Alkeon Capital Management LLC Invests $58.84 Million in Block, Inc. $XYZ

Alkeon Capital Management LLC acquired a new position in shares of Block, Inc. (NYSE:XYZ) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 866,200 shares of the technology company’s stock, valued at approximately $58,841,000. Alkeon Capital Management LLC owned about 0.14% of Block as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the business. Traub Capital Management LLC acquired a new position in Block during the second quarter worth about $26,000. Nemes Rush Group LLC acquired a new stake in shares of Block in the 2nd quarter valued at approximately $26,000. SouthState Corp bought a new stake in shares of Block during the 2nd quarter valued at approximately $29,000. First Horizon Advisors Inc. acquired a new position in Block during the 2nd quarter worth approximately $30,000. Finally, Comprehensive Financial Planning Inc. PA acquired a new position in Block during the 2nd quarter worth approximately $31,000. 70.44% of the stock is owned by institutional investors and hedge funds.

Block Stock Performance

NYSE XYZ opened at $64.74 on Friday. The company has a market capitalization of $39.34 billion, a price-to-earnings ratio of 13.05, a PEG ratio of 2.53 and a beta of 2.65. Block, Inc. has a twelve month low of $44.27 and a twelve month high of $95.78. The stock has a fifty day simple moving average of $69.42 and a 200 day simple moving average of $71.07. The company has a quick ratio of 2.18, a current ratio of 2.18 and a debt-to-equity ratio of 0.25.

Block (NYSE:XYZ) last issued its quarterly earnings results on Thursday, November 6th. The technology company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.29. Block had a return on equity of 5.54% and a net margin of 12.99%.The company had revenue of $6.11 billion during the quarter. During the same period in the previous year, the company posted $0.53 EPS. The company’s quarterly revenue was up 2.3% on a year-over-year basis. Sell-side analysts expect that Block, Inc. will post 2.54 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on XYZ shares. Mizuho raised their target price on shares of Block from $88.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, November 20th. Bank of America upped their price target on shares of Block from $86.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, November 21st. BTIG Research reissued a “buy” rating and set a $90.00 price objective on shares of Block in a report on Thursday, November 20th. Stephens restated an “overweight” rating and set a $95.00 price objective on shares of Block in a research report on Thursday, November 20th. Finally, Wells Fargo & Company upgraded Block to a “strong-buy” rating in a research report on Wednesday, October 22nd. Three analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Block has an average rating of “Moderate Buy” and an average price target of $83.42.

Insider Buying and Selling at Block

In other Block news, insider Chrysty Esperanza sold 3,608 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $61.40, for a total transaction of $221,531.20. Following the completion of the transaction, the insider owned 123,198 shares in the company, valued at approximately $7,564,357.20. This trade represents a 2.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Owen Britton Jennings sold 10,417 shares of the company’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $61.40, for a total transaction of $639,603.80. Following the completion of the sale, the insider directly owned 243,540 shares in the company, valued at approximately $14,953,356. This represents a 4.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 99,198 shares of company stock worth $6,968,155. Company insiders own 10.85% 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.