Block (NYSE:SQ) Price Target Raised to $90.00 at Citigroup

Block (NYSE:SQ) had its target price increased by investment analysts at Citigroup from $86.00 to $90.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Citigroup’s target price indicates a potential upside of 25.70% from the stock’s current price.

A number of other analysts have also recently issued reports on the company. Wells Fargo & Company upgraded Block from an “equal weight” rating to an “overweight” rating and set a $95.00 target price for the company in a report on Friday, February 23rd. William Blair reiterated a “market perform” rating on shares of Block in a research note on Friday, February 23rd. Wolfe Research raised their target price on shares of Block from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday, April 11th. Truist Financial lifted their target price on shares of Block from $90.00 to $100.00 and gave the company a “buy” rating in a report on Friday, February 23rd. Finally, Seaport Res Ptn raised Block from a “neutral” rating to a “buy” rating in a research report on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $87.55.

Block Stock Down 2.6 %

Shares of SQ opened at $71.60 on Monday. Block has a fifty-two week low of $38.85 and a fifty-two week high of $87.52. The company’s fifty day moving average is $77.49 and its two-hundred day moving average is $68.73. The firm has a market cap of $44.08 billion, a PE ratio of 92.99, a price-to-earnings-growth ratio of 1.66 and a beta of 2.57. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.22.

Block (NYSE:SQ) last issued its earnings results on Thursday, February 22nd. The technology company reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.01. Block had a return on equity of 2.07% and a net margin of 2.18%. The business had revenue of $5.77 billion for the quarter, compared to analyst estimates of $5.69 billion. Analysts forecast that Block will post 1.29 earnings per share for the current year.

Insider Transactions at Block

In other Block news, CAO Ajmere Dale sold 656 shares of Block stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $64.30, for a total value of $42,180.80. Following the completion of the transaction, the chief accounting officer now owns 68,823 shares of the company’s stock, valued at $4,425,318.90. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Block news, CAO Ajmere Dale sold 656 shares of Block stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $64.30, for a total value of $42,180.80. Following the completion of the transaction, the chief accounting officer now directly owns 68,823 shares in the company, valued at $4,425,318.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Brian Grassadonia sold 127,800 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $65.45, for a total value of $8,364,510.00. Following the sale, the insider now owns 405,224 shares in the company, valued at $26,521,910.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 477,469 shares of company stock worth $34,963,585. 10.79% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Block

A number of hedge funds have recently added to or reduced their stakes in SQ. Vanguard Group Inc. grew its holdings in Block by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 36,192,701 shares of the technology company’s stock worth $2,799,505,000 after buying an additional 1,277,043 shares in the last quarter. Capital World Investors grew its position in Block by 1.7% in the 4th quarter. Capital World Investors now owns 12,513,788 shares of the technology company’s stock valued at $967,942,000 after buying an additional 212,218 shares in the last quarter. ARK Investment Management LLC increased its stake in Block by 9.2% during the 4th quarter. ARK Investment Management LLC now owns 11,887,628 shares of the technology company’s stock valued at $919,508,000 after buying an additional 1,000,514 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Block by 0.7% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,377,973 shares of the technology company’s stock worth $802,736,000 after buying an additional 75,161 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. lifted its stake in shares of Block by 0.8% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 8,982,862 shares of the technology company’s stock worth $694,735,000 after acquiring an additional 71,735 shares during the period. 70.44% of the stock is currently owned by institutional investors.

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.