Block (NYSE:XYZ) Rating Increased to Underweight at Piper Sandler

Block (NYSE:XYZ) was upgraded by stock analysts at Piper Sandler to an “underweight” rating in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage presently has a $50.00 target price on the technology company’s stock. Piper Sandler’s price target suggests a potential downside of 23.45% from the stock’s current price.

Other equities analysts have also recently issued research reports about the stock. Seaport Res Ptn cut shares of Block from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 2nd. Keefe, Bruyette & Woods lowered their price objective on Block from $80.00 to $70.00 and set an “outperform” rating for the company in a research note on Monday, May 5th. Barclays raised their target price on Block from $57.00 to $75.00 and gave the company an “overweight” rating in a report on Monday, June 9th. Wall Street Zen downgraded Block from a “hold” rating to a “sell” rating in a report on Sunday. Finally, Macquarie lowered Block from an “outperform” rating to a “neutral” rating and set a $50.00 price target for the company. in a research report on Monday, May 5th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $76.19.

Block Stock Up 2.7%

Shares of NYSE:XYZ opened at $65.32 on Tuesday. Block has a twelve month low of $44.27 and a twelve month high of $99.26. The stock’s 50 day moving average price is $58.58. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.27 and a quick ratio of 2.27. The firm has a market capitalization of $40.17 billion, a price-to-earnings ratio of 15.89, a price-to-earnings-growth ratio of 2.43 and a beta of 2.75.

Insider Transactions at Block

In other news, insider Dhananjay Prasanna sold 11,318 shares of the firm’s stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $61.41, for a total value of $695,038.38. Following the completion of the sale, the insider now directly owns 318,751 shares of the company’s stock, valued at approximately $19,574,498.91. This trade represents a 3.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Owen Britton Jennings sold 11,556 shares of Block stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $56.42, for a total transaction of $651,989.52. Following the sale, the insider now directly owns 284,739 shares in the company, valued at $16,064,974.38. The trade was a 3.90% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,911 shares of company stock valued at $3,866,989. Insiders own 10.49% 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.