has a 1-year low of $51.34 and a 1-year high of $152.70. The firm’s 50-day moving average price is $63.98 and its two-hundred day moving average price is $66.21.

Block (NYSE:SQGet Rating) last issued its quarterly earnings data on Thursday, November 3rd. The technology company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.16. The firm had revenue of $4.52 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Block had a negative net margin of 2.97% and a negative return on equity of 2.10%. On average, equities analysts predict that Block will post -0.67 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Ajmere Dale sold 1,032 shares of Block stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $64.28, for a total value of $66,336.96. Following the completion of the transaction, the chief accounting officer now owns 46,892 shares of the company’s stock, valued at approximately $3,014,217.76. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CFO Amrita Ahuja sold 2,942 shares of Block stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $64.28, for a total transaction of $189,111.76. Following the completion of the sale, the chief financial officer now owns 141,068 shares of the company’s stock, valued at approximately $9,067,851.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Ajmere Dale sold 1,032 shares of Block stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $64.28, for a total transaction of $66,336.96. Following the sale, the chief accounting officer now directly owns 46,892 shares of the company’s stock, valued at approximately $3,014,217.76. The disclosure for this sale can be found here. Insiders sold a total of 318,306 shares of company stock valued at $19,240,949 in the last quarter. Company insiders own 11.52% of the company’s stock.

Institutional Trading of Block

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Brookstone Capital Management raised its stake in Block by 7.6% in the 4th quarter. Brookstone Capital Management now owns 5,491 shares of the technology company’s stock worth $379,000 after purchasing an additional 387 shares in the last quarter. Addison Capital Co raised its stake in Block by 214.5% in the 4th quarter. Addison Capital Co now owns 17,305 shares of the technology company’s stock worth $1,087,000 after purchasing an additional 11,802 shares in the last quarter. Yousif Capital Management LLC raised its stake in Block by 21.1% in the 4th quarter. Yousif Capital Management LLC now owns 5,852 shares of the technology company’s stock worth $368,000 after purchasing an additional 1,020 shares in the last quarter. Red Spruce Capital LLC raised its stake in Block by 1.4% in the 4th quarter. Red Spruce Capital LLC now owns 13,586 shares of the technology company’s stock worth $854,000 after purchasing an additional 186 shares in the last quarter. Finally, WealthPlan Investment Management LLC acquired a new stake in Block in the 3rd quarter worth about $466,000. Institutional investors own 59.49% of the company’s stock.

Block Company Profile

(Get Rating)

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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Analyst Recommendations for Block (NYSE:SQ)

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