Chicago Capital LLC Purchases Shares of 26,687 Block, Inc. $XYZ

Chicago Capital LLC acquired a new stake in shares of Block, Inc. (NYSE:XYZ) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 26,687 shares of the technology company’s stock, valued at approximately $1,929,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Robeco Institutional Asset Management B.V. acquired a new position in Block in the third quarter valued at $32,330,000. City Holding Co. purchased a new position in shares of Block in the 3rd quarter worth about $27,000. Asset Management One Co. Ltd. raised its holdings in shares of Block by 5.6% in the 3rd quarter. Asset Management One Co. Ltd. now owns 230,853 shares of the technology company’s stock worth $16,684,000 after purchasing an additional 12,243 shares during the period. Gateway Investment Advisers LLC acquired a new position in shares of Block in the 3rd quarter valued at about $6,690,000. Finally, Fifth Third Wealth Advisors LLC purchased a new stake in shares of Block during the 3rd quarter worth about $401,000. 70.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Canaccord Genuity Group restated a “buy” rating and issued a $80.00 price target on shares of Block in a report on Tuesday, September 23rd. Citigroup raised shares of Block to a “strong-buy” rating in a research report on Thursday, October 23rd. Truist Financial upgraded shares of Block from a “sell” rating to a “hold” rating in a report on Monday, November 17th. 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 research report on Friday, November 21st. Finally, BTIG Research reissued a “buy” rating and issued a $90.00 price objective on shares of Block in a research report on Thursday, November 20th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $83.12.

Block Stock Performance

Shares of XYZ stock opened at $68.44 on Tuesday. 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’s fifty day moving average price is $65.56 and its two-hundred day moving average price is $71.41. The firm has a market capitalization of $41.59 billion, a P/E ratio of 13.80, a P/E/G ratio of 1.20 and a beta of 2.66. Block, Inc. has a 12 month low of $44.27 and a 12 month high of $94.25.

Block (NYSE:XYZ) last announced its 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 quarter in the prior year, the business earned $0.53 earnings per share. The firm’s revenue was up 2.3% on a year-over-year basis. On average, research analysts anticipate that Block, Inc. will post 2.54 earnings per share for the current fiscal year.

Insider Activity at Block

In related news, insider Owen Britton Jennings sold 10,417 shares of Block stock in a transaction on Friday, November 21st. The shares were sold at an average price of $61.40, for a total value of $639,603.80. Following the completion of the sale, the insider owned 243,540 shares in the company, valued at approximately $14,953,356. The trade was a 4.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Amrita Ahuja sold 9,959 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 $611,482.60. Following the completion of the sale, the chief financial officer directly owned 272,965 shares in the company, valued at $16,760,051. This represents a 3.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 84,243 shares of company stock worth $5,844,695 over the last ninety days. Company insiders own 10.85% of the company’s stock.

Block Company 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.