Block (NYSE:SQ) Raised to Outperform at CLSA

CLSA upgraded shares of Block (NYSE:SQ) from a sell rating to an outperform rating in a research report released on Monday, Marketbeat Ratings reports. CLSA currently has $57.00 target price on the technology company’s stock.

SQ has been the topic of a number of other research reports. Truist Financial lowered their price objective on Block from $85.00 to $70.00 and set a buy rating on the stock in a report on Tuesday, October 17th. Morgan Stanley reduced their price objective on shares of Block from $70.00 to $69.00 and set an equal weight rating for the company in a research note on Friday, August 4th. UBS Group lowered shares of Block from a buy rating to a neutral rating and lowered their target price for the stock from $102.00 to $65.00 in a research report on Wednesday, September 6th. The Goldman Sachs Group reduced their price target on shares of Block from $110.00 to $95.00 and set a buy rating for the company in a research report on Friday. Finally, Wedbush restated a neutral rating and issued a $70.00 price target on shares of Block in a report on Tuesday, September 19th. Nine analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $77.56.

Block Stock Up 1.8 %

Shares of Block stock opened at $49.55 on Monday. Block has a one year low of $38.85 and a one year high of $89.97. The company has a market cap of $30.23 billion, a P/E ratio of -105.43 and a beta of 2.34. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.92 and a current ratio of 1.92. The firm has a fifty day moving average of $47.67 and a two-hundred day moving average of $58.54.

Insider Buying and Selling at Block

In other Block news, CAO Ajmere Dale sold 629 shares of the business’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $56.49, for a total value of $35,532.21. Following the transaction, the chief accounting officer now owns 72,981 shares in the company, valued at approximately $4,122,696.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Block news, CAO Ajmere Dale sold 629 shares of Block stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $56.49, for a total transaction of $35,532.21. Following the sale, the chief accounting officer now directly owns 72,981 shares in the company, valued at approximately $4,122,696.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Amrita Ahuja sold 3,369 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $56.49, for a total value of $190,314.81. Following the completion of the transaction, the chief financial officer now directly owns 230,723 shares in the company, valued at $13,033,542.27. The disclosure for this sale can be found here. Insiders sold 21,222 shares of company stock valued at $1,006,326 over the last 90 days. 10.79% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SQ. IAG Wealth Partners LLC lifted its position in shares of Block by 100.0% during the first quarter. IAG Wealth Partners LLC now owns 400 shares of the technology company’s stock worth $27,000 after purchasing an additional 200 shares during the last quarter. Hexagon Capital Partners LLC lifted its holdings in Block by 89.6% during the 3rd quarter. Hexagon Capital Partners LLC now owns 635 shares of the technology company’s stock worth $28,000 after buying an additional 300 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new position in Block during the 1st quarter worth approximately $31,000. Tobam grew its position in shares of Block by 885.7% in the 2nd quarter. Tobam now owns 483 shares of the technology company’s stock worth $32,000 after acquiring an additional 434 shares in the last quarter. Finally, Larson Financial Group LLC increased its holdings in shares of Block by 38.4% in the 3rd quarter. Larson Financial Group LLC now owns 728 shares of the technology company’s stock valued at $32,000 after acquiring an additional 202 shares during the last quarter. 61.17% of the stock is owned by institutional investors and hedge funds.

Block Company 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.