AE Wealth Management LLC Purchases Shares of 7,593 Block, Inc. $XYZ

AE Wealth Management LLC purchased a new position in shares of Block, Inc. (NYSE:XYZ) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 7,593 shares of the technology company’s stock, valued at approximately $516,000.

A number of other institutional investors have also modified their holdings of the stock. SouthState Corp acquired a new position in shares of Block in the 2nd quarter valued at about $29,000. First Horizon Advisors Inc. purchased a new position in Block during the second quarter valued at approximately $30,000. Deseret Mutual Benefit Administrators acquired a new position in Block in the second quarter valued at approximately $33,000. Creative Financial Designs Inc. ADV purchased a new stake in Block in the 2nd quarter worth approximately $41,000. Finally, Crewe Advisors LLC acquired a new stake in shares of Block during the 2nd quarter worth approximately $46,000. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Block Trading Down 3.1%

Shares of XYZ stock opened at $60.38 on Friday. Block, Inc. has a fifty-two week low of $44.27 and a fifty-two week high of $99.26. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.18 and a current ratio of 2.18. The stock’s fifty day moving average is $74.57 and its two-hundred day moving average is $70.04. The firm has a market capitalization of $36.81 billion, a P/E ratio of 12.17, a PEG ratio of 2.81 and a beta of 2.73.

Block (NYSE:XYZ) last issued its earnings results on Thursday, November 6th. The technology company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.29. The business had revenue of $6.11 billion during the quarter. Block had a net margin of 12.99% and a return on equity of 7.41%. Block’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the company earned $0.53 earnings per share. Research analysts expect that Block, Inc. will post 2.54 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Mizuho boosted their target price on shares of Block from $71.00 to $88.00 and gave the company an “outperform” rating in a research note on Thursday, August 14th. Needham & Company LLC cut their price objective on shares of Block from $100.00 to $80.00 and set a “buy” rating for the company in a report on Friday, November 7th. Compass Point reiterated a “sell” rating and issued a $65.00 price objective (down previously from $80.00) on shares of Block in a research report on Friday, August 8th. Morgan Stanley dropped their target price on Block from $77.00 to $71.00 and set an “equal weight” rating on the stock in a research report on Friday, November 7th. Finally, BNP Paribas Exane lowered Block from an “outperform” rating to a “neutral” rating and set a $86.00 price target for the company. in a research note on Tuesday, September 2nd. Three analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $82.36.

Insider Buying and Selling

In other Block news, insider Chrysty Esperanza sold 406 shares of the firm’s stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $74.77, for a total value of $30,356.62. Following the transaction, the insider directly owned 126,806 shares of the company’s stock, valued at $9,481,284.62. This trade represents a 0.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Owen Britton Jennings sold 1,050 shares of the business’s stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $74.77, for a total value of $78,508.50. Following the transaction, the insider owned 253,956 shares in the company, valued at approximately $18,988,290.12. This represents a 0.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 115,441 shares of company stock worth $8,778,247 in the last 90 days. Corporate insiders own 10.85% of the company’s stock.

Block 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.