CIBC Asset Management Inc Sells 1,246 Shares of Block, Inc. (NYSE:SQ)

CIBC Asset Management Inc decreased its holdings in Block, Inc. (NYSE:SQFree Report) by 6.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,473 shares of the technology company’s stock after selling 1,246 shares during the period. CIBC Asset Management Inc’s holdings in Block were worth $1,352,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Hexagon Capital Partners LLC boosted its stake in Block by 26.8% during the fourth quarter. Hexagon Capital Partners LLC now owns 805 shares of the technology company’s stock valued at $62,000 after buying an additional 170 shares during the last quarter. Washington Trust Advisors Inc. boosted its stake in Block by 38.7% during the fourth quarter. Washington Trust Advisors Inc. now owns 616 shares of the technology company’s stock valued at $48,000 after buying an additional 172 shares during the last quarter. Dynamic Advisor Solutions LLC boosted its stake in Block by 2.9% during the fourth quarter. Dynamic Advisor Solutions LLC now owns 6,328 shares of the technology company’s stock valued at $489,000 after buying an additional 180 shares during the last quarter. WP Advisors LLC boosted its stake in Block by 3.9% during the fourth quarter. WP Advisors LLC now owns 5,381 shares of the technology company’s stock valued at $416,000 after buying an additional 200 shares during the last quarter. Finally, Diversified Trust Co boosted its stake in Block by 0.4% during the fourth quarter. Diversified Trust Co now owns 57,232 shares of the technology company’s stock valued at $4,427,000 after buying an additional 209 shares during the last quarter. Institutional investors own 70.44% of the company’s stock.

Block Trading Down 2.0 %

Shares of NYSE:SQ opened at $65.10 on Friday. Block, Inc. has a 12-month low of $38.85 and a 12-month high of $87.52. The business’s fifty day simple moving average is $71.72 and its 200-day simple moving average is $71.69. The company has a market capitalization of $40.17 billion, a PE ratio of 84.55, a P/E/G ratio of 1.52 and a beta of 2.54. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.16.

Block (NYSE:SQGet Free Report) last announced its quarterly earnings results on Thursday, May 2nd. The technology company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.32. Block had a return on equity of 2.04% and a net margin of 2.18%. The business had revenue of $5.96 billion for the quarter, compared to the consensus estimate of $5.75 billion. As a group, equities research analysts predict that Block, Inc. will post 1.28 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SQ. Mizuho increased their price target on Block from $99.00 to $106.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Block in a research note on Friday, May 3rd. Wells Fargo & Company raised Block from an “equal weight” rating to an “overweight” rating and set a $95.00 price objective for the company in a research note on Friday, February 23rd. Wedbush reaffirmed an “outperform” rating and issued a $90.00 price objective on shares of Block in a research note on Friday, May 3rd. Finally, William Blair reaffirmed a “market perform” rating on shares of Block in a research note on Friday, February 23rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Block currently has an average rating of “Moderate Buy” and a consensus price target of $87.59.

Get Our Latest Report on SQ

Insider Activity

In other news, insider Brian Grassadonia sold 111,666 shares of Block stock in a transaction on Monday, April 1st. The stock was sold at an average price of $82.73, for a total value of $9,238,128.18. Following the transaction, the insider now directly owns 485,645 shares in the company, valued at approximately $40,177,410.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Brian Grassadonia sold 111,666 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $82.73, for a total value of $9,238,128.18. Following the completion of the sale, the insider now owns 485,645 shares of the company’s stock, valued at approximately $40,177,410.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Amrita Ahuja sold 4,170 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $78.84, for a total value of $328,762.80. Following the completion of the sale, the chief financial officer now directly owns 193,192 shares of the company’s stock, valued at approximately $15,231,257.28. The disclosure for this sale can be found here. In the last three months, insiders have sold 247,739 shares of company stock worth $18,584,747. 10.49% of the stock is currently owned by company insiders.

Block Company 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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