Allspring Global Investments Holdings LLC Acquires New Position in Block, Inc. $XYZ

Allspring Global Investments Holdings LLC acquired a new stake in shares of Block, Inc. (NYSE:XYZ) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 24,920 shares of the technology company’s stock, valued at approximately $1,829,000.

A number of other large investors also recently bought and sold shares of XYZ. Nemes Rush Group LLC bought a new stake in shares of Block in the 2nd quarter valued at approximately $26,000. Traub Capital Management LLC acquired a new position in Block in the second quarter worth $26,000. SouthState Corp acquired a new position in Block in the second quarter worth $29,000. First Horizon Advisors Inc. bought a new stake in Block during the second quarter valued at $30,000. Finally, Comprehensive Financial Planning Inc. PA acquired a new stake in shares of Block during the second quarter worth $31,000. Institutional investors own 70.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on XYZ. Citigroup upgraded shares of Block to a “strong-buy” rating in a research report on Thursday, October 23rd. Piper Sandler dropped their price objective on shares of Block from $58.00 to $55.00 and set an “underweight” rating on the stock in a research note on Friday, November 7th. Compass Point raised shares of Block from a “strong sell” rating to a “hold” rating in a report on Friday, November 21st. Mizuho lifted their target price on Block from $88.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday, November 20th. Finally, BNP Paribas Exane upgraded Block from a “neutral” rating to an “outperform” rating and set a $83.00 price target on the stock in a research report on Wednesday. Three research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $82.94.

Block Price Performance

NYSE XYZ opened at $70.15 on Friday. Block, Inc. has a 52 week low of $44.27 and a 52 week high of $94.25. The company has a current ratio of 2.18, a quick ratio of 2.18 and a debt-to-equity ratio of 0.25. The stock has a market cap of $42.63 billion, a price-to-earnings ratio of 14.14, a price-to-earnings-growth ratio of 1.32 and a beta of 2.66. The company has a 50-day moving average price of $65.18 and a two-hundred day moving average price of $71.45.

Block (NYSE:XYZ) last announced its quarterly 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. The company had revenue of $6.11 billion for the quarter. Block had a net margin of 12.99% and a return on equity of 5.54%. Block’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.53 EPS. Analysts forecast that Block, Inc. will post 2.54 EPS for the current year.

Insider Transactions at Block

In other Block news, insider Brian Grassadonia sold 1,983 shares of Block stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $68.52, for a total transaction of $135,875.16. Following the sale, the insider owned 518,331 shares of the company’s stock, valued at $35,516,040.12. The trade was a 0.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Chrysty Esperanza sold 3,608 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 $221,531.20. Following the transaction, the insider owned 123,198 shares of the company’s stock, valued at $7,564,357.20. This trade represents a 2.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 54,796 shares of company stock worth $3,395,943 over the last quarter. Insiders own 10.85% of the company’s stock.

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.