KeyCorp Issues Pessimistic Forecast for Block (NYSE:XYZ) Stock Price

Block (NYSE:XYZ) had its target price dropped by analysts at KeyCorp from $85.00 to $65.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. KeyCorp’s price objective indicates a potential upside of 13.34% from the company’s previous close.

XYZ has been the subject of several other reports. Bank of America decreased their target price on shares of Block from $94.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Wells Fargo & Company boosted their price objective on Block from $85.00 to $95.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Citigroup dropped their target price on Block from $108.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, March 14th. The Goldman Sachs Group decreased their price target on Block from $94.00 to $74.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. Finally, Raymond James dropped their price objective on Block from $115.00 to $103.00 and set an “outperform” rating on the stock in a research note on Friday, February 21st. Four equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. Based on data from MarketBeat.com, Block currently has a consensus rating of “Moderate Buy” and an average target price of $89.43.

Block Stock Performance

XYZ stock opened at $57.35 on Wednesday. The business’s 50 day moving average price is $59.03. The firm has a market cap of $35.53 billion, a P/E ratio of 12.60, a P/E/G ratio of 0.72 and a beta of 2.77. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.26. Block has a fifty-two week low of $46.42 and a fifty-two week high of $99.26.

Block (NYSE:XYZ) last issued its earnings results on Thursday, February 20th. The technology company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). Block had a return on equity of 5.80% and a net margin of 11.92%. The firm had revenue of $6.03 billion for the quarter, compared to analyst estimates of $6.23 billion. Equities analysts predict that Block will post 2.54 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Amrita Ahuja sold 1,976 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $56.19, for a total value of $111,031.44. Following the completion of the transaction, the chief financial officer now directly owns 233,878 shares in the company, valued at approximately $13,141,604.82. This trade represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Ajmere Dale sold 1,467 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $70.32, for a total transaction of $103,159.44. Following the sale, the chief accounting officer now directly owns 82,499 shares in the company, valued at $5,801,329.68. This trade represents a 1.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,324 shares of company stock worth $1,297,662 over the last 90 days. Corporate insiders own 10.49% of the company’s stock.

Institutional Investors Weigh In On Block

Large investors have recently added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB increased its position in shares of Block by 38.1% in the third quarter. Wilmington Savings Fund Society FSB now owns 9,893 shares of the technology company’s stock worth $664,000 after purchasing an additional 2,728 shares during the last quarter. Synovus Financial Corp increased its holdings in shares of Block by 18.6% in the 3rd quarter. Synovus Financial Corp now owns 10,174 shares of the technology company’s stock worth $683,000 after buying an additional 1,593 shares during the last quarter. Versant Capital Management Inc raised its position in shares of Block by 67.7% during the 4th 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 in the last quarter. GAMMA Investing LLC raised its position in shares of Block by 7.2% during the 4th quarter. GAMMA Investing LLC now owns 2,493 shares of the technology company’s stock valued at $212,000 after buying an additional 168 shares in the last quarter. Finally, Everence Capital Management Inc. bought a new stake in shares of Block during the 4th quarter worth $1,129,000. Institutional investors 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.