Bank of America Lowers Block (NYSE:XYZ) Price Target to $80.00

Block (NYSE:XYZ) had its price target cut by research analysts at Bank of America from $94.00 to $80.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Bank of America‘s price objective points to a potential upside of 48.62% from the company’s previous close.

Other analysts also recently issued reports about the company. Piper Sandler lowered their price target on Block from $101.00 to $85.00 and set an “overweight” rating for the company in a research report on Monday, February 24th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price target on shares of Block in a research note on Thursday, February 20th. Robert W. Baird reduced their price objective on shares of Block from $105.00 to $80.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 8th. Evercore ISI started coverage on Block in a research report on Wednesday, April 9th. They set an “in-line” rating and a $52.00 target price for the company. Finally, BMO Capital Markets raised Block from a “market perform” rating to an “outperform” rating and cut their target price for the company from $100.00 to $89.00 in a research note on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $90.14.

Block Stock Up 0.1 %

XYZ stock opened at $53.83 on Thursday. The company’s fifty day simple moving average is $61.34. Block has a 52 week low of $46.42 and a 52 week high of $99.26. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $33.35 billion, a price-to-earnings ratio of 11.83, a P/E/G ratio of 0.72 and a beta of 2.77.

Block (NYSE:XYZ) last announced its quarterly earnings results on Thursday, February 20th. The technology company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). Block had a net margin of 11.92% and a return on equity of 5.80%. The business had revenue of $6.03 billion during the quarter, compared to the consensus estimate of $6.23 billion. As a group, analysts anticipate that Block will post 2.54 EPS for the current year.

Insiders Place Their Bets

In other news, insider Brian Grassadonia sold 4,520 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $70.32, for a total transaction of $317,846.40. Following the transaction, the insider now owns 551,850 shares in the company, valued at $38,806,092. This represents a 0.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Ajmere Dale sold 500 shares of the company’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $54.48, for a total transaction of $27,240.00. Following the transaction, the chief accounting officer now owns 81,999 shares in the company, valued at $4,467,305.52. The trade was a 0.61 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,324 shares of company stock worth $1,297,662. 10.49% of the stock is owned by corporate insiders.

Institutional Trading of Block

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Key Client Fiduciary Advisors LLC grew its position in Block by 1.4% during the 4th quarter. Key Client Fiduciary Advisors LLC now owns 8,340 shares of the technology company’s stock worth $709,000 after purchasing an additional 115 shares during the period. MassMutual Private Wealth & Trust FSB increased its stake in shares of Block by 48.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 418 shares of the technology company’s stock worth $36,000 after purchasing an additional 136 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Block by 0.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 26,864 shares of the technology company’s stock valued at $2,283,000 after acquiring an additional 145 shares during the last quarter. Rosenberg Matthew Hamilton raised its stake in Block by 18.3% in the 4th quarter. Rosenberg Matthew Hamilton now owns 982 shares of the technology company’s stock valued at $83,000 after purchasing an additional 152 shares during the last quarter. Finally, Versant Capital Management Inc raised its position in shares of Block by 67.7% in the fourth quarter. Versant Capital Management Inc now owns 394 shares of the technology company’s stock valued at $33,000 after buying an additional 159 shares during the last quarter. Institutional investors and hedge funds own 70.44% of the company’s stock.

About Block

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.