Block (NYSE:XYZ) Price Target Raised to $67.00 at Macquarie

Block (NYSE:XYZ) had its price objective lifted by Macquarie from $50.00 to $67.00 in a research report released on Tuesday,Benzinga reports. They currently have a neutral rating on the technology company’s stock.

XYZ has been the subject of several other reports. Barclays boosted their price objective on Block from $57.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. Robert W. Baird upped their price target on Block from $76.00 to $84.00 and gave the stock an “outperform” rating in a research report on Monday, July 21st. Oppenheimer upped their price target on Block from $70.00 to $71.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 2nd. Keefe, Bruyette & Woods upped their price target on Block from $80.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday, August 8th. Finally, KeyCorp upped their price target on Block from $60.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, August 8th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Block presently has a consensus rating of “Moderate Buy” and an average target price of $78.97.

Block Price Performance

Shares of XYZ opened at $74.49 on Tuesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.27 and a current ratio of 1.96. The stock has a 50 day simple moving average of $69.96 and a 200 day simple moving average of $65.58. Block has a 52-week low of $44.27 and a 52-week high of $99.26. The firm has a market capitalization of $45.81 billion, a PE ratio of 15.95, a P/E/G ratio of 3.27 and a beta of 2.71.

Block (NYSE:XYZ) last issued its quarterly earnings data on Thursday, August 7th. The technology company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.41. Block had a return on equity of 7.85% and a net margin of 12.32%. The business had revenue of $6.05 billion during the quarter, compared to analyst estimates of $6.32 billion. Block’s quarterly revenue was down 1.6% compared to the same quarter last year. Sell-side analysts predict that Block will post 2.54 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Amrita Ahuja sold 16,358 shares of the stock in a transaction on Monday, July 21st. The stock was sold at an average price of $78.60, for a total value of $1,285,738.80. Following the sale, the chief financial officer owned 308,397 shares in the company, valued at approximately $24,240,004.20. This represents a 5.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dhananjay Prasanna sold 400 shares of the stock in a transaction on Friday, August 8th. The shares were sold at an average price of $81.99, for a total value of $32,796.00. Following the completion of the sale, the insider owned 298,751 shares in the company, valued at approximately $24,494,594.49. This trade represents a 0.13% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 95,438 shares of company stock worth $6,217,707 in the last quarter. Insiders own 10.49% of the company’s stock.

Institutional Investors Weigh In On Block

A number of large investors have recently added to or reduced their stakes in the business. Inceptionr LLC bought a new stake in Block in the 2nd quarter valued at $238,000. Viawealth LLC bought a new position in Block during the 2nd quarter worth $448,000. J.W. Cole Advisors Inc. bought a new position in Block during the 2nd quarter worth $500,000. Elo Mutual Pension Insurance Co bought a new position in Block during the 2nd quarter worth $2,851,000. Finally, Financial Advocates Investment Management bought a new position in Block during the 2nd quarter worth $399,000. Institutional investors own 70.44% of the company’s stock.

Block Company Profile

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.