Evanson Asset Management LLC Makes New $1.63 Million Investment in Block, Inc. $XYZ

Evanson Asset Management LLC acquired a new position in shares of Block, Inc. (NYSE:XYZ) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 22,500 shares of the technology company’s stock, valued at approximately $1,626,000.

A number of other institutional investors also recently modified their holdings of XYZ. Vanguard Group Inc. acquired a new stake in Block in the second quarter worth $3,730,489,000. Sands Capital Management LLC bought a new position in shares of Block during the 2nd quarter worth about $702,446,000. Geode Capital Management LLC bought a new position in shares of Block during the 2nd quarter worth about $634,721,000. Dragoneer Investment Group LLC bought a new stake in Block in the 2nd quarter valued at about $627,233,000. Finally, Ameriprise Financial Inc. bought a new stake in Block in the 2nd quarter valued at about $535,305,000. Institutional investors and hedge funds own 70.44% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on XYZ shares. BTIG Research reissued a “buy” rating and issued a $90.00 price objective on shares of Block in a research note on Thursday, November 20th. Compass Point raised shares of Block from a “strong sell” rating to a “hold” rating in a research report on Friday, November 21st. Citigroup upgraded shares of Block to a “strong-buy” rating in a research note on Thursday, October 23rd. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $90.00 price objective on shares of Block in a research note on Thursday, November 20th. Finally, BNP Paribas downgraded shares of Block from a “strong-buy” rating to a “hold” rating and set a $86.00 target price for the company. in a research report on Tuesday, September 2nd. Three investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Block has a consensus rating of “Moderate Buy” and an average target price of $83.42.

Insider Transactions at Block

In related news, insider Arnaud Weber sold 7,095 shares of Block stock in a transaction on Friday, November 21st. The stock was sold at an average price of $61.40, for a total transaction of $435,633.00. Following the sale, the insider directly owned 259,136 shares in the company, valued at approximately $15,910,950.40. This trade represents a 2.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Ajmere Dale sold 2,724 shares of the business’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $61.40, for a total value of $167,253.60. Following the completion of the transaction, the chief accounting officer directly owned 99,585 shares in the company, valued at approximately $6,114,519. This represents a 2.66% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 92,617 shares of company stock worth $6,474,580. Company insiders own 10.85% of the company’s stock.

Block Price Performance

XYZ opened at $65.33 on Monday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.18 and a quick ratio of 2.18. The company has a market capitalization of $39.70 billion, a price-to-earnings ratio of 13.17, a P/E/G ratio of 2.59 and a beta of 2.65. The firm’s fifty day moving average price is $67.99 and its two-hundred day moving average price is $71.27. Block, Inc. has a 1 year low of $44.27 and a 1 year high of $94.25.

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

Block Profile

Block (NYSE:XYZ) is a financial technology company that builds products and services to facilitate electronic payments, commerce, and consumer finance. Its principal business lines include a seller-focused ecosystem that provides point-of-sale hardware and software, payment processing, invoicing, payroll and lending services, and a consumer-facing platform that offers peer-to-peer payments, banking-like features, and investing. Block’s portfolio also encompasses music streaming and buy-now-pay-later capabilities through businesses acquired to broaden its reach beyond core payments.

The company was founded as Square in 2009 by Jack Dorsey and Jim McKelvey and later rebranded to Block to reflect a diversified set of businesses across payments, consumer finance, and emerging technologies.