Block (NYSE:XYZ) Rating Increased to Hold at Truist Financial

Truist Financial upgraded shares of Block (NYSE:XYZ) from a sell rating to a hold rating in a research report sent to investors on Monday, Marketbeat reports.

A number of other research firms have also recently commented on XYZ. Royal Bank Of Canada reduced their price objective on shares of Block from $97.00 to $90.00 and set an “outperform” rating for the company in a research report on Friday, November 7th. The Goldman Sachs Group cut their target price on shares of Block from $96.00 to $82.00 and set a “buy” rating for the company in a research note on Friday, November 7th. Sanford C. Bernstein upped their price target on shares of Block from $75.00 to $90.00 and gave the company an “outperform” rating in a research note on Tuesday, July 22nd. Piper Sandler cut their price objective on shares of Block from $58.00 to $55.00 and set an “underweight” rating for the company in a research report on Friday, November 7th. Finally, Macquarie boosted their price objective on Block from $50.00 to $67.00 and gave the stock a “neutral” rating in a report on Tuesday, August 12th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $82.36.

Block Price Performance

Shares of NYSE XYZ opened at $58.88 on Monday. The company has a quick ratio of 2.18, a current ratio of 2.18 and a debt-to-equity ratio of 0.25. The business’s 50 day moving average price is $74.23 and its two-hundred day moving average price is $70.20. The company has a market cap of $35.78 billion, a PE ratio of 11.87, a price-to-earnings-growth ratio of 3.11 and a beta of 2.73. Block has a twelve month low of $44.27 and a twelve month high of $99.26.

Block (NYSE:XYZ) last issued its earnings results on Thursday, November 6th. The technology company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.25 by $0.29. The company had revenue of $6.11 billion during the quarter. Block had a return on equity of 7.41% and a net margin of 12.99%.The business’s revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.53 earnings per share. On average, analysts predict that Block will post 2.54 EPS for the current year.

Insider Activity

In other news, insider Owen Britton Jennings sold 1,050 shares of the stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $74.77, for a total transaction of $78,508.50. Following the sale, the insider directly owned 253,956 shares of the company’s stock, valued at approximately $18,988,290.12. This represents a 0.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Chrysty Esperanza sold 406 shares of the firm’s stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $74.77, for a total value of $30,356.62. Following the completion of the transaction, the insider owned 126,806 shares in the company, valued at $9,481,284.62. The trade was a 0.32% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 115,441 shares of company stock worth $8,778,247. 10.49% of the stock is owned by insiders.

Institutional Trading of Block

A number of institutional investors and hedge funds have recently made changes to their positions in XYZ. Kestra Private Wealth Services LLC raised its position in Block by 6.3% during the third quarter. Kestra Private Wealth Services LLC now owns 23,082 shares of the technology company’s stock valued at $1,668,000 after purchasing an additional 1,377 shares in the last quarter. NewEdge Advisors LLC raised its holdings in shares of Block by 11.8% during the 3rd quarter. NewEdge Advisors LLC now owns 10,753 shares of the technology company’s stock worth $777,000 after buying an additional 1,136 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its position in shares of Block by 4.8% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 466,942 shares of the technology company’s stock worth $35,185,000 after buying an additional 21,568 shares during the last quarter. Woodline Partners LP acquired a new stake in Block in the third quarter valued at about $5,249,000. Finally, CYBER HORNET ETFs LLC acquired a new stake in Block in the third quarter valued at about $114,000. 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.