Block (NYSE:XYZ) Coverage Initiated by Analysts at Truist Financial

Truist Financial began coverage on shares of Block (NYSE:XYZ) in a research note issued to investors on Monday, Marketbeat Ratings reports. The brokerage issued a sell rating and a $60.00 price objective on the technology company’s stock.

A number of other analysts have also commented on XYZ. Argus set a $59.00 price objective on Block in a report on Monday, May 5th. Morgan Stanley upgraded Block from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $65.00 to $67.00 in a research note on Thursday, April 3rd. Royal Bank of Canada dropped their price objective on Block from $86.00 to $63.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. Barclays dropped their price objective on Block from $70.00 to $57.00 and set an “overweight” rating on the stock in a research note on Monday, May 5th. Finally, Evercore ISI began coverage on Block in a research note on Wednesday, April 9th. They issued an “in-line” rating and a $52.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $74.91.

Block Stock Performance

Shares of XYZ opened at $61.72 on Monday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07. The business’s 50 day moving average is $55.35. The company has a market cap of $37.96 billion, a price-to-earnings ratio of 13.56, a P/E/G ratio of 0.72 and a beta of 2.83. Block has a 52 week low of $44.27 and a 52 week high of $99.26.

Insider Transactions at Block

In related news, insider Dhananjay Prasanna sold 11,318 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $61.41, for a total value of $695,038.38. Following the transaction, the insider now owns 318,751 shares of the company’s stock, valued at $19,574,498.91. This represents a 3.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Ajmere Dale sold 500 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $54.48, for a total value of $27,240.00. Following the completion of the transaction, the chief accounting officer now directly owns 81,999 shares in the company, valued at approximately $4,467,305.52. This represents a 0.61% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,126 shares of company stock valued at $3,377,568. 10.85% of the stock is currently owned by company insiders.

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.