Block, Inc. $XYZ is Dragoneer Investment Group LLC’s 2nd Largest Position

Dragoneer Investment Group LLC cut its stake in shares of Block, Inc. (NYSE:XYZ) by 29.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,549,747 shares of the technology company’s stock after selling 2,683,768 shares during the quarter. Block accounts for approximately 10.5% of Dragoneer Investment Group LLC’s holdings, making the stock its 2nd biggest position. Dragoneer Investment Group LLC owned approximately 1.08% of Block worth $473,350,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Chevy Chase Trust Holdings LLC purchased a new position in Block during the 3rd quarter worth $20,378,000. Clear Street Group Inc. acquired a new position in shares of Block during the third quarter worth about $1,207,000. Ausdal Financial Partners Inc. raised its holdings in Block by 9.6% during the third quarter. Ausdal Financial Partners Inc. now owns 70,093 shares of the technology company’s stock worth $5,066,000 after purchasing an additional 6,111 shares in the last quarter. California Public Employees Retirement System raised its holdings in Block by 7.0% during the third quarter. California Public Employees Retirement System now owns 955,615 shares of the technology company’s stock worth $69,062,000 after purchasing an additional 62,245 shares in the last quarter. Finally, Boothbay Fund Management LLC acquired a new stake in Block in the third quarter valued at about $572,000. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

Block Stock Up 0.3%

Block stock opened at $66.26 on Friday. Block, Inc. has a fifty-two week low of $44.27 and a fifty-two week high of $94.25. The firm has a market capitalization of $40.26 billion, a price-to-earnings ratio of 13.36, a price-to-earnings-growth ratio of 2.62 and a beta of 2.65. The stock’s fifty day moving average is $67.02 and its two-hundred day moving average is $71.25. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.18 and a current ratio of 2.18.

Block (NYSE:XYZ) last released its quarterly earnings results on Thursday, November 6th. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.29. The business had revenue of $6.11 billion during the quarter. Block had a return on equity of 5.54% and a net margin of 12.99%.The company’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period last year, the firm earned $0.53 EPS. Analysts predict that Block, Inc. will post 2.54 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Ajmere Dale sold 2,724 shares of Block stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $61.40, for a total transaction of $167,253.60. Following the completion of the transaction, the chief accounting officer directly owned 99,585 shares in the company, valued at $6,114,519. The trade was a 2.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Brian Grassadonia sold 8,085 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $61.96, for a total value of $500,946.60. Following the completion of the sale, the insider directly owned 521,352 shares in the company, valued at approximately $32,302,969.92. The trade was a 1.53% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 92,617 shares of company stock valued at $6,474,580. 10.85% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have issued reports on XYZ. KeyCorp reiterated an “overweight” rating and set a $94.00 target price on shares of Block in a research report on Wednesday, October 22nd. Canaccord Genuity Group restated a “buy” rating and issued a $80.00 price target on shares of Block in a research note on Tuesday, September 23rd. Citigroup raised Block to a “strong-buy” rating in a report on Thursday, October 23rd. Stephens reissued an “overweight” rating and issued a $95.00 target price on shares of Block in a report on Thursday, November 20th. Finally, Bank of America boosted their target price on shares of Block from $86.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, November 21st. Three analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Block presently has a consensus rating of “Moderate Buy” and an average price target of $83.42.

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.